Navi Title Agency
Phoenix, AZ 85018
Single-Family Homes
Here is your weekly Market Update!
Phoenix, AZ 85018
Wed May 08 2024
This week the median list price for Phoenix, AZ 85018 is $2,000,000 with the market action index hovering around 34. This is less than last month's market action index of 36. Inventory has increased to 141.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
Market appears to have begun to cool. As we’re still notably in the Seller’s zone, prices have not yet adjusted. If the market continues to cool, then expect prices to follow lower. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect this condition if the index falls to the Buyer’s zone.
Real-Time Market Profile
| Median List Price | $2,000,000 | |
| Median Price of New Listings | $2,425,000 | |
| Per Square Foot | $610 | |
| Average Days on Market | 104 | |
| Median Days on Market | 56 | |
| Price Decreased | 55% | |
| Price Increased | 1% | |
| Relisted | 9% | |
| Inventory | 141 | |
| Median Rent | ||
| Market Action | 34 | |
| Slight Seller's Advantage | ||
In this zip code this week saw relatively little price change from last week. However, we continue to demonstrate a nice up trend over the last several weeks.
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 |
|---|---|---|---|---|---|---|---|---|
| $4,895,000 | 5,559 | 0.5 - 1 acre | 5 | 5 | 9 | 2 | 0 | 91 |
| $2,400,000 | 3,698 | 8,000 - 10,000 sqft | 4 | 4 | 16 | 4 | 1 | 49 |
| $1,598,000 | 2,863 | 8,000 - 10,000 sqft | 4 | 4 | 48 | 1 | 4 | 49 |
| $966,184 | 1,953 | 6,500 - 8,000 sqft | 3 | 2 | 69 | 2 | 2 | 56 |