Phoenix Housing Market...Highest Average Price Per Square Foot in 6 Months
The latest average price per square foot is over $279 meaning the highest pricing per square foot during the last 6 months was recorded April 10, 2023.
Cromford would like to refer to their observation of Sep 25, 2022 where they claimed that we were NOT in a crash and that their advice was to keep calm and carry on. They had plenty of people tell them they disagreed and that it was a great time to panic. The average price per square foot
is now back to where it was in late September, so they believe their advice was sound and their observation accurate.
Although the dip between November and January was a bit scary, the recovery in price has been equally strong since then.
Volume is well below normal, with both sellers and buyers lacking enthusiasm, but prices are buoyant and in even better shape then they expected. With the Cromford® Market Index still moving higher, their expectation is that prices will edge higher still in the next few months. They don't have strong expectations for the third quarter because we almost always see a 3Q dip in every year. This is due to the seasonal effect on the luxury market. Unless there is an unexpected source of new supply, the fourth quarter should show a rebound from that dip, meaning that annual appreciation will have turned positive again by November.
Volume will take time to recover while skepticism remains dominant. The next stages of hope, followed by relief should not be far away, since all the market number we see are improving