Phoenix AZ Real Estate Housing Market Report - March 2023
The average sold price per square foot of Phoenix homes increased for the second straight month after decreasing for 9 months in a row. The average sold price per square foot of Phoenix homes has gone from $274/sf in January to $283/sf in March.
After increasing for 9 straight months, the Phoenix days on market decreased this month. The days on market went from 81 DOM in February down to 69 DOM in March. Homes in Phoenix are still selling, but at a slower pace than the previous 4 years of frenzied activity.
After slightly decreasing last month, new listings in Phoenix slightly increased this month, going from 1,029 in February to 1,065 in March. This is the lowest number of new Phoenix listings for March over the last five years (as this number should be closer to double what it is right now). With this recent increase, the number of new Phoenix listings are still -38.7% lower than in March of 2022.
After increasing for the previous six months, the number of active Phoenix listings has now decreased 6 months in a row. Active listings have dropped from 3,726 in September of 2022 to 2,284 in March. Even with this decline, active Phoenix listings are higher this March than in March of the previous two years. The inventory of Phoenix homes is now higher than in March of last year by 36.2%.
Demand is still high due to the low number of homes on the market. Homeowners are locked into a very low mortgage interest rate and don't want to lose that when they sell.
With that said, median home values in Phoenix have decreased by -9.6% since March of 2022. This is the 5th straight month we have seen a year-over-year decrease. This has not happened in the previous 4 years. With interest rates decreasing to just around 6.25%, the demand for homes will continue this spring.
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