Navi Title Agency
Phoenix, AZ 85048
Single-Family Homes
Here is your weekly Market Update!
Phoenix, AZ 85048
Fri Jun 02 2023
This week the median list price for Phoenix, AZ 85048 is $699,000 with the market action index hovering around 60. This is less than last month's market action index of 62. Inventory has increased to 35.
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 | $699,000 | |
| Median Price of New Listings | $651,000 | |
| Per Square Foot | $276 | |
| Average Days on Market | 73 | |
| Median Days on Market | 28 | |
| Price Decreased | 46% | |
| Price Increased | 3% | |
| Relisted | 0% | |
| Inventory | 35 | |
| Median Rent | ||
| Market Action | 60 | |
| Strong Seller's Market | ||
We continue to see prices in this zip code bouncing around this plateau. 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 |
|---|---|---|---|---|---|---|---|---|
| $1,124,975 | 3,640 | 0.25 - 0.5 acre | 4 | 3.5 | 23 | 1 | 1 | 42 |
| $729,000 | 2,777 | 8,000 - 10,000 sqft | 5 | 3 | 30 | 1 | 1 | 35 |
| $609,000 | 2,394 | 6,500 - 8,000 sqft | 4 | 2.5 | 36 | 1 | 1 | 21 |
| $499,500 | 1,748 | 0 - 4,500 sqft | 3 | 2.5 | 29 | 1 | 0 | 14 |