Phoenix Median Home Price Up 6% in 1 Year
… BUT Prices Down 5% from May 2022
Phoenix home prices flat for 2+ years for typical-sized homes but prices for larger homes just set a record
Phoenix home sold prices in December for the typical sized single-family home (1,000-2,000 square feet shown below) is flattish since Sept 2022.
But for larger homes (3,000-4,000 square feet shown below) prices set a record last month.
What's going on with condos in Phoenix?
The months supply of condos for sale in the Phoenix MLS is super high.
Months supply of single-family homes is also very high to but not as crazy high as condos.
A follower of my Twitter account (@JohnWake) suggested that it could be related to all the new multifamily (condos and apartments) being completed in Phoenix. That makes sense.
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Supply of Homes for Sale
The supply of homes for sale in the Phoenix MLS is tracking surprisingly close to 2016 but is also 34% more than a year ago.
The next month or two could tell us a ton about the 2025 market.
Sorry for no newsletters for a month but…
I took time off of Arizona Real Estate Notebook to help babysit my newest grandchild in Florida.
Click on the graphs to go to the full-size, interactive versions.
Notice how very small changes in New Listings and Solds eventually cause HUGE changes in the number of houses For Sale and house Prices (see graph above).
This information can vary a lot in different parts of metro Phoenix. Your real estate agent can find the data for your specific city or zip code at The Cromford Report.