December 2022 Real Estate Market Report

Hows the Market?? Here is your Phoenix / West Valley area Real Estate Market Report for December 2022. Happy 2023 everyone!! Hope you all had wonderful 2022 Holiday season! We wish you all the best year ever for 2023!! So let’s talk about this crazy real estate market of 2022!! Since its the year end we will break down the cities one by one to see how they performed this year and a look at where they are headed!

First let’s look at Maricopa County year December and Year end Market. As you all know the first half of 2022 was ridiculously strong with sky rocketing prices, multiple offers, no repairs, buyers giving it their all to get their offer accepted! Now the last half looks very different! Although we have not seen the market “Bust” like some thought was going to happen, in December we saw our first dip in Median home prices, however with the first 2 quarters having such strong increases, YTD values still stayed above 2021 prices.

Maricopa County saw an increase in inventory YTD of 92.63%, because inventory was so drastically low, we are still only at 3.23 months of inventory for Dec, 1.83 months YTD. Still considered more flat market, not quite a buyers market. Median home price in November was flat with 2021, now in December we saw a slight dip -2.82% first time its dipped all year. However YTD still finished 14.21% higher than 2021. If inventory continues to rise, we could start to see prices dip even more.

Avondale increased inventory YTD 200.00%. December still held strong on the median home price of $410,000 with an increase of 2.51% over Dec 202, with a YTD median home price to $430,000 increase of 17.81%. Year end sales by -28.8%.

Buckeye had a 212.82% increase in inventory brining on a dip in Median home price in December of $378,990 of -10.83%, finishing out the year 14.08% over 2021 with a median home price of $427,787. Year end sales were down by -11.0%.

El Mirage inventory increased by 107.69%YTD and median home price dropped by -4.08% in December to $348,300 closing the year out at $427,787 thats an increase of 18.54%. Closed sales down -24.6% YTD.

Glendale increased inventory levels by 106.67%, with a median home price having slight increase for December of 0.76% at $400,000 and increased 16.22%YTD to $430,000. Sales were down YTD by -25.0%

Goodyear increased inventory by 113.25%, with median home sales up 2.13% for December to $480,000 and YTD up 17.69% at $501,340. Sales were down -23.4%YTD.

Laveen increased inventory by 101.06%, with median home sales down -3.23% for December to $419,000 and YTD up 14.14% at $460,000. Sales were up 2.2%YTD.

Litchfield Park increased inventory by 115%, with median home sales down -12.74% for December to $462,9490 and YTD up 13.83% at $535,000. Sales were down -14.2%YTD.

Peoria increased inventory by 135.29%, with median home sales down -5.38% for December to $440,000 and YTD up 16.27% at $499,945. Sales were down -24.8%YTD.

Phoenix increased inventory by 76.67%, with median home sales down -1.25% for December to $395,000 and YTD up 16.12 % at $425,000. Sales were down -1.25%YTD.

Surprise increased inventory by 146.15%, with median home sales down -4.09% for December to $410,000 and YTD up 18.61% at $450,000. Sales were down -21.3%YTD.

Tolleson increased inventory by 233.85%, with median home sales down -2.62% for December to $389,900 and YTD up 18.61% at $427,000 YTD. Sales were down -8.0%.

Waddell increased inventory by 155.91%, with median home sales down -12.08% for December to $467,750 and YTD up 18.47% at $540,000 YTD. Sales were down -11.6%.

Market Insights: 

Buyers the tables have turned, you are no longer at the sellers mercy! Sellers are allowing concessions for buyers interest rate buy downs, repairs, what ever they need to secure a buyer for their home. Lenders have loan programs available to over come the rate hikes!

Sellers, this is an extremely competitive market, it is so important to hire an experienced Realtor that is not only skilled at negotiations, staging and able to sell the product they have in your home. Preparing your home is crucial! Buyers don’t want “credits” for things like paint and carpet, go on the market looking clean and move in ready. Obvious signs of deferred not going to sell your house, its only going to cost you thousands in price reductions!

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