Welcome to Phoenix, AZThe Valley of the Sun centers around Phoenix
PHOENIX, AZ MARKET
August was a pleasant relief after two awful months in June and July. The market still moved in favor of buyers, but the rate of change dropped significantly, and a few indicators actually managed to turn positive. We haven't been able to say that for quite a while. The supply of active listings grew during the month but only by 4.1%, which is a lot better for sellers than the 24.6% we reported last month. By the month's end, the growth rate of active listings was almost zero. This is largely because we are now seeing a low number of new listings. This is a significant change because Jun and July gave us an unusually high number of new listings.
MEDIAN SALE PRICE
AVG. PRICE PER SQ. FT.
Data as of 09-14-22 courtesy of First American Title®
WHAT YOU NEED TO KNOW
Phoenix is a sprawling and busy metropolitan area with Sky Harbor Airport voted “America’s Friendliest Airport” that is one of the busiest airports in the nation serving 46 million passengers in 2019. Phoenix began as an agricultural, farming community and is still impacted economically by local growers and the 5 Cs: cotton, cattle, citrus, climate and copper. The Phoenix metropolitan area is serviced by 56+ hospitals and medical centers. The Mayo Clinic, is north of downtown, Banner Health is a non-profit health system in the United States, based in Phoenix and on of the city’s largest employers. Barrow Neurological Institute (BNI) is the world’s largest dedicated neurosurgical center and a leader in neurosurgical training, research since 1962. While Cancer Treatment Centers of America cares for patients from all over the nation.
Things to do in Phoenix, AZ
WHY CHOOSE PHOENIX?
According to Payscale, Phoenix’s cost of living is 5% lower than the national average. Compared to other cities around the nation property taxes are lower. Tourism has always been a large economic source for the Phoenix area, but the influx of GoDaddy and InfusionSoft along with other IT companies is creating a technology hub. AZ Big Media says more than 60 percent of the private sector works in advanced industry sectors: business and financial services, bioscience and healthcare, manufacturing or technology. This diversified job market is great for the local economy and shows resilience. Exemplifying how Phoenix was named for a bird that rises out of the ashes.