Phoenix AZ Real Estate Housing Market Report - February 2022
The average sold price per square foot of Phoenix homes increased for the second straight month, going from $283/sf in January to $297/sf in February. The Phoenix average sold price per square foot has only decreased twice in the last two years.
After increasing for seven straight months, going from a record low of 23 days on market in June of 2021 to 34 DOM in January 2022, the DOM fell in February to 33. 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.
New listings in Phoenix slightly increased from 1,378 in January to 1,417 in February, for the second increase in a row. Prior to this increase new listings had decreased in five of the last six months since reaching a 2021 high of 1,888 new listings in June. With this increase, the number of new Phoenix listings are still -6.5% lower than in February of last year. New listings tend to trend upwards the first couple of months of a new year, so this is pretty common.
After increasing for seven straight months, the number of active Phoenix listings have now decreased for the fourth straight month, going from a 2021 high in October of 2,361 down to 1,608 for February of 2022. The inventory of Phoenix homes is now down -13.5% from February of last year. The lack of listings continues to drive demand and home prices 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 28.2% since February of 2021. With interest rates moving just above 4.0%, there will still be more buyers looking to purchase Phoenix homes early in 2022.
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 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.