Greater Phoenix May 2023 Results for Single-Family Resale Homes 

50 Ways to Serve & Sell a Listing

 

May 2023 Results 

More Sales, Higher Prices, Less Listings 

Monthly Rent Reaches New High 

City of Phoenix Ranks #2 in Population Increase 

Queen Creek and Maricopa Two of Fastest Growing Cities in Nation 

Maricopa County Recorder’s Office Fights Fraud with Title Alert Service 

 

Greater Phoenix May 2023 Results for Single-Family Resale Homes 

Both purchase price and the number of sales increased in May, while new monthly listings decreased. 

The median purchase price in May 2023 ($492,000) was $12,000 or 2.5 % higher than April 2023 ($480,000). This is the third consecutive month it has risen. Year-over-year (YOY) May’s median purchase price was $48,000 or 9% lower than May 2022 ($540,000). 

Sales in May 2023 (5,197) were the highest compared to any other month in 2023. Month-over-month (MOM) May 2023 sales were 871 or 20% higher than April 2023 (4,326) sales. YOY May 2023 sales were 407 or 7% less than May 2022 (5,604) sales. Even though YOY May sales were lower, this is a big improvement compared to any other month this year: YOY April 2023 sales were down 27%, March 2023 sales down 24%, February 2023 sales down 29% and January 2023 sales down 39%.  

New Listings in the month of May 2023 (4,689) were lower both month-over-month and year-over-year. MOM May 2023 listings were 206 or 4% lower than April 2023 (4,895). YOY listings were much lower. They were 3,496 or 43% lower than May 2022 (8,185). See Table One for information on listings, sales and purchase price. 

Total active listings on May 31, 2023 (6,610) were 697 or 12% more than May 31, 2022 (5,913). While total active listings in May 2023 listings were higher than May 2022, the number of total active listings has been in decline since October 2022 (13,569).  

Months of supply at the end of May 2023 (1.8 months) were lower than April (2.3 months) but higher than May 2022 (1.3 months). 

Cumulative days on market (CDOM) decreased month-over-month in May 2023 (68) compared to April 2023 (73). May 2023 (68) were 45 more days than May 2022 (26). 

Price per square foot in May 2023 ($299.27) was $2.22 or about 1% higher than April 2023 ($297.25). YOY price per square foot was $21.64 or 7% lower than May 2022 ($320.91).  

Percent of closings with a seller concession in May 2023 (43%) is lower than April 2023 (47%) but much higher than May 2022 (12%). The number of May 2023 closings with a seller concession of $5,000 or more was 1,250; $10,000 or more 701; $20,000 or more 153, and $50,000 or more 10.   

Notices of Trustee’s Sales or foreclosure notices in May 2023 (279) was lower than April 2023 (330) and about the same as May 2022 (281). The number of Notices of Trustee’s Sales in May 2009 was 8,496. 

Median monthly rent for a single-family home in Greater Phoenix reached a new high in May 2023 ($2,395). This was $95 or 4% higher than April 2023 ($2,300) and $33 or 1% higher than May 2022 ($2,362).   

The thirty-year fixed mortgage rate averaged 6.5% May 2023 compared to 6.3% in April 2023.  

Results for Thirty-Five Cities Located in Either Maricopa County or Pinal County  

Table One compares May 2023 to May 2022 for new listings, sales, and median purchase price. YOY 33 cities had less new listings. YOY 11 cities reported more sales. Most of the cities that had more sales this May over last May, were in the far West Valley, far East Valley and the far Southeast Valley. The exceptions were Paradise Valley and Fountain Hills. 

YOY the median purchase price was lower in 33 cities. The exceptions were Paradise Valley and Wickenburg. MOM 23 cities had a higher median purchase price. See Table Two.    

City of Phoenix Ranks #2 in Population Increase 

The City of Phoenix finished number two in year-over-year numeric population increase according to the U.S. Census Bureau. Released in May, the Census Bureau reported that the population of the City of Phoenix increased by 19,053 people from July 1, 2021 to July 1, 2022. Fort Worth, Texas was number one in numeric population increase with a gain of 19,170 people. See Table Three. 

Two Arizona cities finished in the top fifteen cities for fastest growing cities by percentage. They were Queen Creek which was number seven with a growth rate of 6.7% and Maricopa finished twelfth at a 6.2% growth rate.    

Maricopa County Recorder’s Office Offers Free Title Alert Service

To protect homeowners against title fraud the Maricopa County Recorder’s Office now offers a FREE service to alert county residents of document recordings. The user enters the individual or business name. When a document is recorded with the individual or business name, you will receive an email with a link to the recorded document. To sign up go to https://recorder.maricopa.gov/MaricopaTitleAlert/default    

The information for this report is from the Arizona Multiple Listings Services, Inc., the Cromford Report, Freddie Mac, the U.S. Census Bureau, and the Maricopa County Recorder’s office.   

 

 Table One: Sales, Listings & Purchase Price by The Wilcox Report™ 

Sales  2022  2023  Change  % Change  Listings  2022  2023  Change  % Change  Median Purchase Price  2022  2023  Change  % Change 
January  4,538  2,790  -1,748  -39%  January  5,819  4,996  -823  -14%  January  $485,000  $460,000  -$25,000  -5% 
February  5,263  3,731  -1,532  -29%  February  5,852  4,834  -1,018  -17%  February  $500,000  $459,000  -$41,000  -8% 
March  6,484  4,948  -1,536  -24%  March  7,059  5,198  -1,861  -26%  March  $515,338  $466,585  -$48,753  -10% 
April  5,937  4,326  -1,611  -27%  April  7,273  4,895  -2,378  -33%  April  $525,000  $480,000  -$45,000  -9% 
May  5,604  5,197  -407  -7%  May  8,185  4,689  -3,496  -43%  May  $540,000  $492,000  -$48,000  -9% 

 

  

  

Table Two: May 2023 Results for 35 Cities by The Wilcox Report™ 

New Listings New Listings Sales Sales Median Purchase Price Year-Over-Year Median Purchase Price Month-Over-Month
City 2022 May 2023 May % Change 2022 May 2023 May % Change 2022 May 2023 May Change % Change 2023 April 2023 May Change % Change
Anthem 56 49 -13% 44 42 -5% $582,000 $542,400 -$39,600 -7% $556,000 $542,400 -$13,600 -2%
Apache Junction 72 45 -38% 52 47 -10% $405,500 $405,000 -$500 0% $391,495 $405,000 $13,505 3%
Arizona City 95 31 -67% 56 47 -16% $305,000 $257,000 -$48,000 -16% $272,000 $257,000 -$15,000 -6%
Avondale 142 73 -49% 86 108 26% $453,800 $424,998 -$28,802 -6% $400,750 $424,998 $24,248 6%
Buckeye 420 256 -39% 256 285 11% $450,000 $395,000 -$55,000 -12% $385,000 $395,000 $10,000 3%
Carefree 11 17 55% 9 9 0% $1,550,000 $1,465,000 -$85,000 -5% $1,566,238 $1,465,000 -$101,238 -6%
Casa Grande 170 138 -19% 154 110 -29% $392,645 $342,000 -$50,645 -13% $330,000 $342,000 $12,000 4%
Cave Creek 126 57 -55% 70 58 -17% $905,000 $779,000 -$126,000 -14% $972,000 $779,000 -$193,000 -20%
Chandler 435 203 -53% 309 252 -18% $610,000 $554,500 -$55,500 -9% $542,000 $554,500 $12,500 2%
Coolidge 54 31 -43% 55 42 -24% $331,000 $296,250 -$34,750 -10% $299,948 $296,250 -$3,698 -1%
El Mirage 59 27 -54% 55 23 -58% $417,000 $345,000 -$72,000 -17% $342,500 $345,000 $2,500 1%
Eloy 27 19 -30% 26 21 -19% $274,450 $270,000 -$4,450 -2% $370,000 $270,000 -$100,000 -27%
Florence 107 75 -30% 90 98 9% $390,445 $350,000 -$40,445 -10% $339,000 $350,000 $11,000 3%
Fountain Hills 83 44 -47% 41 49 20% $900,000 $775,000 -$125,000 -14% $947,500 $775,000 -$172,500 -18%
Gilbert 542 290 -46% 351 311 -11% $630,000 $565,000 -$65,000 -10% $566,000 $565,000 -$1,000 0%
Glendale 435 229 -47% 297 267 -10% $457,000 $425,000 -$32,000 -7% $420,000 $425,000 $5,000 1%
Gold Canyon 55 31 -44% 50 44 -12% $539,000 $510,000 -$29,000 -5% $535,000 $510,000 -$25,000 -5%
Goodyear 266 156 -41% 199 185 -7% $554,900 $470,000 -$84,900 -15% $475,000 $470,000 -$5,000 -1%
Laveen 112 78 -30% 97 75 -23% $479,990 $448,500 -$31,490 -7% $434,414 $448,500 $14,086 3%
Litchfield Park 109 75 -31% 75 74 -1% $565,785 $484,402 -$81,383 -14% $470,000 $484,402 $14,402 3%
Maricopa 342 189 -45% 229 225 -2% $405,000 $349,990 -$55,010 -14% $335,000 $349,990 $14,990 4%
Mesa 803 438 -45% 625 515 -18% $520,000 $480,000 -$40,000 -8% $464,976 $480,000 $15,024 3%
Paradise Valley 60 42 -30% 26 33 27% $3,960,000 $4,600,000 $640,000 16% $3,772,500 $4,600,000 $827,500 22%
Peoria 439 219 -50% 285 277 -3% $560,000 $511,391 -$48,609 -9% $527,500 $511,391 -$16,109 -3%
Phoenix 1952 1063 -46% 1321 1155 -13% $500,000 $460,000 -$40,000 -8% $455,000 $460,000 $5,000 1%
Queen Creek 309 156 -50% 172 187 9% $625,000 $621,000 -$4,000 -1% $577,750 $621,000 $43,250 7%
San Tan Valley 318 206 -35% 214 251 17% $457,750 $401,590 -$56,160 -12% $391,245 $401,590 $10,345 3%
Scottsdale 765 456 -40% 491 456 -7% $1,075,000 $1,060,000 -$15,000 -1% $1,020,000 $1,060,000 $40,000 4%
Sun City 128 84 -34% 121 114 -6% $365,000 $328,750 -$36,250 -10% $319,000 $328,750 $9,750 3%
Sun City West 114 78 -32% 101 107 6% $450,000 $399,000 -$51,000 -11% $420,000 $399,000 -$21,000 -5%
Sun Lakes 56 30 -46% 58 52 -10% $531,500 $499,950 -$31,550 -6% $475,000 $499,950 $24,950 5%
Surprise 450 384 -15% 305 356 17% $475,000 $432,500 -$42,500 -9% $424,950 $432,500 $7,550 2%
Tempe 157 68 -57% 117 84 -28% $582,900 $521,750 -$61,150 -10% $499,900 $521,750 $21,850 4%
Tolleson 90 47 -48% 46 53 15% $450,000 $400,000 -$50,000 -11% $397,500 $400,000 $2,500 1%
Wickenburg 23 26 13% 18 21 17% $639,950 $646,925 $6,975 1% $491,500 $646,925 155,425 32%

 

Table Three: City of Phoenix Number Two for Population Increase 

 

Rank  City  State  Numeric Increase  2022 Total Population 
1  Fort Worth city  Texas  19,170  956,709 
2  Phoenix city  Arizona  19,053  1,644,409 
3  San Antonio city  Texas  18,889  1,472,909 
4  Seattle city  Washington  17,749  749,256 
5  Charlotte city  North Carolina  15,217  897,720 
6  Jacksonville city  Florida  14,408  971,319 
7  Port St. Lucie city  Florida   13,887  231,790 
8  Cape Coral city  Florida  13,017  216,992 
9  Houston city  Texas  11,223  2,302,878 
10  Georgetown city  Texas  10,887  86,507