Phoenix Real Estate Market Reports:
Phoenix, Arizona Home Sales Prices: |
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2023
January saw a slight decrease in the Phoenix median sales price to start 2023. The median sales price in Phoenix has been trending upward the last 5 months.
2022
Phoenix median sales prices continue to increase, jumping to an all-time high of $450,000 to start off 2022. Since then, Phoenix median sales prices have continued to increase to a new all-time high of $500,000 in May. May marked the eighth consecutive increase in the median sales price of Phoenix homes, and the 14th increase in the last 17 months. After decreasing four straight months, the median sales price of Phoenix homes increased in October, but decreased again in November. The median sales price of Phoenix homes remained the same in December and is now -3.4% lower than in December of 2021. This is the second negative value we have seen since before 2019.
2021
Phoenix home prices started 2021 just about where they ended 2020, increasing just $1,000 to start the new year. With the Phoenix inventory of homes remaining low, and demand for homes remaining high, overall prices will continue to move upward. The median sales prices in Phoenix have remained the same, or increased, every month this year, until August. The last two months have seen a decline in Phoenix median sales prices, however, October through December saw increases. Phoenix sales prices have increased 29.4% since December of 2020, to a high of $440,000.
January saw a slight decrease in the Phoenix median sales price to start 2023. The median sales price in Phoenix has been trending upward the last 5 months.
2022
Phoenix median sales prices continue to increase, jumping to an all-time high of $450,000 to start off 2022. Since then, Phoenix median sales prices have continued to increase to a new all-time high of $500,000 in May. May marked the eighth consecutive increase in the median sales price of Phoenix homes, and the 14th increase in the last 17 months. After decreasing four straight months, the median sales price of Phoenix homes increased in October, but decreased again in November. The median sales price of Phoenix homes remained the same in December and is now -3.4% lower than in December of 2021. This is the second negative value we have seen since before 2019.
2021
Phoenix home prices started 2021 just about where they ended 2020, increasing just $1,000 to start the new year. With the Phoenix inventory of homes remaining low, and demand for homes remaining high, overall prices will continue to move upward. The median sales prices in Phoenix have remained the same, or increased, every month this year, until August. The last two months have seen a decline in Phoenix median sales prices, however, October through December saw increases. Phoenix sales prices have increased 29.4% since December of 2020, to a high of $440,000.
Phoenix, Arizona Home Sales:
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2023
Phoenix home sales dropped to the lowest ever to begin 2023. Home sales remain low in 2023. There were a couple months when there were good increases, but home sales in Phoenix have declined the last two months.
2022
Phoenix home sales dropped significantly to start off 2022, after ending 2021 with a decent increase. This is the fourth straight year that Phoenix home sales have decreased in January, however, Phoenix home sales in January of 2022 are higher than they were in January of 2019 and 2020. Home sales in Phoenix continued to increase through March of 2022, but at a slightly slower pace than in 2021. April saw a decrease in Phoenix home sales for the first time in 2022, followed by more decreases in May, June, and July. This could be a sign that home prices have finally reached a point where it is impacting the number of buyers willing to buy. April through July are typically the months with the highest number of home sales in Phoenix. August saw an increase, but September through November have seen a decrease in Phoenix home sales. December saw an increase in home sales to end the year, but they are still much lower than the previous 4 years.
2021
Phoenix home sales started off 2021 higher than the previous three years. Although home sales have remained pretty steady over the last three years, home sales would be much higher if more homes were being listed for sale. Would have liked to have seen a larger increase of homes sold in February, but at least it was an increase. March saw a significant increase in Phoenix home sales, the highest number of sales in March since 2018. April saw a slight decrease but May saw a slight increase. May is typically the month with the greatest number of Phoenix home sales each year. I believe the lack of inventory of homes for sale has contributed to a lower number of sales. June saw a nice increase in the number of Phoenix homes sold, reaching a high of 1,688 for the year. This increase is unusual because June is when we typically see a slowdown in Phoenix homes sales as the peak selling season starts to wind down. We saw this trend last year as well, and I believe last year it had to do with COVID-19 extending the selling season, and this year, it's due to high buyer demand with a low number of homes for sale. July did see a decrease in Phoenix home sales, down to the lowest number we have seen for July since before 2018. August continues the trend of declining sales, dropping to 1,437, the lowest since February earlier this year. September saw an increase in Phoenix home sales, which is not typical for this late into the year, but we also saw an increase in home sales for September and October in 2020. October and November saw declining home sales for Phoenix, but December saw a nice increase to finish the year.
Phoenix home sales dropped to the lowest ever to begin 2023. Home sales remain low in 2023. There were a couple months when there were good increases, but home sales in Phoenix have declined the last two months.
2022
Phoenix home sales dropped significantly to start off 2022, after ending 2021 with a decent increase. This is the fourth straight year that Phoenix home sales have decreased in January, however, Phoenix home sales in January of 2022 are higher than they were in January of 2019 and 2020. Home sales in Phoenix continued to increase through March of 2022, but at a slightly slower pace than in 2021. April saw a decrease in Phoenix home sales for the first time in 2022, followed by more decreases in May, June, and July. This could be a sign that home prices have finally reached a point where it is impacting the number of buyers willing to buy. April through July are typically the months with the highest number of home sales in Phoenix. August saw an increase, but September through November have seen a decrease in Phoenix home sales. December saw an increase in home sales to end the year, but they are still much lower than the previous 4 years.
2021
Phoenix home sales started off 2021 higher than the previous three years. Although home sales have remained pretty steady over the last three years, home sales would be much higher if more homes were being listed for sale. Would have liked to have seen a larger increase of homes sold in February, but at least it was an increase. March saw a significant increase in Phoenix home sales, the highest number of sales in March since 2018. April saw a slight decrease but May saw a slight increase. May is typically the month with the greatest number of Phoenix home sales each year. I believe the lack of inventory of homes for sale has contributed to a lower number of sales. June saw a nice increase in the number of Phoenix homes sold, reaching a high of 1,688 for the year. This increase is unusual because June is when we typically see a slowdown in Phoenix homes sales as the peak selling season starts to wind down. We saw this trend last year as well, and I believe last year it had to do with COVID-19 extending the selling season, and this year, it's due to high buyer demand with a low number of homes for sale. July did see a decrease in Phoenix home sales, down to the lowest number we have seen for July since before 2018. August continues the trend of declining sales, dropping to 1,437, the lowest since February earlier this year. September saw an increase in Phoenix home sales, which is not typical for this late into the year, but we also saw an increase in home sales for September and October in 2020. October and November saw declining home sales for Phoenix, but December saw a nice increase to finish the year.
Phoenix, AZ Home Inventory:
2023
The inventory of Phoenix homes continues to decrease, as July marks the 10th decline in a row.
2022
The number of homes for sale in Phoenix dropped in January to start off 2022. This was the third decrease in a row, after seeing the Phoenix home inventory increase seven straight months between April and October of 2021. The home inventory in Phoenix was hovering around the mid 1,600's through March of 2022. April saw a slight increase followed by more significant increases in Phoenix home inventory from May through September. The Phoenix home inventory is now higher than it has been since June of 2019. October saw the first real decrease in inventory this year, followed by two more decreases in November and December to end the year.
2021
The number of Phoenix homes for sale remains very low starting off 2021, as the demand from buyers continues to outpace the supply of homes for sale. February saw a slight decrease in the number of homes for sale in Phoenix for the first time in February over the last four years, and March saw another slight decrease. April saw a nice increase in the number of Phoenix homes for sale, and that trend continued for seven months, up to 2,361 homes in October. November and December saw a drop in home sales, which is typical as we enter the winter months. Overall, the number of Phoenix homes for sale is still significantly low for this time of year.
With the average number of Phoenix homes sold in the last 6 months increasing to 975, and with the inventory decreasing from 1,929 to 1,839, this leaves us with a decreasing absorption rate of 1.89 months. This reflects more of a sellers', as a balanced market will reflect an absorption rate of around 6.0 months.
The inventory of Phoenix homes continues to decrease, as July marks the 10th decline in a row.
2022
The number of homes for sale in Phoenix dropped in January to start off 2022. This was the third decrease in a row, after seeing the Phoenix home inventory increase seven straight months between April and October of 2021. The home inventory in Phoenix was hovering around the mid 1,600's through March of 2022. April saw a slight increase followed by more significant increases in Phoenix home inventory from May through September. The Phoenix home inventory is now higher than it has been since June of 2019. October saw the first real decrease in inventory this year, followed by two more decreases in November and December to end the year.
2021
The number of Phoenix homes for sale remains very low starting off 2021, as the demand from buyers continues to outpace the supply of homes for sale. February saw a slight decrease in the number of homes for sale in Phoenix for the first time in February over the last four years, and March saw another slight decrease. April saw a nice increase in the number of Phoenix homes for sale, and that trend continued for seven months, up to 2,361 homes in October. November and December saw a drop in home sales, which is typical as we enter the winter months. Overall, the number of Phoenix homes for sale is still significantly low for this time of year.
With the average number of Phoenix homes sold in the last 6 months increasing to 975, and with the inventory decreasing from 1,929 to 1,839, this leaves us with a decreasing absorption rate of 1.89 months. This reflects more of a sellers', as a balanced market will reflect an absorption rate of around 6.0 months.
How inventory affects home prices:
When the inventory of homes in Phoenix increases, the economics of supply and demand will take effect. When there is a large inventory of homes available for sale in Phoenix, home prices will decrease in value for a couple of reasons. One reason is because there are more homes for Phoenix home buyers to choose from. Buyers will take their time in selecting a home, causing homes to stay on the market longer and increasing inventory. Because there are more Phoenix homes for sale, home sellers will begin to lower their sales price in order to get their home sold.
When the inventory of homes in Phoenix decreases, you will start to see an increase in home prices. With a low inventory of homes, Phoenix home sellers know that they can ask a higher price because there are more buyers in the market than homes for sale. Homes tend to sell faster, and for more money when inventory is low. There are fewer choices for Phoenix home buyers, and sometimes you will have to offer a higher than list price to get the home you want.
When the inventory of homes in Phoenix decreases, you will start to see an increase in home prices. With a low inventory of homes, Phoenix home sellers know that they can ask a higher price because there are more buyers in the market than homes for sale. Homes tend to sell faster, and for more money when inventory is low. There are fewer choices for Phoenix home buyers, and sometimes you will have to offer a higher than list price to get the home you want.
Phoenix Days On Market:
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2023
Phoenix days on market climbed heading into 2023 and had increased for 9 straight months. March saw the first drop in DOM this year, and the Phoenix DOM has now dropped for 5 months in a row.
2022
Phoenix days on market slightly increased to start off 2022. This was the seventh straight increase after reaching an all-time low of 23 DOM in May and June of 2021. Since then, DOM in Phoenix decreased for four straight months, and got down to 24 DOM in May. June saw the first increase in Phoenix DOM since January, followed by six additional increases through December. The DOM has almost tripled in seven months, going from a 2022 low of 24 DOM up to 63 DOM in December.
2021
The number of days on market for Phoenix to start off 2021 remained exactly the same as it was in December of 2020, at 36 DOM. Overall, the days on market is extremely low due to the low inventory of homes for sale, and high buyer demand. February saw a slight increase in days on market, and after that, the DOM for Phoenix dropped three consecutive months, reaching a new all-time low of 23 in May. June remained at the record low DOM of 23. Ever since then, the DOM has increased six consecutive months reaching a new total of 33 DOM for December. Even with these increases, Phoenix homes are still selling very fast in 2021.
Phoenix days on market climbed heading into 2023 and had increased for 9 straight months. March saw the first drop in DOM this year, and the Phoenix DOM has now dropped for 5 months in a row.
2022
Phoenix days on market slightly increased to start off 2022. This was the seventh straight increase after reaching an all-time low of 23 DOM in May and June of 2021. Since then, DOM in Phoenix decreased for four straight months, and got down to 24 DOM in May. June saw the first increase in Phoenix DOM since January, followed by six additional increases through December. The DOM has almost tripled in seven months, going from a 2022 low of 24 DOM up to 63 DOM in December.
2021
The number of days on market for Phoenix to start off 2021 remained exactly the same as it was in December of 2020, at 36 DOM. Overall, the days on market is extremely low due to the low inventory of homes for sale, and high buyer demand. February saw a slight increase in days on market, and after that, the DOM for Phoenix dropped three consecutive months, reaching a new all-time low of 23 in May. June remained at the record low DOM of 23. Ever since then, the DOM has increased six consecutive months reaching a new total of 33 DOM for December. Even with these increases, Phoenix homes are still selling very fast in 2021.
Phoenix New Listings by Month:
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2023
New listings in Phoenix increased to start 2023, which is pretty typical to start the new year, but it is the lowest number of listings in January over the last 5 years. New listings each month have been fairly consistent so far in 2023 but remain low.
2022
After decreasing for four straight months, the number of new listings in Phoenix increased in January to start off 2022. This is the fourth straight time that Phoenix has had an increase in new listings to start off the new year. New listings in Phoenix continued to increase, up to 1,738 in March. April saw a decline in new listings for the first time in 2022 but bounced back with significant increases in May and June. Since then, there have been six straight decreases in the number of new listings in Phoenix, dropping down to 726 from a June high of 2,188. The December total is the lowest number of new listings in Phoenix over the last four years.
2021
The number of new listings in Phoenix for January started off lower than the previous three years, which is a sign that the number of homes being listed for sale continues to be extremely low. Even as home prices continue to grow at a record pace, it hasn't convinced more Phoenix homeowners to sell. Lack of inventory of Phoenix homes for sale could continue to be an issue for a while. The number of new listings in Phoenix increased by almost 500 (35.4%) from January through April, which may be a good sign that more Phoenix homeowners are finally deciding to list their homes. Just as the new listings in Phoenix were getting closer to previous year's numbers, May saw a large decrease in the number of new listings, which is not typical for this time of year. We will have to wait and see if June makes a rebound. June did rebound, as the number of new Phoenix listings increased back up to 1,888, the highest number of new listings in a month this year. July did see a decline in the number of new Phoenix listings but is still higher than it has been in July over the last 3 years. August slightly increased while September slightly decreased. October through December also decreased, marking the fourth straight month of declining listings in Phoenix to end the year.
New listings in Phoenix increased to start 2023, which is pretty typical to start the new year, but it is the lowest number of listings in January over the last 5 years. New listings each month have been fairly consistent so far in 2023 but remain low.
2022
After decreasing for four straight months, the number of new listings in Phoenix increased in January to start off 2022. This is the fourth straight time that Phoenix has had an increase in new listings to start off the new year. New listings in Phoenix continued to increase, up to 1,738 in March. April saw a decline in new listings for the first time in 2022 but bounced back with significant increases in May and June. Since then, there have been six straight decreases in the number of new listings in Phoenix, dropping down to 726 from a June high of 2,188. The December total is the lowest number of new listings in Phoenix over the last four years.
2021
The number of new listings in Phoenix for January started off lower than the previous three years, which is a sign that the number of homes being listed for sale continues to be extremely low. Even as home prices continue to grow at a record pace, it hasn't convinced more Phoenix homeowners to sell. Lack of inventory of Phoenix homes for sale could continue to be an issue for a while. The number of new listings in Phoenix increased by almost 500 (35.4%) from January through April, which may be a good sign that more Phoenix homeowners are finally deciding to list their homes. Just as the new listings in Phoenix were getting closer to previous year's numbers, May saw a large decrease in the number of new listings, which is not typical for this time of year. We will have to wait and see if June makes a rebound. June did rebound, as the number of new Phoenix listings increased back up to 1,888, the highest number of new listings in a month this year. July did see a decline in the number of new Phoenix listings but is still higher than it has been in July over the last 3 years. August slightly increased while September slightly decreased. October through December also decreased, marking the fourth straight month of declining listings in Phoenix to end the year.
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