Here is the most recent Phoenix AZ Real Estate Housing Market Report for December 2022:
The average sales price of Phoenix homes has decreased for the second month in a row, going from $555,356 in October to $540,539 this month. The average sales price of Phoenix homes ended the year lower than where it started, at $552,890 in January. The average sales price for Phoenix homes in December is significantly lower than the all-time high of $621,488 that occurred in May of 2022.
The average sold price per square foot of Phoenix homes slightly decreased this month. The average sold price per square foot of Phoenix homes has gone from $317/sf in May to $277/sf in December. This is the seventh month in a row that the average sold price per square foot has remained the same or decreased.
The Phoenix days on market increased for the seventh straight month after decreasing the four previous months. The days on market has almost tripled from 24 DOM in May to 63 DOM in December. The DOM to sell a home in Phoenix is increasing, but a balanced market would expect to see an average DOM closer to 90. Homes in Phoenix are still selling, but at a slower pace than the previous two years of frenzied activity.
The average sold price per square foot of Phoenix homes slightly decreased this month. The average sold price per square foot of Phoenix homes has gone from $317/sf in May to $277/sf in December. This is the seventh month in a row that the average sold price per square foot has remained the same or decreased.
The Phoenix days on market increased for the seventh straight month after decreasing the four previous months. The days on market has almost tripled from 24 DOM in May to 63 DOM in December. The DOM to sell a home in Phoenix is increasing, but a balanced market would expect to see an average DOM closer to 90. Homes in Phoenix are still selling, but at a slower pace than the previous two years of frenzied activity.
Click on the image below to read the full article and see what is going on in the Phoenix Arizona real estate market.
Feel free to reach out to me if you have any questions about buying a home, selling your home, or investing in the Phoenix, AZ 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"
Troy Erickson Realtor | Call/Text: 602-295-6807 | TroyEricksonRealtor@gmail.com
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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