Phoenix Arizona February 2023 Residential Real Estate Update

Dated: February 7 2024

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Phoenix Arizona February 2023 Residential Real Estate Update

Introduction

Are you curious about the current state of the real estate market in your area? Look no further! In this blog, we will provide you with an overview of the residential real estate activity in your area during the month of January. We will explore various aspects such as active listings, median listing price, days on the market, median sale price, and the number of units sold. Let's dive right in!

Active Listings

During the month of January, the number of active listings in your area increased by 1% compared to the previous year. This is a positive trend for buyers as it reflects a healthy inventory for them to choose from. Additionally, the number of active listings was up by 14% from the previous month, providing even more options for potential buyers.

Median Listing Price

When it comes to the price of residential properties in your area, the median listing price for the month of January was just under $500,000. This gives you an idea of the average price range you can expect when searching for a home. It's important to note that this figure is a comparison to the previous year.

Days on the Market

One crucial factor to consider when buying or selling a home is the number of days a property spends on the market before being sold. In January, the average number of days a unit spent on the market decreased by 38% compared to the previous year. This decrease suggests a positive trend in the local inventory turnover rate, indicating that properties are being sold at a faster pace.

Median Sale Price

The median sale price for residential properties in your area during the month of January was just under $420,000. This figure represents the middle point of all the sale prices and gives you an idea of the average price range for sold properties. Keep in mind that this is a comparison to the previous year.

Number of Units Sold

In terms of the number of units sold, there was a 6% decrease in sales compared to the previous year. Additionally, there was a 3% decrease in sales from the previous month. While fewer sales may seem like a negative trend, it can actually present an opportunity for buyers. With fewer buyers in the market, there may be more room for negotiation and getting better deals on properties.

Conclusion

Thank you for taking the time to read our market update for residential real estate in your area. We hope you found this information helpful as you gather more knowledge to make smart and informed real estate decisions. If you would like more information or assistance, please click the button on the screen. Happy house hunting!

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Tyler Lein

Having worked with the top RE/MAX agents in our market since 2001, I bring a wealth of knowledge to the table to help my agents build their business. My strongest areas are in the technology realm bo....

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