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Phoenix Housing Market Report for September 24, 2023

By
Real Estate Agent with Value Added Service, 602-620-2699 SA5376460000

The Phoenix Housing Market is mirroring many housing markets across the country.  With low inventory, fewer sales, and increasing prices..  The main photo for this post clearly illustrates that supply level declines are a real issue in Phoenix.   Inventory dropped 37% year over year in Phoenix as of September 24, 2023.

 

These charts are provided by subscription to the Cromford Report.  

 

The current supply of homes available for sale in Phoenix is fewer than 2019 levels!  Inventory has increased slightly,  coinciding with the rise in interest rates.  Those on the sidelines, thanks to interest rate increases, will be back once rates drop but in competition with many other buyers. 

 

Active Listings in Phoenix 9_24_23

 

The number of days it takes to sell a home increased sharply beginning April 2022, but has been on the decline from October, 2022 to August 5, 2023.  With rising interest rates, the number of days it takes to sell a home has increased by a couple of days recently. 

 

Days of Inventory 9_24_23

But the real indicator is under contract price per square foot.   These homes are under contract, but the sales price is not published.  This report shows the average price per square foot homes will close and record.  Knowing this data, puts buyers and sellers in the driver's seat when deciding whether to buy or sell a home. Homes going under contract in May stalled in price as interest rates inched upward.  Prices flattened January 25, 2023 and began increasing again. This chart starts in January, 2016 and prices have been generally increasing ever since. 

Homes Under Contract Price per square foot 9_24_23

If you're looking to make a move, make sure that you select a veteran real estate agent.  Ask specific questions as to how they think the housing market will react if interest rates change.   Ask an agent how long they have been in business and what their prior work history was before starting their real estate career.   Answers to these questions are critically important in assisting you with your real estate purchases and sales.  

 

 

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Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Great market information. Thanks for sharing, enjoy your upcoming weekend, as we are at Friday-eve. Bill Salvatore Arizona Elite Properties

Sep 28, 2023 01:23 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Jan Green - Scottsdale, AZ  I am so with you the real indicator is the price per square foot and the number of days it takes to sell, Endre

Sep 28, 2023 11:39 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Jan... same here... inventory is not increasing significantly, which means days on market are low, list to sale price ratio pushing 100% or higher.

Sep 29, 2023 05:52 AM
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

Crazy market...right? This is so hard to read. I believe interest rates will drop at the start of next year. (it is an election year after all) Hopefully this will spur those thinking of selling to jump in. 

Sep 29, 2023 06:58 AM
Jan Green - Scottsdale, AZ
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Thanks for stopping by Bill Salvatore - East Valley

 

Sep 29, 2023 03:33 PM
Jan Green - Scottsdale, AZ
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Spot on Endre Barath, Jr. !  That one measure alone should guide clients' decisions!  

Sep 29, 2023 03:34 PM
Jan Green - Scottsdale, AZ
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

You know your market very well and I'm sure your clients trust your judgements about your house market in NC Nina Hollander, Broker !

Sep 29, 2023 03:34 PM
Jan Green - Scottsdale, AZ
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

It is very challenging Jeffrey DiMuria 321.223.6253 Waves Realty !  BTW, meeting our referral in 2 weeks here in Sun City!  Thank you for commenting and have a great weekend! 

Sep 29, 2023 03:35 PM