Tue Jun 06 2023
This week the median list price for Phoenix, AZ is $645,000 with the market action index hovering around 57. This is about the same as last month's market action index of 57. Inventory has held steady at or around 1,074.
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
|Median List Price||$645,000|
|Median Price of New Listings||$475,000|
|Per Square Foot||$320|
|Average Days on Market||68|
|Median Days on Market||35|
|Strong Seller's Market|
Prices hit another all time high this week. Given current conditions, prices continue to march higher. A persistent drop of the Market Action Index into the Buyer’s zone will be a leading indicator of the price strength subsiding.
Each segment below represents approximately 25% of the market ordered by price.
|Median Price||Sq. Ft.||Lot Size||Beds||Bath||Age||New||Absorbed||DOM|
|$1,549,000||3,364||0.25 - 0.5 acre||4||3.5||28||32||29||49|
|$750,000||2,321||8,000 - 10,000 sqft||4||2.5||37||40||40||35|
|$545,999||1,814||6,500 - 8,000 sqft||3||2||43||44||56||35|
|$375,000||1,409||6,500 - 8,000 sqft||3||2||52||97||95||14|