CLIENT LOG-IN
800.519.5893 Ext. 1
  • Search
    • Arizona Home Search Registration
    • Search AZ Homes
    • Arizona Cities & Towns
    • Featured Luxe Listings
    • Paradise Valley Luxury Rentals
    • Scottsdale Luxury Rentals
    • Phoenix Metro New Home Search
    • Multi-Family Properties
  • Resources
    • Buyers
      • Home Buyer Insight
      • Luxe Buyer Advocacy
      • Relocating to Scottsdale
      • Relocating to Arizona
      • Get a Home Loan
      • Home Purchase Resources
      • Arizona Luxury Home Financing
      • Ways to Take Title in Arizona
      • San Diego Real Estate Broker
    • Sellers
      • Home Seller Insight
      • Arizona Home Valuation
      • Arizona Expired Real Estate Listing Audit
    • Arizona Contractors & Real Estate Vendors
    • Arizona Luxury Home Resources
    • FSBO Rescue Guide
    • Real Estate Agent Resources
      • Luxe Agent Referral Program
  • Luxe Agents
    • Phoenix Metro & Surrounding Cities
    • Prescott, AZ
    • Tucson, AZ
    • Flagstaff, AZ
    • Top Luxe Agent
    • Top Luxe Team
  • Blog
  • CAREERS
  • Contact Us
    • About

Phoenix Metro Real Estate Report | Jan 2023

January 31st, 2023

Home > Phoenix Real Estate Market > Phoenix Metro Real Estate Report | Jan 2023
Phoenix metro real estate report Jan 2023

Despite reports of gloom and doom, the Phoenix market is still doing okay. Here is our Phoenix metro real estate report for January 2023. As of January 31, there are15,663 active listings which have been on market an average of 93 days–active inventory has dropped since last month but the days on market are relatively unchanged. The average list price per square foot, which includes all housing product types, is $550. As a reminder, the Phoenix metro area includes all cities and towns within Maricopa County–this area represents a population of approximately 4.5M–though some sources quote as low as 4.2M and others as high as 4.7M.

There are 8068 pending sales and 590 “coming soon” listings. Since January 1, 2023, there have been 3926 sales. Here are some MLS stats for the recent sales:

  • Average days on market: 78
  • Average sold price per square foot:
  • Average list to sold price ratio: .97
  • Average sale price: $516,252

This graph shows how the pending or under contract listing count has changed by month over the past two years.

Data provided by ARMLS

According to Lawrence Yun, Chief Economist for the National Association of Realtors, with inflation cooling a bit, home affordability has been boosted (overall)–this does not necessarily apply to our market where affordability remains an issue–especially in Scottsdale. First time home buyers used to account for nearly 40% of all sales and that number has dipped in recent years to just 28%. Incomes have not kept pace with skyrocketing home prices and the recent downturn in prices has not been enough to get more buyers off the fence–especially with rates near 6%.

Yun predicts a 5.5% mortgage rate by mid-year and if inflation continues to fall, we could possibly see rates hit 4%. We feel that if rates get to 5 to 5.5% we’ll see a sharp uptick in sales. Thank you for reviewing our Phoenix metro real estate report for January 2023.

Filed Under: Phoenix Real Estate Market Tagged With: Arizona real estate, Arizona Real Estate News, Maricopa County Real Estate, Phoenix homes for sale, Phoenix metro market stats, Phoenix Real Estate, Phoenix real estate market, Phoenix real estate market stats, Phoenix real estate news

About Luxe Real Estate Group

The Luxe Real Estate Group is a boutique firm offering residential and commercial clients the highest level of service and expertise in the industry. The agents of Luxe form a dynamic, hard-working and dedicated team who continually strive to exceed client expectations.. If you are thinking of buying or selling an Arizona home and would like to discuss your needs, find a Luxe agent now.

You Might Also Like

Phoenix metro real estate update Feb 2023

Phoenix Metro Real Estate Update | Feb 2023

February 28th, 2023
For the first time in many months, total active inventory has fallen below 15,000 units. As of February 28, there are 14,800 active listings across the...
Read more
Phoenix metro market update December 2022

Phoenix Metro Market Update | Dec 2022

December 31st, 2022
Inventory is dropping around the county. Let’s jump into our Phoenix metro market update for December 2022. Last month we noted that there were approximately 19,284...
Read more

Sign-up to receive free market updates from luxerealestategroup.com

We will never send you spam
Privacy Policy

  • Facebook
  • LinkedIn
  • Pinterest
  • Twitter
· Luxe Real Estate Group, LLC. All Rights Reserved. ·
Luxe Real Estate Group ADRE License# LC586004000
Jay Martinez ADRE License# BR107652000
Privacy Policy | Cookie Policy | Terms of Use | Site Map

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings.

Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.

Cookie Policy

Learn more about our Cookie Policy.