If you’re thinking about Buying or Selling residential real estate, it’s important to understand the current market trends.
According to Flex-MLS, the Marketplace for MetroPhoenix Residential Properties, in November 2022 versus October 2022:
The Number of SOLD listings decreased by 20% to 333 units with a top sale of $13,500,000 at 6453 E Luke Avenue, in Paradise Valley.
The Average Sales Price increased by 2% to $840,770, moving the Average Price Per Sq Foot down to $334 per sq foot.
The inventory of properties available for sale, measured in month’s supply, increased by 13% to 6.31 months worth of properties for sale.
Mortgage rates decreased with the 30 year fixed rate average down 6% to 6.78% according to Bank Rate.com
The MetroPhoenix real estate market is not crashing. Property values this year have shown positive appreciation through November. Buyer demand under $800,000 in MetroPhoenix is down month over month, due in part to seasonality and interest rates, however the Luxury Market continues to maintain its positive momentum. The count of listings under contract has been almost cut in half compared with this time last year, providing a clear pathway of home ownership for the smart buyer.
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 | November 2022 vs October 2022
Average Sales Price: October 2022 > $824,853 vs November 2022 > $840,770 = 2% increase
Average Days On Market: October 2022 > 59 vs November 2022 > 60 = 2% increase
Average Sale Price Per Square Foot: October 2022 > $337.49 vs November 2022 > $334.3 = 1% decrease
Sale to List Price Ratio: October 2022 > 96.53% vs November 2022 > 96.03% = 1% decrease
Number of Sold Listings: October 2022 > 416 vs November 2022 > 333 = 20% decrease
Months Supply of Inventory: October 2022 > 5.59 vs November 2022 > 6.31 = 13% increase
Mortgage Rate: October 2022 > 7.20% vs November 2022 > 6.78% = 6% decrease
Top 10 Sales
$13,500,000 6453 E Luke Ave, Paradise Valley
$5,400,000 5314 E Calle del Norte, Phoenix
$5,200,000 37 Biltmore Estate, Phoenix
$5,200,000 5525 E Lincoln Dr #78, Paradise Valley
$5,090,000 6982 E Joshua Tree Ln, Paradise Valley
$4,750,000 6587 N Lost Dutchman Dr, Paradise Valley
$4,600,000 5673 E Village Dr, Paradise Valley
$4,184,600 7740 N Mockingbird Ln, Paradise Valley
$3,800,000 4621 E Camelback Rd, Phoenix
$3,248,010 6616 E El Sendero Rd, Carefree