T
he median home prices in two Ahwatukee ZIP codes declined in September compared to the same month last year. However, the average sale price fell only in 85048, according to data from Phoenix Realtors. In 85044, the 28 closed sales represented a 9.7% year-over-year decline, with a median price of $478,500, which is 9.3% below September 2023. Meanwhile, 85048 saw a 70.6% increase in closed sales to 29, but its median price was $608,000, an 11.2% drop from the previous year.
The average sale prices in the two ZIP codes moved in opposite directions last month. The average price of homes sold in 85044 increased by 7.3% to $637,898, while the average price in 85048 fell by 24% to $629,882. Sheryl Bowden, Phoenix Realtors board president, noted that closed sales in Phoenix overall dropped 7.1% compared to the first nine months of 2023, but the median price rose 7.8%.
Across Maricopa County, the median home price remained virtually unchanged at $500,000, while the average sale price held steady at $660,000 for the 3,466 homes sold last month. The number of days on the market decreased by an average of 5.2% to 55 days in Phoenix overall, but homes in Ahwatukee stayed longer on the market, with an average of 58 days in 85044 and 62 days in 85048.
Despite a slight shift toward buyers, sellers continued to receive most of their asking price both Valley-wide and in 85044 and 85048. The percent of asking price received held steady at over 98% across the Phoenix Metro area, according to Bowden. However, inventory levels rose significantly, with Maricopa County seeing a 47.4% increase to 13,130 houses.
The Cromford Report noted that buyers are gaining negotiation power as supply rises faster than demand. Only five of the 17 Valley submarkets it monitors showed a trend toward a seller's market, while 12 cities, including Phoenix and Mesa, showed a decrease. Experts also pointed out that mortgage rates have been increasing, with the 30-year fixed-rate mortgage averaging 6.32% as of October 9, up from 6.12% the previous week.
