Navi Title Agency
Phoenix, AZ 85040
Single-Family Homes
Here is your weekly Market Update!
Phoenix, AZ 85040
Fri Jun 02 2023
This week the median list price for Phoenix, AZ 85040 is $357,475 with the market action index hovering around 74. This is an increase over last month's market action index of 71. Inventory has decreased to 14.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller’s market so watch for upward pricing pressure in the near future if the trend continues.
Real-Time Market Profile
| Median List Price | $357,475 | |
| Median Price of New Listings | $347,475 | |
| Per Square Foot | $270 | |
| Average Days on Market | 63 | |
| Median Days on Market | 14 | |
| Price Decreased | 29% | |
| Price Increased | 0% | |
| Relisted | 7% | |
| Inventory | 14 | |
| Median Rent | ||
| Market Action | 74 | |
| 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 |
|---|---|---|---|---|---|---|---|---|
| $440,000 | 1,881 | 4,500 - 6,500 sqft | 3 | 2.5 | 17 | 0 | 0 | 14 |
| $369,900 | 1,304 | 6,500 - 8,000 sqft | 3 | 2 | 52 | 1 | 0 | 42 |
| $347,475 | 1,239 | 4,500 - 6,500 sqft | 3 | 2.3 | 35 | 3 | 1 | 0 |
| $219,950 | 904 | 4,500 - 6,500 sqft | 3 | 2 | 65 | 2 | 0 | 28 |