Navi Title Agency
Phoenix, AZ 85032
Single-Family Homes
Here is your weekly Market Update!
Phoenix, AZ 85032
Fri Dec 01 2023
This week the median list price for Phoenix, AZ 85032 is $529,900 with the market action index hovering around 51. This is less than last month's market action index of 54. Inventory has held steady at or around 63.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
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 | $529,900 | |
| Median Price of New Listings | $520,000 | |
| Per Square Foot | $320 | |
| Average Days on Market | 66 | |
| Median Days on Market | 42 | |
| Price Decreased | 54% | |
| Price Increased | 3% | |
| Relisted | 3% | |
| Inventory | 63 | |
| Median Rent | ||
| Market Action | 51 | |
| Strong Seller's Market | ||
Prices in this zip code have been on a downward trend recently and this week, while essentially flat, doesn’t break us out of that cycle.
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 |
|---|---|---|---|---|---|---|---|---|
| $835,000 | 2,515 | 0.25 - 0.5 acre | 4 | 3 | 38 | 1 | 2 | 35 |
| $636,450 | 1,871 | 6,500 - 8,000 sqft | 4 | 2 | 44 | 2 | 2 | 42 |
| $499,125 | 1,503 | 8,000 - 10,000 sqft | 3 | 2 | 47 | 1 | 3 | 42 |
| $424,900 | 1,342 | 6,500 - 8,000 sqft | 3 | 2 | 50 | 2 | 6 | 42 |