Hows the Market?? Here is your Phoenix / West Valley area Real Estate Market Report for January 2023. Well if you follow my blog you might remember that December was our first month to reports some declines in the median home prices, yet 2022 still finished with record increases in home values. We all knew that those increase weren’t sustainable and the rise in interest rates were for that very reason, slow the market and let inventory catch up to balance out the market. That my fiends has worked very well so far!
With the aforementioned, keep in mind the market reports are always trailing a 30-45+ days behind the current market, we’ll talk more about that in the recap at the end so first lets get to the numbers and see how December numbers came through.
December market is traditionally one of our slower months, due to the holidays. Although many top producing agents report they saw a slight up tick in traffic in December, the sales still came in low compared to last year with all west valley cities coming up short except Tolleson that was flat with 38 sales in 2022 and 2023. Maricopa county had a decrease of -38.8% with 4348 closed sales compared to 7102 in 2022.
Check out the sales in your city.
Avondale closed 50 sales compared to 85 in 2022 thats a -41.2% decrease.
Buckeye closed 141 sales compared to 205 in 2022 thats a -31.2% decrease.
El Mirage closed 18 sales compared to 39 in 2022 thats a -53.8% decrease.
Glendale closed 166 sales compared to 271 in 2022 thats a -38.7% decrease.
Goodyear closed 81 sales compared to 160 in 2022 thats a -49.4% decrease.
Laveen closed 38 sales compared to 78 in 2022 thats a -51.3% decrease.
Litchfield Park closed 40 sales compared to 52 in 2022 thats a -23.1% decrease.
Peoria closed 153 sales compared to 266 in 2022 thats a -42.5% decrease.
Phoenix closed 874 sales compared to 1560 in 2022 thats a -44.0% decrease.
Surprise closed 194 sales compared to 308 in 2022 thats a -37.0% decrease.
Waddell closed 12 sales compared to 15 in 2022 thats a -20% decrease.
Naturally the slowing in sales have continued to increase the inventory levels making Maricopa county a balanced market. We are not seeing plummeting home prices, however in January’s market report a few west valley cities were still holding strong on the median home prices, however this is our first month since the shift in the market that all West Valley Cities, except TWO showed a decrease in home values. Click on the image below and to see your cities current median home price.
Goodyear and Waddell get the shout out for this months market report. Goodyear reported $484,995 median home price and thats a 4.69% increase, even whit slow sales showed an increase. Waddell is where the money was at last month for sure!!
The big shout out goes to Waddell that started 2023 off with a BOOM!! As previously mentioned above 12 versus 15 sales, however the homes that closed sale were high price points that put the increased the average median home price by 30.0%!!! Of the 12 sales to close only 4 were between $400,000 -$549,000, 3 homes we’re $550,000-749,000, 4 homes were between $750,000-$999,00 and the big closing in the community of Twelves Oaks $1,680,000 is what really boosted that median value over the top!
As I said at the beginning, the market report does trail current market by 30 days-45 days as the sales that close in a particular month are for the previous months sales. What I can say is for our market traditionally January is a very slow month. Coming out of the holidays, its the coldest month of the year, always rainy just not your ideal home shopping month. but what I can say is this was one of the busiest Januarys I have in 19 years. And while networking with other agents in the Valley, they saw the same thing. Selling one listing prior to even listing on the MLS! Also seeing a lot more cash again! Most sellers have come to terms with concessions to buyer for a rate buy down. Buyers are finding their lenders have creative financing options like a 2/1 buy down making homes more affordable. If this is any indication of how our spring selling season will be, its looking very promising! Very interested to see February numbers! Stay Tuned!!
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Tags: Buyers, Market Condition, Market Reports, Sellers