End of Year Report: Phoenix Metro New Construction Median Sale Price Per Square Foot Analysis (2023)

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End of Year Report: Metro New Construction Median Sale Price Per Square Foot in Phoenix, AZ (Jan-Nov 2023)

Executive Summary:
The median sale price per square foot for newly built houses in Phoenix, AZ, exhibited fluctuations throughout 2023, showing a mix of highs and lows. Despite some monthly volatility, the overall trend suggests a gradual increase in prices over the year. Quarterly averages indicate steady growth, with the market closing at a strong figure. Analyzing these trends, we can offer insights into whether 2023 was favorable for buying or selling new homes and make predictions for the 2024 market.

Monthly Median Sale Price Per Square Foot (in US$):

Month Median Sale Price Per SF (US$)
January 225.74
February 222.22
March 220.18
April 224.75
May 221.14
June 226.55
July 227.45
August 223.35
September 226.68
October 231.60
November 227.52

Trends and Relationships:

  • The data demonstrates a fluctuating trend throughout the year, with peaks in January and October, and lows in March and May.
  • Despite these fluctuations, there is a general upward trajectory in prices, indicating overall market growth.
  • Highs and lows suggest potential seasonal influences or market dynamics affecting buyer behavior.

Monthly Percentage Changes:

Month Percentage Change
January -1.55%
February -1.55%
March 1.99%
April -1.98%
May 2.43%
June 2.47%
July -1.78%
August 1.49%
September 2.31%
October -1.76%
November
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Annual Average:
The annual average median sale price per square foot for 2023 is $224.53.

Quarterly Averages:

  • Q1 (Jan-Mar): $222.71
  • Q2 (Apr-Jun): $223.15
  • Q3 (Jul-Sep): $225.83
  • Q4 (Oct-Nov): $229.56

Closing and Ending Figures:

  • Closing Price (November): $227.52
  • Ending Price (November): $227.52

Analysis and Recommendations:
2023 showcased a dynamic real estate market in Phoenix, AZ, with fluctuations in median sale prices per square foot. Despite monthly variations, the overall trend indicates growth, supported by quarterly averages showing consistent increases. The closing and ending figures for November suggest a strong market position heading into 2024.

For buyers considering new home purchases, 2023 presented opportunities for favorable pricing, particularly during months with lower percentages changes such as February and July. However, the overall trend of increasing prices suggests that acting sooner rather than later may be prudent.

For sellers, 2023 likely offered advantageous conditions for putting properties on the market, especially during months with higher percentage changes like May and September. The upward trajectory in prices indicates a seller’s market, with potential for securing profitable deals.

Looking ahead to 2024, the market is poised for continued growth, building upon the momentum of 2023. Factors such as economic conditions, interest rates, and housing demand will influence market dynamics. However, based on the trends observed, buyers and sellers can expect a robust real estate landscape in Phoenix, AZ, with opportunities for both parties to capitalize on favorable market conditions.

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