![]() Currently, the Phoenix market has about 2.2 months of supply, which is relatively low compared to historical standards. This metric represents how long it would take for all active listings to be sold if no new homes were listed. One way to gauge the health of the Phoenix real estate market is by looking at the months of supply. However, during periods of high demand, such as in 20, homes sold much more quickly, with some properties staying on the market for as few as 30 days. This figure is consistent with the 20-year average, indicating a stable market. Average Days on the Marketįor sellers, the average time it takes to sell a home in Phoenix is around 65 days. ![]() This trend can make it more affordable for homebuyers to enter the market, as they may receive financial assistance with closing costs and prepaid taxes and insurance. Sellers are offering an average of $5,000 in concessions to potential buyers. In fact, seller concessions are near an all-time high (around 49% of all purchase transactions have seller concessions). Seller ConcessionsĪs the market becomes more competitive, seller concessions have become more common. This limited inventory has led to increased competition among homebuyers, keeping prices elevated in some instances. The market has shown signs of stabilization starting in January 2023, with the number of listings remaining well below average levels. In May 2022, the median price reached its peak but has since declined to around $420,000. The median home price in Phoenix has experienced fluctuations in recent years. Despite this trend, Phoenix remains a popular destination for homebuyers, thanks in part to its strong local economy and growing population. This decline is attributed to rising interest rates, which have made it more expensive for potential homebuyers to enter the market. Since May 2022 there has been a decline in mortgage applications for home purchases. This healthy job market, coupled with a 7.5% increase in wages, demonstrates the city's economic strength. As of 2023, the unemployment rate stands at 2.9%, which is lower than the national average. ![]() Phoenix has a thriving economy, marked by low unemployment rates and strong wage growth. The rapid growth of industries like tech and construction has made Phoenix an attractive destination for new residents, driving the demand for homes in the area. Today, the population is approximately 4.6 million, with forecasts projecting it to reach 5.3 million by 2035. ![]() In 1950, the population was only 221,000. Generally, June and December are the most humid and least humid months across the year, respectively.Phoenix has seen significant population growth over the years. The annual humidity levels in Phoenix are relatively low, averaging at 36% annually. In some days, rain does not fall at all, and when it rains the least, the rain gauge meter reads an average of 0.1" (3mm). The highest amount of precipitation collects at an average of 1.3" (33mm) calculated on an average of five rain days. Rainfall in Phoenix is scarce or minimal. In winter, the temperature comes to as low as 39.2☏ (4☌), but the impact may be felt minimally - the sun is up for up to eight hours a day. At the peak of summer, the heat strikes 105.8☏ (41☌) with the sun scorching all day long. Temperatures in summer get incredibly high. That means the sun shines practically throughout the day. Phoenix receives plenty of sunshine in a year, scaling down to an average between ten and fourteen hours in summer and between eight and nine in winter. Its placement in the Sonoran Desert belt gives it two primary seasons: hot and hotter. Phoenix, Arizona, has a hot desert climate classified under the Köppen climate classification as BWh, characterized by long and scorching summers and short, mildly warm winters.
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