Navi Title Agency
Phoenix, AZ 85031
Single-Family Homes
Here is your weekly Market Update!
Phoenix, AZ 85031
Fri Jun 02 2023
This week the median list price for Phoenix, AZ 85031 is $360,000 with the market action index hovering around 67. This is an increase over last month's market action index of 64. Inventory has decreased to 5.
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 | $360,000 | |
| Median Price of New Listings | $347,900 | |
| Per Square Foot | $237 | |
| Average Days on Market | 62 | |
| Median Days on Market | 21 | |
| Price Decreased | 20% | |
| Price Increased | 0% | |
| Relisted | 0% | |
| Inventory | 5 | |
| Median Rent | ||
| Market Action | 67 | |
| Strong Seller's Market | ||
Prices in this zip code seem to have settled around a plateau. Look for a persistent down-shift in the Market Action Index before we see prices deviate 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 |
|---|---|---|---|---|---|---|---|---|
| $415,000 | 1,746 | 8,000 - 10,000 sqft | 5 | 3 | 66 | 1 | 0 | 0 |
| $375,400 | 1,649 | 8,000 - 10,000 sqft | 4 | 2 | 64 | 0 | 1 | 259 |
| $360,000 | 1,665 | 6,500 - 8,000 sqft | 3 | 3 | 65 | 0 | 2 | 28 |
| $338,950 | 1,351 | 4,500 - 6,500 sqft | 3 | 2 | 65 | 2 | 2 | 10 |