Greater Phoenix Residential Market

Greater Phoenix Residential Market
FLETCHER R. WILCOX
REALTOR®
Launch Real Estate
4222 N. Marshall Way Ste A
Scottsdale, AZ 85251
602.648.1230
winston8415@outlook.com

Purchase Price increases 3% in April Over March
Top Ten U.S. Counties for Population Decline
Job Report from the Arizona Commerce Authority 

April 2023 Results for Single-Family Resale Homes in Greater Phoenix  

• In April 2023, the overall median purchase price (MPP) for a single-family resale home in Greater Phoenix was $480,000. This is $14,000 or 3% higher than the March 2023 MPP of $466,000. April 2023 MPP was $45,000 or 8.6% lower than April 2022 ($525,000).  
• From a recent historical perspective, the MPP peaked in May 2022 at $540,000. From May 2022 ($540,000) to December 2022 ($458,000) it declined $82,000 or 15%. From December 2022 ($458,000) to April 2022 ($480,000) it has increased $22,000 or 5%. See Chart One for the MPP month-by-month starting in January 2022 and for the average price per square foot.  
• The average price per square foot in April 2023 was $297. This is $5 or 2% higher than March 2023 ($292). The average price per square foot in April 2023 ($297) is $24 or 7% less than April 2022 ($321). 

• Table One shows the median purchase price year-over-year (YOY) and month-over-month (MOM) for thirty-three cities located in either Maricopa County or Pinal County. Table Two shows that YOY the MPP is lower in 29 cities, higher in 3 cities, and 1 city had no change. MOM, 22 cities had price increases, 9 had prices decreases, and 2 cities had no change.   
• Sales in April 2023 (4,318). This is 630 or 13% less than March 2023 (4,948). However, March had 23 business days to close a sale, while April had only 20 business days. When the number of sales, for both March and April are divided by the number of business days, both months averaged 215 sales or closings per business day. April 2023 sales (4,318) were the lowest for a month of April since 2008 (3,523). 
• Single-family monthly listings in April 2023 (4,696) were 504 or 10% less than March 2023 (5,200) and 2,577 or 35% lower than April 2022 (7,273). The number of April 2023 single family listings (4,696) were the lowest for a month of April since the year 2000 (3,995).     
• Total active single-family resale listings on April 30 (7,175) were 870 or 11% less than March 31 (8,045).    
• The estimated months of supply of single-family resale listings is going down. On April 30 (1.7 months), compared to December 31 (3.1 months). On April 30, 2022 (.6 months).  

• Cumulative days on the market (CDOM) in April 2023 (72) compared to March 2023 (77). In April 2022 (26).  
• The percentage of sales that closed with a seller concession in April 2023 (46%) compared to March 2023 (48%). In April 2022 (12%). See Chart Two.  
• The median dollar seller concession in April 2023 ($9,750) up $250 or 3% over March 2023 ($9,500). April 2023 ($9,750) is $5,750 or 143% higher than April 2022 ($4,000).   
• The number of Notice of Trustee’s Sales (foreclosure notices) in April 2023 (330). In April 2022 (337). In April 2009 (8,972). 

Unless otherwise mentioned, the information in this report is for single-family resale homes in Greater Phoenix. The information was compiled from the Arizona Regional Multiple Listing Services, Inc., and The Cromford Report. 

Top Ten U.S. Counties for Population Decline  

Los Angeles County led all U.S. counties in year-over-year population decline. According to the U.S. Census Bureau, Los Angeles County from July 1, 2021 to July 1, 2022 had a net loss of 90,704 people or 249 people per day. Both California and New York had three cities in the top ten. Pennsylvania had two cities and Illinois and Michigan each had one city in the top ten. See Table Two.   

In last month’s edition of the Arizona Journal of Real Estate & Business, I reported that Maricopa County had the largest population increase of all counties in the U.S. from July 1, 2021 to July 1, 2022, at 56,831 or 156 people per day.  

Job Report from the Arizona Commerce Authority 

The most recent report from the Arizona Commerce Authority is for March 2023. According to the report Arizona non-seasonally adjusted nonfarm employment increased by 62,600 jobs or 2.0% in March YOY. Private sector employment increased by 52,900 jobs year-over-year, while government employment increased by 9,700 jobs year over year. Employment gains were reported in the following sectors: • Private Education & Health Services (23,200 jobs) • Leisure & Hospitality (10,000 jobs) • Government (9,700 jobs) • Professional & Business Services (8,800 jobs) • Manufacturing (7,500 jobs) • Construction (5,800 jobs) • Natural Resources & Mining (1,200 jobs) • Financial Activities (900 jobs) Employment losses were reported in the following sectors: • Trade, Transportation & Utilities (-3,300 jobs) • Information (-700 jobs) • Other Services (-500 jobs). 

Chart One: Median Purchase Price & Average Purchase Price Per Square Foot 

Table One: Median purchase price year-over-year (YOY) and month-over-month (MOM) for thirty-three cities 

Chart Two: Percent of Sales with Seller Concession & Median Dollar Seller Concession 

Table Two: Top Ten U.S. Counties for Population Decline