The first quarter of 2024 is in the books and the market has been very busy. We have seen a steady increase in the number of homes for sale, under contract and sold in the past three months.
Arrowhead Ranch Home Prices in March 2024
The data.
- 35 homes sold in Arrowhead Ranch in March 2024. This is a 6.06% increase from 2023.
- Price per square foot was $269.83, a 4.02% decrease from 2023.
- The average sold price was $566,580, a decrease of 15.29%.
What does this mean?
At first glance, a 15% decrease in the average price seems like the market is crashing. That is not the case, so there must be an explanation.
Arrowhead Ranch is a relatively small community and the monthly sales data can be skewed quite easily. In March of 2023 there were 5 homes that sold over $1 million. Yet in March of 2024, the highest sold price was $849,000.
So instead of a monthly view, let’s have a look at the data from a larger sample size.
Arrowhead Ranch Home Prices in Q1 2024
The data.
- 83 homes sold in Arrowhead Ranch in Q1 2024. This is a 1.19% decrease from 2023.
- Price per square foot was $282.89, a 3.83% increase from 2023.
- The average sold price was $603455, an increase of 1.30%.
What does this mean?
Now that we view the data from a larger sample size, we see what I consider to be a more accurate representation of what is actually happening in the market here in Arrowhead.
Sold home prices saw a modest gain of almost 4%, the number of sales is almost identical, which is good to see after we had the lowest number of sales ever in December, of just 11 homes sold.
The market has also found some consistency. The number of homes for sale in Arrowhead Ranch has been between 50 & 60. The market peaked in August of 2022 with 115 homes for sale and then bottomed out in June of 2023 with just 24 homes for sale.
Balance is a good thing for our market while we see what happens with interest rates.
Metro Phoenix Home Prices in March 2024
The data.
- 4,519 homes sold in Metro Phoenix in March 2024. This is a 13.03% decrease from 2023.
- Price per square foot was $294.40, a 6.69% increase from 2023.
- The average sold price was $677,452, an increase of 8.69%.
What does this mean?
At first glance, a 13.03% decrease in the number of homes sold is a bit concerning. Is the momentum in the market after the holidays fading away?
This can be the problem with looking at the market in a small window of time, month by month.
I believe a better view of what is actually happening in the market is to look at data from 90 day timeframes.
Metro Phoenix Home Prices in Q1 2024
The data.
- 11,446 homes sold in Phoenix in Q1 2024. This is a 4.85% decrease from 2023.
- Price per square foot was $291.46, a 6.85% increase from 2023.
- The average sold price was $665,295, an increase of 9.22%.
What does this mean?
Now that we view the data from a larger sample size, we see what I consider to be a more accurate representation of what is actually happening in the market in Metro Phoenix.
Sold home prices saw a significant gain in both average price and the average price per square foot.
Considering the fact that interest rates are higher now than they were a year ago, the increase in prices leads me to believe two things.
The first, demand is increasing and the market has more buyers actively looking for and purchasing homes. Even though fewer homes sold in 2024 than last year, this is an increase from Q4 of 2023, which was very slow.
The second, is buyers are beginning to accept the fact interest rates are what they are and they are not going to be dropping significantly in the short term. Many buyers are moving here from other states and they are choosing to purchase, rather than renting. One thing I have learned in my time in real estate is this, you will never time the market peaks & valleys just right for what is happening with your life. Events happen in life, many come unexpectedly and the time to sell or buy a home comes without much lead time.
It feels like the market is finding some balance, which is a good thing. It will definitely be interesting to see what happens when & if, interest rates do begin to drop more than they have already.
Have questions about real estate here in Arrowhead Ranch?
Give me a call at (480) 797-8975, I’d be happy to discuss what is happening in your neighborhood or your specific situation.
J.D. Manning, The Arrowhead Agent at My Home Group
Author: J.D. Manning
EverythingArrowhead.com founder and administrator. Arrowhead resident and Realtor, The Arrowhead Agent with eXp Realty
