Contrary to popular belief, the summer months don’t bring a halt to the Phoenix real estate market; instead, they offer unique opportunities. The notion of a summer slowdown is a persistent myth that doesn’t hold up against the reality of Phoenix’s dynamic and robust market. Here’s why the summer is a prime time for real estate in Phoenix, supported by current statistics and key trends.
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Let’s start with some recent data that paints a clear picture of the vibrant Phoenix real estate market:
- Active Listings in May: There were 17,129 active listings in May. This is a significant 37% increase from the 12,503 active listings at the same time last year.
- Closed Transactions: May saw 7,248 closed transactions, a 6% rise from the 6,840 closed transactions in April 2023 and a 5% increase from March.
- Price Per Square Foot: Over the last four days, the monthly average price per square foot for closed listings in the ARMLS database exceeded $308, setting a new all-time record high of $308.01.
These figures illustrate not only a robust market but one that is actively growing and setting new records, even as we move into the summer months. Additionally, here are five key points that actively contribute to movement in the Phoenix real estate market.
1. Seasonal Trends: Unlike other markets that may experience a slowdown in summer, Phoenix thrives due to its year-round appeal. The mild weather, even in the hotter months, attracts buyers who are looking to move before the school year begins or capitalize on the reduced competition.
2. Buyer Motivation: Summer is a critical time for many families aiming to settle down before the new school year starts. This urgency drives increased demand, leading to quicker sales and often more competitive offers. Parents want to ensure their children are enrolled in their new schools and settled in their new homes well before the first school bell rings.
3. Inventory Dynamics: While some sellers might hold off listing their properties until the fall, those who choose to sell during the summer face less competition. This can result in faster sales and potentially higher prices as motivated buyers have fewer options to choose from. The increased number of active listings in May compared to last year shows that many sellers are recognizing the benefits of listing in the summer.
4. Lifestyle Factors: Phoenix offers a lifestyle that remains attractive year-round. The city’s vibrant outdoor activities, cultural events, and numerous attractions don’t slow down in the summer. This continuous appeal helps maintain a steady flow of interested buyers who want to enjoy everything Phoenix has to offer, from hiking trails to art festivals.
5. Economic Resilience: Phoenix’s economy is robust, driven by diverse industries such as technology, healthcare, and finance. This economic diversity ensures a steady influx of new residents and investors, minimizing the impact of any potential seasonal slowdowns. The city’s job market remains strong, attracting professionals who need housing regardless of the season.
While other markets may experience a summer lull, Phoenix’s real estate scene remains dynamic and full of opportunities. The increase in active listings, the rise in closed transactions, and the record-high price per square foot all point to a market that is anything but slow. The summer months in Phoenix present a prime time for both buyers and sellers to achieve their real estate goals.
Let’s seize the summer and make the most of the unique opportunities it presents in the Phoenix real estate market. Whether you’re looking to buy or sell, now is the time to act. Don’t let the myth of a summer slowdown hold you back—embrace the reality of a thriving market and make your move today.
Author: Trevor H. Halpern, J.D. is CEO of Halpern Residential at eXp. As a Phoenix native, Halpern’s deep knowledge of both people and property has allowed him to create client success in all areas of town. A graduate of ASU’s College of Law, Halpern prides himself on delivering high-level strategy, efficient negotiations and precise tactical execution. Since 2011, Halpern has sold over $300 million in real estate and is in the top 1% of real estate agents in the Greater Phoenix area.
