Phoenix AZ Real Estate Housing Market Report - April 2022
The average sold price per square foot of Phoenix homes continues to increase for the fourth straight month, going from $273/sf in December of 2021 to $313/sf in April. The Phoenix average sold price per square foot has only decreased twice in the last 26 months.
The Phoenix days on market decreased for the third straight month after increasing for seven straight months. The days on market has dropped from 34 in January down to 25 DOM for April. The DOM to sell a home in Phoenix is still very low, considering a balanced market would expect to see an average DOM of 90.
After increasing for three months in a row, new listings in Phoenix have decreased from 1,740 in March to 1,698 in April. Since reaching a 2021 high of 1,888 new listings in June, new listings in Phoenix have decreased in six out of the last ten months. With this recent decrease, the number of new Phoenix listings are -9.6% lower than in April of last year. New listings have decreased in April in 3 out of the last 4 years.
After slightly decreasing last month, the number of active Phoenix listings increased in April. Active Phoenix listings have now increased in just two out of the last six months, going from a 2021 high in October of 2,373 down to 1,670 in April. The inventory of Phoenix homes is now down -12.4% from April of last year. The lack of listings continues to drive demand and has home prices trending higher. As long as listings continue to be less than in previous years, and demand remains high, expect home values in Phoenix to continue to increase.
With that said, median home values in Phoenix have increased an average of 29.0% since April of 2021. Even with interest rates moving above 5.25%, there will still be more buyers looking to purchase Phoenix homes early in 2022.
If you're thinking of selling, many buyers will be eager to find a home just like yours due to the low inventory of available homes for sale. Reach out to me today to make sure you can get your house in on the action.
If you're thinking of buying a home, more homes are being listed for sale, and interest rates remain at historically low rates. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.
For more detailed stats on the Phoenix Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.