Navi Title Agency
Phoenix, AZ 85028
Single-Family Homes
Here is your weekly Market Update!
Phoenix, AZ 85028
Thu Apr 25 2024
This week the median list price for Phoenix, AZ 85028 is $791,997 with the market action index hovering around 50. This is less than last month's market action index of 51. Inventory has increased to 46.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
The market remains in a relative stasis in terms of sales to inventory. Prices have not been moving higher for several weeks. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI. If the market heats up persistently, prices are likely to resume an upward climb.
Real-Time Market Profile
| Median List Price | $791,997 | |
| Median Price of New Listings | $889,500 | |
| Per Square Foot | $379 | |
| Average Days on Market | 65 | |
| Median Days on Market | 35 | |
| Price Decreased | 63% | |
| Price Increased | 2% | |
| Relisted | 9% | |
| Inventory | 46 | |
| Median Rent | ||
| Market Action | 50 | |
| Strong Seller's Market | ||
Again this week we see prices in this zip code remain roughly at the level they’ve been for several weeks. Since we’re significantly below the top of the market, look for a persistent up-shift in the Market Action Index before we see prices 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 |
|---|---|---|---|---|---|---|---|---|
| $1,980,888 | 4,156 | 0.5 - 1 acre | 4 | 4 | 47 | 3 | 1 | 84 |
| $929,000 | 2,336 | 0.25 - 0.5 acre | 4 | 3 | 47 | 2 | 2 | 63 |
| $749,000 | 2,071 | 0.25 - 0.5 acre | 3 | 2 | 57 | 0 | 2 | 49 |
| $588,500 | 1,680 | 6,500 - 8,000 sqft | 3 | 2 | 53 | 3 | 1 | 21 |