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PHOENIX, AZ MARKET
December 2022
There are lots of small numbers in December's totals. We have very low volumes of closings because both buyers and sellers are discouraged. Monthly sales are down almost 45% from this time last year, and listings under contract are down nearly 42%. The numbers confirm that demand is very weak compared to normal for the time of year, and even weaker compared to the strong demand 12 months ago. However weak demand does not necessarily make a market crash. Excess supply is what really drives prices down hard. This is what we saw in 2006 through 2008. But in 2023, supply is low and getting lower. It is much higher than this time last year, when it was abnormally low, but it is still a long way below normal. Read the full article.
Active Listings
Median List Price
Monthly Sales
AVG Price of SQFT
Data as of 1-13-23 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.
