Here is an update on what happened in May 2023 in the Arrowhead Ranch real estate market.
The market here in Arrowhead Ranch is continuing to see strong demand from buyers, and limited supply of homes coming on the market for sale. This has led us to a very strong seller’s market once again, with just 24 homes for sale on June 6th.
Seller’s have the upper hand when it comes to negotiating the sale of their home. Prices are still below what they were a year ago, but I believe this is a function of increased mortgage interest rates, than a decrease in actual property values.
Increased interest rates mean buyers have less purchasing power, and the same monthly payment equates to a smaller mortgage, and typically a lower priced home.
- 22 new homes listed for sale
- 31 homes sold
- Average sale price was $611,668
- Average price per square foot was $273.79
- Average days on market for homes sold was 50
What is happening in the Phoenix market?
The real estate market for the Metro Phoenix area is experiencing many of the same issues as here in Arrowhead Ranch. Lower total sales, slightly lower prices, but limited inventory means almost all corners of the valley are once again in a seller’s market.
Have questions about real estate here in Arrowhead Ranch or Phoenix? You can reach me on my personal cell at (480) 797-8975.