Phoenix AZ Real Estate Housing Market Report - March 2022
The average sales price of Phoenix homes decreased in March, after increasing for three straight months. Average Phoenix sales prices dropped from an all-time high of $581,233 in February down to $579,045 in March which was not much of a decline. The average sales price of Phoenix homes has increased in ten out of the last fourteen months.
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.
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.
Phoenix home sales have increased for two straight months, going from 1,142 in January to 1,554 in March. Even with these increases in Phoenix homes sold, total home sales for March are still down -5.8% from March of 2021.
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.
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.
When you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me so we can put your plans into motion. With low mortgage rates leading the way, it's a great time to take advantage of your position in today's market.
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.
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.
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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