Welcome to Phoenix, AZ
The Valley of the Sun centers around PhoenixPHOENIX LISTINGS
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PHOENIX, AZ MARKET
August 2022
We described June as dismal but July was worse. There has been a slight let-up in the supply of new listings, but they are still arriving much faster than demand can cope with. This means an ever increasing number of active listings - the total without a contract having grown another 25% in the last month. This is for the market as a whole, but the high-end is not seeing the same increase. Areas like Paradise Valley, Fountain Hills, far North Scottsdale, Carefree and Cave Creek still have fairly modest numbers of active listings. Other modestly-priced areas like Buckeye, Maricopa, Florence and Queen Creek (including San Tan Valley) already have more active listings than their long term average.
ACTIVE LISTINGS
MEDIAN SALES PRICE
MONTHLY SALES
AVG. PRICE PER SQ. FT.
Data as of 08-16-22 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.
