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PHOENIX, AZ MARKET
Closed sales hit a very low level during January at 4,346. This is down 39% from January 2022 but January is always a very slow month for closings and it is always darkest just before the dawn. Demand was very weak during the fourth quarter of 2022 but has staged a strong recovery for the start of the new year. We can see this from listings under contract, which is up 43% from a month ago, and from pending listings which are up 40%. These are the strongest month-to-month percentage gains that we have ever seen, largely because we were starting from such a low base. Read Full Article
Median List Price
AVG Price of SQFT
Data as of 2-14-23 courtesy of First American Title® & The Cromford Report®
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.