Navi Title Agency
Phoenix, AZ 85042
Single-Family Homes
Here is your weekly Market Update!
Phoenix, AZ 85042
Fri Dec 01 2023
This week the median list price for Phoenix, AZ 85042 is $527,450 with the market action index hovering around 50. This is less than last month's market action index of 51. Inventory has increased to 56.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
The market has been at a stasis point in terms of sales to inventory. However, prices seem to continue to fall a bit. Technically supply levels indicate this is a Seller’s market so it is likely that the downward pricing pressure will be light or variable.
Real-Time Market Profile
| Median List Price | $527,450 | |
| Median Price of New Listings | $405,000 | |
| Per Square Foot | $262 | |
| Average Days on Market | 69 | |
| Median Days on Market | 39 | |
| Price Decreased | 59% | |
| Price Increased | 0% | |
| Relisted | 7% | |
| Inventory | 56 | |
| Median Rent | ||
| Market Action | 50 | |
| Strong Seller's Market | ||
Again this week in this zip code we see a downward notch for prices. Pricing has been weak in recent weeks and versus their absolute-high level. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator for a trough in prices.
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 |
|---|---|---|---|---|---|---|---|---|
| $932,388 | 3,135 | 0.25 - 0.5 acre | 4 | 3 | 17 | 1 | 1 | 77 |
| $622,877 | 2,251 | 6,500 - 8,000 sqft | 3 | 3 | 8 | 1 | 1 | 38 |
| $460,000 | 1,826 | 4,500 - 6,500 sqft | 3 | 2 | 22 | 1 | 2 | 38 |
| $394,500 | 1,443 | 4,500 - 6,500 sqft | 3 | 2 | 37 | 6 | 5 | 24 |