M I C H E L L E S A R O C K A C O M LUXRLT
MARKET MID-YEAR UPDATE 2023 Housing Market Update for Phoenix and neighboring communities including Scottsdale, Paradise Valley, Arcadia and Gilbert
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Sales of existing homes in the Phoenix Metropolitan Area increased in the 2nd quarter over 1Q23 even as the housing market continues to undergo an adjustment due to rising interest rates. Home sale prices trended upward in 2023 following monthly declines during the second half of 2022. According to national and local housing market economists, this increase in prices is largely due to the imbalance between the supply of homes and demand.
The latest Case-Shiller 20-City Home Price Index, a leading measure of home prices, indicated the U.S Housing Market continued to strengthen in April. The Phoenix Metropolitan Area home prices rose 07% in April on a month-to-month basis as they did in March but remain below levels a year ago.
The Cromford Report, which follows housing trends in Maricopa county indicated prices in the Greater Phoenix Metropolitan area remain lower on an annual basis but have continued to trend upward since January 2023. Homes prices per square foot ended the 1st half of the year down 4.2% at $287.76 compared to a year ago but up 15% from May 2023
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The Mid-Year Market Update provides a closer look at the 2nd Quarter 2023 key statistics for Phoenix, Scottsdale, Paradise Valley and neighboring cities compared to 1st Quarter 2023.
MID-YEARUPDATE2023
S C O T T S D A L E 1,230 Numer of Homes Sold $1,450,031 Average Sale Price 1Q23: $1,357,669 Days on Market 68 T H E M A R K E T M I D Y E A R 2 0 2 3 $454 1Q23: 907 Price Per Square Foot 1Q23: $438 1Q23: 76
P A R A D I S E V A L L E Y 117 Numer of Homes Sold $4,775,474 Average Sale Price 1Q23: $4,300,671 Days on Market 105 T H E M A R K E T M I D Y E A R 2 0 2 3 $837 1Q23: 74 Price Per Square Foot 1Q23: $750 1Q23: 89
A R C A D I A 68 Numer of Homes Sold $1,878,880 Average Sale Price 1Q23: $1,884,500 Days on Market 79 T H E M A R K E T M I D Y E A R 2 0 2 3 $583 1Q23: 45 Price Per Square Foot 1Q23: $576 1Q23: 91
P H O E N I X 3,077 Numer of Homes Sold $580,767 Average Sale Price 1Q23: $541,808 Days on Market 56 T H E M A R K E T M I D Y E A R 2 0 2 3 $292 1Q23: 2,609 Price Per Square Foot 1Q23: $280 1Q23: 73
G I L B E R T 954 Numer of Homes Sold $643,508 Average Sale Price 1Q23: $608,245 Days on Market 57 T H E M A R K E T M I D Y E A R 2 0 2 3 $274 1Q23: 696 Price Per Square Foot 1Q23: $268 1Q23: 80
C A R E F R E E 27 Numer of Homes Sold $1,568,425 Average Sale Price 1Q23: $1,459,271 Days on Market 57 T H E M A R K E T M I D Y E A R 2 0 2 3 $454 1Q23: 24 Price Per Square Foot 1Q23: $416 1Q23: 98
C A V E C R E E K 155 Numer of Homes Sold $1,039,021 Average Sale Price 1Q23: $909,321 Days on Market 69 T H E M A R K E T M I D Y E A R 2 0 2 3 $357 1Q23: 105 Price Per Square Foot 1Q23: $341 1Q23: 74
F O U N T A I N H I L L S 119 Numer of Homes Sold $1,138,972 Average Sale Price 1Q23: $921,423 Days on Market 74 T H E M A R K E T M I D Y E A R 2 0 2 3 $363 1Q23: 99 Price Per Square Foot 1Q23: $342 1Q23: 79
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KIND WORDS
Wow! What an amazing experience! In the craziest, most competitive market in early 2022, Michelle was able to get us into contract in Paradise Valley She is a tough negotiator, smart, knowledgeable and relentless in her followup. I would recommend her for both buyers and sellers because her talents will do well in either side of any real estate transactions
- M. TsaiMichelle went over and beyond any expectations we had from a realtor She is a top notch realtor, very thorough and meticulous in knowing about the details. She held open houses and was instrumental in selling the house quickly. She is the best realtor you can get in this area
-P. Sharma
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