The Latest Market Data

Welcome to another installment of LUXE BLOG, where we dissect and interpret the pulse of the housing market. This piece focuses on the current market trends in Greater Phoenix, highlighting median sales prices, list prices, and active listings. This information helps us stay current and forecast the market's trajectory. Which, of course, is good for our clients. 

The Median Sales Price

The heart of any market is its prices. In Phoenix, the median home sales price is around $443,000. While that might seem substantial, let's put it in context.

• Last year's median price: $475,000
• Decrease year-over-year: 6%
• Starting price for the year: $410,000
• Increase since January: 7%

It's crucial to note that despite the year-over-year decrease, prices have risen since the beginning of the year. If this trend continues, the gap between this year and the last will likely close. However, only time will truly tell.

The Case-Schiller Home Price Index

Next, let's talk about the Case-Schiller Home Price Index. This index provides a helpful snapshot of how home prices evolve. By comparing one quarter to another, we can gain more insight into the current market's performance.

• Phoenix's position: 20th
• Increase from the previous quarter: 0.77%
• Average increase month-over-month: 1.31%

Once a top contender, Phoenix now hovers near the bottom of the list. It's essential to consider this information as part of the larger picture - a single index does not make a market. Still, it provides a valuable piece of the puzzle.

Also Read: Gen Z Is Making Their Entry Into The Homeownership Arena

Latest Stats For The Greater Phoenix Real Estate Market - July 2023

List Prices & Market Predictions

A noteworthy aspect of the housing market is the list prices. They often serve as a precursor to where sales prices might head, giving us a hint of future market trends.

• Current trend: Decreasing list prices
• Potential causes: Summer slowdown, high rates, cautious sellers

The dwindling list prices might indicate a cooling market. Still, as with all things in real estate, multiple factors influence these trends. The summer season typically sees fewer transactions and a reduced number of homes on the market. Coupled with high rates, sellers may be treading carefully with their pricing.

A Snapshot Of Active Listings

Active listings give us a window into the market's supply side. Currently, we're observing a steady decrease in the number of active listings.

• Active listings at the start of the year: 15,500
• Active listings now: 10,000
• Trend: Decreasing

The downward trend in active listings coupled with strong demand might push prices upward. It's also worth noting that these listings are predominantly existing homes, not new constructions. This trend is essential to watch as it could significantly influence the market's future dynamics.

Also Read: Going Over New U.S. Housing Market Data Released By Redfin

New Home Inventory In Greater Phoenix Is Lower Than Demand

Average Sales Price

While median prices offer valuable insights, let's also consider the average sales price for a more holistic view.

• Current average sales price in Phoenix: $581,000
• Last year's average sales price: $592,000
• Difference: Small, compared to median prices

The slight difference between the current and last year's average sales price and the median offers a slightly different perspective. Despite the decrease, we've seen the same rising trend from the beginning of the year.

Greater Phoenix Housing Prices

In regards to what cities and/or areas are doing best. Here's some info:

• Most expensive areas: Scottsdale, Cave Creek, Carefree, Rio Verde
• Least expensive areas: Certain parts of West Valley, Apache Junction, Florence

This overview is helpful for those new to Phoenix or planning for future home investments. It offers a broad view of where you might find the most and least expensive properties in the valley.

Understanding the housing market is always about observing trends and interpreting the data. The Phoenix market's current dynamics show a complex interplay of factors that will undoubtedly shape its future. We at Williams Luxury Homes will continue monitoring these trends and provide the necessary insights. And most importantly, keep posting them to LUXE BLOG. Thanks for reading.