Phoenix AZ Real Estate Housing Market Report - January 2022
After decreasing last month, the average sold price per square foot of Phoenix homes increased from $273/sf in December to $283/sf in January of 2022. The Phoenix average sold price per square foot has only decreased in two months since March of 2020 (almost two full years).
After reaching a record low of 23 days on market in May and June, days on market for Phoenix homes has increased for the seventh straight month and is now up to 34 DOM for January 2022. Even though days to sell a Phoenix home are increasing, 34 DOM is still very low, considering in a balanced market we would expect to see an average DOM of 90.
New listings in Phoenix have increased up to 1,359 in January, from 1,108 in December. 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 significant increase, the number of new Phoenix listings are only -2.1% lower than in January of last year. New listings have increased in January in each of the last four years, so this is pretty common.
After increasing for seven straight months, the number of active Phoenix listings have now decreased for the third straight month, going from 1,905 in December to 1,574 this month, and they are now down -16.1% from January of 2021. 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 32.0% since January of 2021. With interest rates remaining just above 3.5%, there will still be more buyers looking to purchase Phoenix homes 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.