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According to Flex-MLS, the Marketplace for MetroPhoenix Residential Properties, in Quarter 4, 2022 versus Quarter 4, 2021:
The Number of SOLD listings decreased by 28% to 6,545 units, with a top sale of $21,000,000 at 6015 E Cameldale Way, in Paradise Valley.
The Average Sales Price increased by 14% to $939,524, moving the Average Price Per Sq Foot up to $382 per sq foot.
The inventory of properties available for sale, measured in month’s supply, increased by 25% to 1.48 months worth of properties for sale.
Mortgage rates increased with the 30 year fixed rate average up 106% to 6.74%, according to Bank Rate.com
In spite of media headlines, MetroPhoenix experienced overall market appreciation of 14% year over year. Currently MetroPhoenix is teetering between a ‘mild’ sellers market and a ‘balanced’ market. However, after a long 4th quarter sellers should be able to enjoy fewer days on market, and serious buyers in the first half of 2023. The best advice for buyers is to stay engaged with where rates are on a daily basis, and be fully educated on lender programs and seller incentives available so that they can be the first to act when the property and the payment is right for them.
Metro Phoenix
Average Sales Price: 2021 > $821,495 vs 2022 > $939,524 = 14% increase
Average Days On Market: 2021 > 37 vs 2022 > 40 = 8% increase
Average Sale Price Per Square Foot: 2021 > $303 vs 2022 > $382 = 26% increase
Sale to List Price Ratio: 2021 > 99.53% vs 2022 > 98.63% = 1% decrease
Number of Sold Listings: 2021 > 9102 vs 2022 > 6545 = 28% decrease
Months Supply of Inventory: 2021 > 1.19 vs 2022 > 1.48 = 25% increase
Mortgage Rate: 2021 > 3.27% vs 2022 > 6.74% = 106% increase
Top 10 Sales
$21,000,000 6015 E Cameldale Way, Paradise Valley
$14,995,000 6578 N Bella Vita Dr #21, Paradise Valley
$14,500,000 6480 E Arroyo Verde Dr, Paradise Valley
$14,000,000 5575 N Casa Blanca Dr, Paradise Valley
$13,700,000 6480 E E Arroyo Verde Dr, Paradise Valley
$13,500,000 6453 E Luke, Paradise Valley
$12,500,000 6121 N Nauni Valley Dr, Paradise Valley
$12,500,000 6000 E Cameldale Way, Paradise Valley
$12,000,000 6149 E Indian Bend Rd, Paradise Valley
$12,000,000 6101 E Caballo Ln, Paradise Valley
