Phoenix AZ Real Estate Housing Market Report - September 2022
The average sales price of Phoenix homes decreased for the fourth consecutive month, going from $621,395 in May to $548,478 in September. However, the average sales price of Phoenix homes has still increased in 14 out of the last 20 months.
After increasing for five straight months the average sold price per square foot of Phoenix homes decreased for the fourth straight month as well, going from $317/sf in May to $289/sf in September. The Phoenix average sold price per square foot has only decreased 7 times in the last 32 months.
The Phoenix days on market increased for the fourth straight month after decreasing four straight months. The days on market increased from 24 in May to 45 DOM in September. The DOM to sell a home in Phoenix is still low, considering a balanced market would expect to see an average DOM closer to 90.
After increasing for five straight months the average sold price per square foot of Phoenix homes decreased for the fourth straight month as well, going from $317/sf in May to $289/sf in September. The Phoenix average sold price per square foot has only decreased 7 times in the last 32 months.
The Phoenix days on market increased for the fourth straight month after decreasing four straight months. The days on market increased from 24 in May to 45 DOM in September. The DOM to sell a home in Phoenix is still low, considering a balanced market would expect to see an average DOM closer to 90.
After Phoenix home sales increased last month, home sales slightly decreased in September, going from 1,010 in August to 1,004 this month. This is typically the time of year where we would see a decrease in home sales as we head into the slower fall housing season. With this increase in Phoenix homes sold, total home sales for September are down -35.4% from September of 2021.
After increasing for two straight months, new listings in Phoenix have now decreased for three straight months, going from 2,188 in June to 1,478 in September. This is less than previous years September listings since before 2018. With this recent decrease, the number of new Phoenix listings are now -17.6% lower than in September of last year.
After slightly decreasing in March, the number of active Phoenix listings has now increased the last six months. Active Phoenix listings have now increased in seven out of the last eight months, going from an all-time low of 1,636 in January of this year to 3,690 in September (a 125% increase in a little over a half year). The inventory of Phoenix homes is now higher than in September of last year by 60.2%.
The number of listings continue to increase and are catching up with demand, as home sales decrease due to higher prices, higher interest rates, and inflation. With the increase in listings and decrease in home sales, this should slow down the pace, and is a sign that the housing market in Phoenix is shifting to where it is more balanced.
With that said, median home values in Phoenix have increased an average of 9.9% since September of 2021. With interest rates hovering above 6.3%, and inflation rising, the demand for homes is slowing as we enter the fall and head into the slower housing market season.
After increasing for two straight months, new listings in Phoenix have now decreased for three straight months, going from 2,188 in June to 1,478 in September. This is less than previous years September listings since before 2018. With this recent decrease, the number of new Phoenix listings are now -17.6% lower than in September of last year.
After slightly decreasing in March, the number of active Phoenix listings has now increased the last six months. Active Phoenix listings have now increased in seven out of the last eight months, going from an all-time low of 1,636 in January of this year to 3,690 in September (a 125% increase in a little over a half year). The inventory of Phoenix homes is now higher than in September of last year by 60.2%.
The number of listings continue to increase and are catching up with demand, as home sales decrease due to higher prices, higher interest rates, and inflation. With the increase in listings and decrease in home sales, this should slow down the pace, and is a sign that the housing market in Phoenix is shifting to where it is more balanced.
With that said, median home values in Phoenix have increased an average of 9.9% since September of 2021. With interest rates hovering above 6.3%, and inflation rising, the demand for homes is slowing as we enter the fall and head into the slower housing market season.
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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