Phoenix AZ Real Estate Housing Market Report - February 2023
The average sales price of Phoenix homes has increased this month after decreasing for 3 months in a row, going from $522,613 in January to $526,060 in February. The average sales price for Phoenix homes in February is 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 increased for the first time in 9 months. The average sold price per square foot of Phoenix homes has gone from $274/sf in January to $279/sf in February.
The Phoenix days on market increased for the 9th straight month after decreasing the four previous months. The days on market has almost tripled from 24 DOM in May to 81 DOM in February. The DOM to sell a home in Phoenix is increasing, but a balanced market would expect to see an average DOM closer to 90. Homes in Phoenix are still selling, but at a slower pace than the previous two years of frenzied activity.
The average sold price per square foot of Phoenix homes increased for the first time in 9 months. The average sold price per square foot of Phoenix homes has gone from $274/sf in January to $279/sf in February.
The Phoenix days on market increased for the 9th straight month after decreasing the four previous months. The days on market has almost tripled from 24 DOM in May to 81 DOM in February. The DOM to sell a home in Phoenix is increasing, but a balanced market would expect to see an average DOM closer to 90. Homes in Phoenix are still selling, but at a slower pace than the previous two years of frenzied activity.
After decreasing last month to start 2023, Phoenix home sales increased in February, going from 665 in January to 881 this month. With this increase in Phoenix homes sold, total home sales for February are still down -31.7% from February of 2022.
After increasing last month, new listings in Phoenix slightly decreased this month, going from 1,036 in January to 1,020 in February. This is the lowest number of new Phoenix listings for February over the last five years. With this recent decrease, the number of new Phoenix listings are -28.6% lower than in February of 2022.
After increasing for the previous six months, the number of active Phoenix listings has now decreased 5 months in a row. Even with this decline, active Phoenix listings are higher this February than in February of the previous two years. The inventory of Phoenix homes is now higher than in February of last year by 52.6%.
Home sales are decreasing due to higher prices, higher interest rates, and inflation. This is a sign that the housing market in Phoenix is shifting to where it is more balanced, and not such an intense seller's market.
With that said, median home values in Phoenix have decreased by -9.8% since February of 2022. This is the fourth straight time we have seen a year-over-year decrease. This has not happened in the last four previous years. With interest rates hovering just below 7.0%, and inflation continuing to impact our economy, the demand for homes will continue to slow.
After increasing last month, new listings in Phoenix slightly decreased this month, going from 1,036 in January to 1,020 in February. This is the lowest number of new Phoenix listings for February over the last five years. With this recent decrease, the number of new Phoenix listings are -28.6% lower than in February of 2022.
After increasing for the previous six months, the number of active Phoenix listings has now decreased 5 months in a row. Even with this decline, active Phoenix listings are higher this February than in February of the previous two years. The inventory of Phoenix homes is now higher than in February of last year by 52.6%.
Home sales are decreasing due to higher prices, higher interest rates, and inflation. This is a sign that the housing market in Phoenix is shifting to where it is more balanced, and not such an intense seller's market.
With that said, median home values in Phoenix have decreased by -9.8% since February of 2022. This is the fourth straight time we have seen a year-over-year decrease. This has not happened in the last four previous years. With interest rates hovering just below 7.0%, and inflation continuing to impact our economy, the demand for homes will continue to slow.
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.
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.
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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