Greater Phoenix Real Estate Update - May 9, 2023

As we keep saying in our recent posts, the weather is NICE in AZ right now. This is seriously one of our favorite times of the year. The weather is perfect. Before we get into stats, we just wanted to point out how many great things there are to do around the valley in late spring. Recently, we did a blog post about the McCormick-Stillman Railroad Park Summer Concert Series check it out! Ok, enough with the fun stuff (unless you find stats to be fun like us). The Greater Phoenix real estate market continues to evolve, with various trends emerging in different cities. Here's a look at the most recent statistics for several major cities in the area, along with some interesting comparisons:

Market Overview:

• Phoenix: The median list price for residential properties is $495,000, a 4.21% increase month over month (MoM). Average days on the market are 98.
• Chandler: Residential properties have a median list price of $549,000, a 0.83% increase MoM. Average days on the market are 102.
• Gilbert: Residential properties have a median list price of $617,495, a 2.79% increase MoM. Average days on the market are 103.
• Scottsdale: Residential properties have a median list price of $1,050,000, a 5.00% increase MoM. Average days on the market are 249.
• Mesa: Residential properties have a median list price of $425,000. Average days on the market are 96.
• Cave Creek: Residential properties have a median list price of $1,101,765, a slight 0.16% decrease MoM. Average days on the market are 113.
• Paradise Valley: Residential properties have a median list price of $5,325,000, a 1.43% increase MoM. Average days on the market are 137.
• Fountain Hills: Residential properties have a median list price of $819,500, a 3.59% decrease MoM. Average days on the market are 93.

Interesting Comparisons:

• Price Range: Paradise Valley has the highest median list price for residential properties at $5,325,000, while Mesa has the lowest at $425,000. This showcases the diversity in property pricing within the Greater Phoenix area.
• Days on Market: Scottsdale has the highest average days on the market at 249, while Fountain Hills has the lowest at 93. This indicates that properties in Scottsdale may take longer to sell, while Fountain Hills properties may sell more quickly.
• Price per Square Foot: Among the cities listed, Paradise Valley has the highest price per square foot at $1,004.31, while Chandler has the lowest at $168.57. This suggests that property value in Paradise Valley is significantly higher compared to other cities in the area.
• MoM Changes: Phoenix and Scottsdale both saw positive MoM changes in residential median list prices (4.21% and 5.00%, respectively), while Fountain Hills saw a 3.59% decrease. These changes demonstrate the ever-evolving nature of the Greater Phoenix real estate market.

Greater Phoenix Real Estate Statistics For Early May, 2023

The Latest Cromford Market Index Stats

As of May 8, 2023, the Crawford Market Index (CMI) is at 151.4. In comparison, looking back to October 20th, 2022 it was 99.1. The post-correction number of 99.1 marked the first time the CMI has gone under 100 in almost a decade. Everyone was saying the sky is falling. Yet, here we are. Anything over 110 indicates a "sellers market". And of course, while every city's CMI is different, it's nice to see the overall CMI at 151.4

Supply & Demand Index

The Cromford Report also measures the supply and demand. As of May 9, 2023, the Supply Index is at 55.3 and the Demand Index is at 83.8. Again this is a HEALTHY sign. Demand is approximately 34.2% higher than the supply. On October 30th, of last year, the Supply Index was 82.0 while they Demand Index was 77.8. The Supply Index has dropped 32.6% while the Demand Index grew by 7.7%. These are all signs of a strengthening market.

Thanks For Reading

If you look back on our blog, you'll see we've been reporting not only stats, but great tips, insider connections, and more. We tell it like it is. When it is bad, we say it. When it is good? We say it. Right now, things are just moving along. No, it is NOT the frenzied post-pandemic market it once was. That reality is sinking in. What it is, however, is a big valley with MUCH going for it. And our real estate market continues to reflect such. For anyone interested in buying real estate in the area, keeping an eye on these trends and making informed decisions based on this data can be of great value.

Thanks for stopping by Greater Phoenix real estate blog. Our next post is being written right after this one!

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