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(Prices and inventory current as of Sep 26, 2022)

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Real Estate Market Update | Metro Phoenix | August 2022 vs July 2022

Real Estate Market Update | Metro Phoenix | August 2022 vs July 2022

According to Flex-MLS, the Marketplace for MetroPhoenix Residential Properties, in August 2022 versus July 2022, the number of SOLD listings increased by 11% to 488 units with a top sale of $7,800,000 at 5431 E Exeter Boulevard, in Phoenix.

The Average Sales Price increased by 2% to $863,057, moving the Average Price Per Sq Foot down to $350 per sq foot. The inventory of properties available for sale, measured in months supply, decreased by 11% to 4.79 months worth of properties for sale.

Mortgage rates increased, with the 30 year fixed rate average up 6% to 5.92%, according to BankRate.com.

August home sales showed 3 Key Indicators of the Shift from a Sellers Market to a Buyers Market. #1. Longer Average Days on Market  #2. Price Reductions across the board, and #3. Seller Paid Concessions are back. So… properties are still selling; however, taking longer to sell, with multiple price reductions and with seller paid concessions. Conversely the luxury market has been selling strongly at a 98% of list price with days on market half the historical averages. 

If you’re thinking about buying or selling residential real estate, now or in the near future, it’s important to seek the guidance and advice of a professional real estate agent.

Metro Phoenix

Average Sales Price: July 2022 > $843,379 vs August 2022 > $863,057 = 2% increase

Average Days On Market: July 2022 > 30 vs August 2022 > 46 = 53% increase

Average Sale Price Per Square Foot: July 2022 > $357.05 vs August 2022 > $350.26 = 2% decrease

Sale to List Price Ratio: July 2022 > 97.65% vs August 2022 > 96.76% = 1% decrease

Number of Sold Listings: July 2022 > 438 vs August 2022 > 488 = 11% increase

Months Supply of Inventory: July 2022 > 5.39 vs August 2022 > 4.79 = 11% decrease

Mortgage Rate: July 2022 > 5.57% vs August 2022 > 5.92% = 6% increase

Top 10 Sales

$7,800,000 5431 E Exeter Blvd, Phoenix

$7,800,000 8601 N 61st Place, Paradise Valley

$6,100,000 8502 N 59th Place, Paradise Valley

$6,049,000 5301 E  Wonderview Rd, Phoenix

$6,000,000 6310 E Bar Z Lane, Paradise Valley

$5,800,000 8060 N Mummy Mountain Rd, Paradise Valley

$4,750,000 4802 N 46th St, Phoenix

$4,400,000 3935 E San Miguel Ave, Paradise Valley

$4,300,000 6303 N 33rd St, Paradise Valley

$4,180,000 5848 E Calle Tuberia, Phoenix

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