Navi Title Agency
Phoenix, AZ 85022
Single-Family Homes
Here is your weekly Market Update!
Phoenix, AZ 85022
Mon Dec 11 2023
This week the median list price for Phoenix, AZ 85022 is $598,500 with the market action index hovering around 44. This is less than last month's market action index of 45. Inventory has held steady at or around 68.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We’re already seeing prices move lower as a result. Expect this trend to continue especially if the index falls to the Buyer’s zone. Watch for a persistent up-turn in Market Action to signal prices rising again.
Real-Time Market Profile
| Median List Price | $598,500 | |
| Median Price of New Listings | $500,000 | |
| Per Square Foot | $299 | |
| Average Days on Market | 59 | |
| Median Days on Market | 28 | |
| Price Decreased | 35% | |
| Price Increased | 3% | |
| Relisted | 4% | |
| Inventory | 68 | |
| Median Rent | ||
| Market Action | 44 | |
| Slight Seller's Advantage | ||
Again this week in this zip code we see a downward notch for prices. We continue to pull back from the market’s highs. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator for a trough in prices.
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 |
|---|---|---|---|---|---|---|---|---|
| $949,999 | 3,425 | 0.25 - 0.5 acre | 5 | 4 | 30 | 0 | 2 | 77 |
| $675,000 | 2,147 | 0.25 - 0.5 acre | 4 | 2 | 42 | 1 | 3 | 49 |
| $529,995 | 1,821 | 8,000 - 10,000 sqft | 3 | 2 | 43 | 5 | 3 | 7 |
| $415,000 | 1,310 | 4,500 - 6,500 sqft | 3 | 2 | 40 | 3 | 4 | 28 |