Welcome to Phoenix, AZ

The Valley of the Sun centers around Phoenix
Looking for sunshine? We’ve got it! Phoenix averages 300 days of sunshine or over 85% of daylight hours per year. Meaning there is ample opportunity to enjoy the outdoors with hiking, golfing and more minutes from downtown. Phoenix also boasts many museums and cultural venues with a large span of diversity to appeal to everyone. While some of the native flora and fauna of the Sonoran Desert can be found within Phoenix city limits, most are found in the suburbs and the undeveloped desert areas that surround the city. This is not just a vacation destination, but a great place to live.

PHOENIX LISTINGS

New Listing - a week online
$499,500
Townhouse For Sale
Active
3
BEDS
3
TOTAL BATHS
1,554
SQFT
3006 N 37th Street #4
Phoenix, AZ 85018
L Inizio Condominium Subdivision
New Listing - 2 weeks online
$474,900
Single Family Home For Sale
Active
3
BEDS
2
TOTAL BATHS
1,145
SQFT
2428 N 38th Street
Phoenix, AZ 85008
North East Village 2 Subdivision
New Listing - a week online
$649,900
Single Family Home For Sale
Active
4
BEDS
3
TOTAL BATHS
1,550
SQFT
2401 N 37th Street
Phoenix, AZ 85008
North East Village 1 Subdivision
New Listing - 2 weeks online
$310,000
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
1,453
SQFT
2314 N 37th Way
Phoenix, AZ 85008
North East Village 1 Subdivision
New Listing - 3 weeks online
$535,000
Townhouse For Sale
Active
3
BEDS
3
TOTAL BATHS
1,599
SQFT
3455 E Lance Lane
Phoenix, AZ 85018
Brownstone Square Subdivision
New Listing - 4 days online
$575,000
Single Family Home For Sale
Active
4
BEDS
2
TOTAL BATHS
1,870
SQFT
3536 E Oak Street
Phoenix, AZ 85008
Dalton Park 4 Subdivision
New Listing - 2 weeks online
$525,000
Townhouse For Sale
Active
3
BEDS
4
TOTAL BATHS
1,953
SQFT
3446 E Avalon Drive
Phoenix, AZ 85018
Brownstone Square Subdivision
New Listing - 3 weeks online
$525,000
Townhouse For Sale
Pending
3
BEDS
4
TOTAL BATHS
1,953
SQFT
3422 E Avalon Drive
Phoenix, AZ 85018
Brownstone Square Subdivision

Looking for a home in Phoenix?

Let us help you find the perfect home in a great neighborhood.

 

Call or Text (602) 644-1416

PHOENIX, AZ  MARKET

May 2022 Phoenix Metro Area

Between late October and mid-March, we saw a downward trend in supply. However, this has completely changed direction over the past 6 weeks, and active listing counts are rising very strongly. They are up more than 32% in a single month, one of the most dramatic shifts in the direction we have ever seen. If this trend continues for several months, the market dynamics will change significantly.

The large increase in supply is caused by a combination of factors. First, we are seeing more new listings arrive, possibly because people who have made large unrealized profits cash out while the going is good. Secondly, we are seeing a significant drop in demand as a sudden jump in interest rates and eye-watering prices discourage new owner-occupiers from entering the market. We note that listings under contract are down more than 6% since last month. Closed sales are also down more than 9% from April 2021. Demand is weak and getting weaker.

The overall effect is a major cooling event, turning a hot housing market into one that still favors sellers (for now) but is looking increasingly dangerous with each passing day. It only favors sellers because the supply is still very low compared with a normal market. But if supply continues to increase, as looks very likely at this point, we could quickly find ourselves with as many sellers as buyers. The market does not turn on a dime, but it can certainly change dramatically over a handful of months, as it did between August and November 2005. The charts today suggest we are now entering a very different phase of the market cycle.

ACTIVE LISTINGS

MEDIAN SALES PRICE

MONTHLY SALES

AVG. PRICE PER SQ. FT.

Data as of 05-03-22 courtesy of 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.

 

phoenix home search team beery

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.

phoenix home search team beery

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