Navi Title Agency
Phoenix, AZ 85028
Single-Family Homes
Here is your weekly Market Update!
Phoenix, AZ 85028
Mon Dec 04 2023
This week the median list price for Phoenix, AZ 85028 is $699,900 with the market action index hovering around 43. This is an increase over last month's market action index of 41. Inventory has increased to 39.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
While the Market Action Index shows some strengthening in the last few weeks, prices have not seemed to move from their plateau. Should the upward trend in sales relative to inventory continue, expect prices to resume an upward climb in tandem with the MAI.
Real-Time Market Profile
| Median List Price | $699,900 | |
| Median Price of New Listings | $659,500 | |
| Per Square Foot | $398 | |
| Average Days on Market | 51 | |
| Median Days on Market | 35 | |
| Price Decreased | 54% | |
| Price Increased | 0% | |
| Relisted | 5% | |
| Inventory | 39 | |
| Median Rent | ||
| Market Action | 43 | |
| Slight Seller's Advantage | ||
Prices in this zip are remaining at a plateau, albeit significantly below the market’s peak. This week prices bumped down a bit, but not enough to indicate a resumed downward trend. Look for a persistent up-shift in the Market Action Index before we see prices significantly move from these levels.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $1,500,000 | 2,576 | 0.5 - 1 acre | 4 | 3 | 53 | 0 | 1 | 63 |
| $886,950 | 2,133 | 8,000 - 10,000 sqft | 3 | 2 | 45 | 2 | 1 | 31 |
| $698,500 | 1,757 | 8,000 - 10,000 sqft | 3 | 2 | 49 | 1 | 1 | 45 |
| $546,500 | 1,507 | 8,000 - 10,000 sqft | 3 | 2 | 52 | 3 | 3 | 21 |