Phoenix AZ Real Estate Housing Market Report - April 2023
The average sales price of Phoenix homes has increased for the 3rd straight month after decreasing for 3 months in a row, going from $522,613 in January to $567,787 in April. The average sales price for Phoenix homes in April is still significantly lower than the all-time high of $621,488 that occurred in May of 2022.
The average sold price per square foot of Phoenix homes also increased for the 3rd straight month after decreasing for 9 months in a row. The average sold price per square foot of Phoenix homes has gone from $274/sf in January to $288/sf in April.
After increasing for 9 straight months, the Phoenix days on market decreased for the second month in a row. The days on market went from 81 DOM in February down to 62 DOM in April. Homes in Phoenix are still selling, but at a slower pace than the previous 4 years of frenzied activity.
The average sold price per square foot of Phoenix homes also increased for the 3rd straight month after decreasing for 9 months in a row. The average sold price per square foot of Phoenix homes has gone from $274/sf in January to $288/sf in April.
After increasing for 9 straight months, the Phoenix days on market decreased for the second month in a row. The days on market went from 81 DOM in February down to 62 DOM in April. Homes in Phoenix are still selling, but at a slower pace than the previous 4 years of frenzied activity.
Phoenix home sales decreased this month after increasing the previous two months, going from 1,065 in March to 960 in April. With this decrease, total Phoenix home sales for April are down -35.5% from April of 2022.
After slightly decreasing in February, new listings in Phoenix slightly increased for the 2nd month in a row, going from 1,029 in February to 1,083 in April. This is the lowest number of new Phoenix listings for April over the last five years (as this number should be closer to 1,800 right now). With this recent increase, the number of new Phoenix listings are still -36.8% lower than in April of 2022.
After increasing for the previous six months, the number of active Phoenix listings has now decreased 7 months in a row. Active listings have dropped from 3,728 in September of 2022 to 2,138 in April. Even with this decline, active Phoenix listings are higher this April than in April of the previous two years. The inventory of Phoenix homes is now higher than in April of last year by 23.4%.
Demand is still high due to the low number of homes on the market. Homeowners are locked into a very low mortgage interest rate and don't want to lose that when they sell.
With that said, median home values in Phoenix have decreased by -8.0% since April of 2022. This is the 6th straight month we have seen a year-over-year decrease. This has not happened in the previous 4 years. With interest rates remaining around 6.25%, the demand for homes will continue this spring.
After slightly decreasing in February, new listings in Phoenix slightly increased for the 2nd month in a row, going from 1,029 in February to 1,083 in April. This is the lowest number of new Phoenix listings for April over the last five years (as this number should be closer to 1,800 right now). With this recent increase, the number of new Phoenix listings are still -36.8% lower than in April of 2022.
After increasing for the previous six months, the number of active Phoenix listings has now decreased 7 months in a row. Active listings have dropped from 3,728 in September of 2022 to 2,138 in April. Even with this decline, active Phoenix listings are higher this April than in April of the previous two years. The inventory of Phoenix homes is now higher than in April of last year by 23.4%.
Demand is still high due to the low number of homes on the market. Homeowners are locked into a very low mortgage interest rate and don't want to lose that when they sell.
With that said, median home values in Phoenix have decreased by -8.0% since April of 2022. This is the 6th straight month we have seen a year-over-year decrease. This has not happened in the previous 4 years. With interest rates remaining around 6.25%, the demand for homes will continue this spring.
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.
If you’re considering selling your house, let my expertise guide you through the process to ensure a smooth transaction while navigating today's housing market.
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Whether you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me today so we can put your plans into motion. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.
If you're thinking of buying a home, connect with me to begin your journey to homeownership.
Whether you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me today so we can put your plans into motion. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.
Feel free to reach out to me if you have any questions about home buying, selling, or investing in the Phoenix Metro or East Valley areas. Just give me a call or text at 602-295-6807 and I will be glad to help.
"Real Estate is not just a job for me, it's about making a difference in the lives of others."
Serving East Valley cities, including Chandler, Gilbert, Tempe, Mesa, Phoenix, Scottsdale, and Ahwatukee
Troy Erickson Realtor | 3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | [email protected]
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Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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