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Phoenix Market Report Third Quarter 2023
talk/text with real estate expert Erica Anderson directly @ (480) 599-6811
- Quarterly Market Review -
A Review Of Key Market Differences Year over Year 3rd Quarter 2022 | 3rd Quarter 2023
SINGLE-FAMILY HOMES Q3: 2022
Median List Price
$449,999
Median SP/LP Ratio Average SP/LP Ratio Median PP/SqFt
105%
Median Sale Price
Q3: 2023
3,203
2,914
95%
Total Sold
2,979
98%
99%
New Listings
4,905
Total Inventory
$475,000
1,702
Q3: 2023
$510,000
$450,000 $391
Q3: 2022
$272
513
Total Sold
New Listings
1,860
Average Home Size
$25,000 Med. Sale Price
SINGLE-FAMILY HOMES MARKET SUMMARY Official Market Type: Seller’s
12
Median DOM
|
1,398 2,466 14
1,976
2
DOM
3rd Quarter 2023
New Inventory down by almost 35% is fueling the conditions for a Seller’s Market. Homes are selling on average at 99% of asking price, which is a little more than this time last year. The median sales price has increased by $25,000. There were 2,466 SFD sales during Q3 2023: 454 were all Cash and 444 were closed with an FHA loan The average home size, for properties sold during this quarter, has increased by 6%. 11 of the sales from this quarter were categorized as distressed sales (Bank Owned, Short Sale, HUD owned, pre-foreclosure etc.) compared to 13, this time last year.
- Quarterly Market Review -
A Review Of Key Market Differences Year over Year
SOLD BY PRICE
3rd Quarter 2022 | 3rd Quarter 2023 Q3: 2022
Q3: 2023
398 249
354 225
$1M - $1,099,999
176 115 74 37
165 97 69 43
$1.1M - $1,299,999
60
66
$1.3M - $1,499,999
32
33
$1.5M - $1,799,999
22
36
$1.8M - $1,999,999
9
14
$2M - $2,499,000
13
14
$2.5M - $2,999,999
11
11
$3M - $3,999,999
3
10
$4M - $4,999,999
2
4
$5M - $5,999,999
0
3
$6M - $6,999,999
1
0
$7M - $8M+
2
0
under $400K
$400K - $499,999 $500K - $599,999 $600K - $699,999 $700K - $799,999 $800K - $899,999 $900K - $999,999
1,025 750
784 538
The data used to create the Cromford® Report is obtained from public records and obtained under license from the Arizona Regional Multiple Listing Service, Inc (ARMLS). Cromford Associates LLC and ARMLS expressly disclaim and make no representations or warranties of any kind, whether express, implied or statutory, as to the accuracy of the data used or the merchantability or fitness for any particular purpose.
Real Premier Team - real estate -
Your Source for Housing Market Insights.
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RE//MAX Fine Properties RE
A Note from our Team Leader about the future of Phoenix Residential Real Estate Despite all the bad news headlines in the media, this area remains an amazing place to live and a great place to invest your money in the real estate market. The resilience of Phoenix shines through, even as we navigate challenges. This city continues to captivate with its unique charm and opportunities. This is never more evident than in the soaring sales of higher-end homes (over $1 million), with an impressive 42 more sales recorded for this quarter alone compared to last year. It’s a testament to the enduring appeal of the Phoenix real estate market. What makes this achievement even more remarkable is that we’ve just powered through another scorching summer with a relentless heat wave that set national records for the most consecutive days over 110°. Despite the heat, Phoenix stands strong, drawing people in with its undeniable allure. As your trusted real estate advisor, I encourage you to keep me in mind for all your real estate needs. The Phoenix market’s resilience and the impressive surge in higher-end home sales are clear indicators of the opportunities that await, and I’m here to help you navigate them. Let’s seize the moment and explore the possibilities together!
www.RealPremierTeam.com ©2023 All rights reserved. This representation is based on sales & data reported by multiple brokers/agents to the ARMLS for July, August, and September 2022 & 2023. Listings & sales may not be those of Erica Anderson or Real Premier Team of RE/MAX Fine Properties. The National Association of Realtors®, ARMLS and/or the Cromford Report do not guarantee the accuracy of this data, which may not reflect all the real estate activity in the area. E&OE. This market report is not intended to solicit properties already listed for sale nor intended to cause a breach of any existing agency relationship. Our real estate market report derives data primarily from the local Multiple Listing Service (ARMLS), public records & the Cromford Report. We employ statistical analysis, expert review, & qualitative insights to ensure the report’s accuracy. While we strive for reliability, market fluctuations & regional variations may impact the data’s precision. To find out how this data directly relates to your property’s value, contact us.