Navi Title Agency
Phoenix, AZ 85040
Single-Family Homes
Here is your weekly Market Update!
Phoenix, AZ 85040
Tue Apr 16 2024
This week the median list price for Phoenix, AZ 85040 is $393,000 with the market action index hovering around 62. This is less than last month's market action index of 63. Inventory has increased to 29.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. 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, prices are likely to resume an upward climb.
Real-Time Market Profile
| Median List Price | $393,000 | |
| Median Price of New Listings | $395,000 | |
| Per Square Foot | $276 | |
| Average Days on Market | 42 | |
| Median Days on Market | 28 | |
| Price Decreased | 34% | |
| Price Increased | 0% | |
| Relisted | 3% | |
| Inventory | 29 | |
| Median Rent | ||
| Market Action | 62 | |
| 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 |
|---|---|---|---|---|---|---|---|---|
| $515,000 | 1,963 | 4,500 - 6,500 sqft | 4 | 2 | 1 | 3 | 0 | 49 |
| $405,000 | 1,368 | 6,500 - 8,000 sqft | 3 | 2 | 47 | 2 | 2 | 14 |
| $375,000 | 1,275 | 4,500 - 6,500 sqft | 3 | 2 | 63 | 4 | 1 | 0 |
| $299,495 | 1,313 | 6,500 - 8,000 sqft | 3 | 1.5 | 63 | 0 | 0 | 21 |