Navi Title Agency
Phoenix, AZ 85006
Single-Family Homes
Here is your weekly Market Update!
Phoenix, AZ 85006
Fri Jun 02 2023
This week the median list price for Phoenix, AZ 85006 is $585,000 with the market action index hovering around 40. This is less than last month's market action index of 44. 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
Market conditions have been consistently cooling in the past several weeks. Because we’re still in the Seller’s zone, prices have not yet begun to drop. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect prices to fall if the index persistently falls to the Buyer’s zone.
Real-Time Market Profile
| Median List Price | $585,000 | |
| Median Price of New Listings | $512,450 | |
| Per Square Foot | $357 | |
| Average Days on Market | 66 | |
| Median Days on Market | 42 | |
| Price Decreased | 54% | |
| Price Increased | 3% | |
| Relisted | 0% | |
| Inventory | 39 | |
| Median Rent | ||
| Market Action | 40 | |
| Slight Seller's Advantage | ||
You can see that prices in this zip code are marching upward and that we’re getting close to the market’s all time high. Watch for persistent downward shift in the Market Action Index into the Buyer’s zone as a leading indicator of the price strength subsiding.
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 |
|---|---|---|---|---|---|---|---|---|
| $850,000 | 2,448 | 6,500 - 8,000 sqft | 4 | 3 | 75 | 1 | 0 | 63 |
| $645,000 | 1,689 | 6,500 - 8,000 sqft | 3 | 2 | 84 | 1 | 0 | 70 |
| $549,950 | 1,413 | 6,500 - 8,000 sqft | 3 | 2 | 79 | 3 | 0 | 24 |
| $411,500 | 1,052 | 6,500 - 8,000 sqft | 3 | 2 | 89 | 3 | 1 | 42 |