Q4 2023 Phoenix Market Report

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Phoenix Market Report Fourth Quarter 2023

talk/text with real estate expert Erica Anderson directly @ (480) 599-6811

- Quarterly Market Review -

A Review Of Key Market Differences Year over Year 4th Quarter 2022 | 4th Quarter 2023

SINGLE-FAMILY HOMES Q4: 2022

Median List Price

$449,000

Median SP/LP Ratio Average SP/LP Ratio Median PP/SqFt

97%

Median Sale Price

Q4: 2023

100%

Total Sold

2,408

98%

$359

407

Total Sold

New Listings

98

Median DOM

1,899

Average Home Size

$40,000 Med. Sale Price

SINGLE-FAMILY HOMES MARKET SUMMARY Official Market Type: Seller’s

2,763

1,828

97%

New Listings

2,826

Total Inventory

$475,000

63

Q4: 2023

$474,900

$435,000 $355

Q4: 2022

|

2,057 2,001 47

1,981

13

DOM

4th Quarter 2023

iBuyers such as Zillow & OpenDoor introduced a larger than expected amount of homes for sale to the market in Q3 that continued into Q4 of last year, skewing the numbers for Phx. This is demonstrated above where we see the listing count higher for 2022 than compared to this year, Q4.

Historically inventory levels are still low and that’s why the market conditions are still considered more favorable for sellers.

There were 2,001 SFD sales during Q4 2023: 389 were all Cash and 371 were closed with an FHA loan 16 of the sales from this quarter were categorized as distressed sales (Bank Owned, Short Sale, HUD owned, pre-foreclosure etc.) compared to 9, this time last year.

- Quarterly Market Review -

A Review Of Key Market Differences Year over Year

SOLD BY PRICE

4th Quarter 2022 | 4th Quarter 2023 Q4: 2022

Q4: 2023

277 182

269 181

$1M - $1,099,999

153 79 64 33

119 93 63 26

$1.1M - $1,299,999

36

65

$1.3M - $1,499,999

22

38

$1.5M - $1,799,999

27

29

$1.8M - $1,999,999

8

12

$2M - $2,499,999

14

19

$2.5M - $2,999,999

7

10

$3M - $3,999,999

5

15

$4M - $4,999,999

1

2

$5M - $5,999,999

2

1

$6M - $6,999,999

0

0

$7M - $8M+

1

0

under $400K

$400K - $499,999 $500K - $599,999 $600K - $699,999 $700K - $799,999 $800K - $899,999 $900K - $999,999

996 501

670 389

Some of the data used to create this brochure is from the Cromford® Report. The data used to create the Cromford® Report is obtained from public records and obtained under license from the Arizona Regional Multiple Listing Service, Inc (ARMLS). Cromford Associates LLC and ARMLS expressly disclaim and make no representations or warranties of any kind, whether express, implied or statutory, as to the accuracy of the data used or the merchantability or fitness for any particular purpose.

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A Note from the Team Leader...

Happy New Year to You! I’m pleased to share that mortgage rates have dropped since our last update, signaling a promising year ahead for both buyers and sellers.

In the current market, selling success depends on a well-thought strategy. By staying apprised about your area’s pricing trends, pricing your property at Fair Market Value and working with a pro-active experienced realtor, like me, you stand a great chance of meeting your real estate goals this year.

As your trusted real estate advisor, my commitment to providing you with top-notch service and insightful guidance remains unwavering. Here’s to a year filled with prosperity, wise investments, and realizing your real estate dreams in Phoenix. I look forward to supporting you every step of the way in 2024!

Cheers, Erica Anderson

www.RealPremierTeam.com

©2023 All rights reserved. This representation is based on sales & data reported by multiple brokers/agents to the ARMLS for October, November, and December 2022 & 2023.

Listings & sales may not be those of Erica Anderson or Real Premier Team of RE/MAX Fine Properties. The National Association of Realtors®, ARMLS and/or the Cromford Report do not guarantee the accuracy of this data, which may not reflect all the real estate activity in the area. E&OE. This market report is not intended to solicit properties already listed for sale nor intended to cause a breach of any existing agency relationship. Our real estate market report derives data primarily from the local Multiple Listing Service (ARMLS), public records & the Cromford Report. We employ statistical analysis, expert review, & qualitative insights to ensure the report’s accuracy. While we strive for reliability, market fluctuations & regional variations may impact the data’s precision. To find out how this data directly relates to your property’s value, contact us.