Phoenix AZ Real Estate Housing Market Report - March 2022
The average sold price per square foot of Phoenix homes continues to increase for the third straight month, going from $273/sf in December of 2021 to $305/sf in March. The Phoenix average sold price per square foot has only decreased twice in the last 25 months.
The Phoenix days on market decreased for the second straight month after increasing for seven straight months. The days on market has dropped from 34 in January down to 28 DOM for March. 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 have increased from 1,108 in December of 2021 to 1,726 in March, for the third 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. Even with these recent increases, the number of new Phoenix listings are still -3.5% lower than in March of last year. New listings tend to trend upwards the first couple of months of a new year, so this is pretty common.
After slightly increasing last month, the number of active Phoenix listings decreased in March. Active Phoenix listings have now decreased in four out of the last five months, going from a 2021 high in October of 2,371 down to 1,619 in March. The inventory of Phoenix homes is now down -10.3% from March 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 27.0% since March of 2021. Even with interest rates moving above 4.25%, 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.