Navi Title Agency
Phoenix, AZ 85016
Single-Family Homes
Here is your weekly Market Update!
Phoenix, AZ 85016
Fri Jun 02 2023
This week the median list price for Phoenix, AZ 85016 is $969,000 with the market action index hovering around 45. This is less than last month's market action index of 49. Inventory has increased to 51.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
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 | $969,000 | |
| Median Price of New Listings | $609,950 | |
| Per Square Foot | $435 | |
| Average Days on Market | 74 | |
| Median Days on Market | 56 | |
| Price Decreased | 53% | |
| Price Increased | 8% | |
| Relisted | 16% | |
| Inventory | 51 | |
| Median Rent | ||
| Market Action | 45 | |
| Strong Seller's Market | ||
The market for this zip code continues its bounce again this week. We're a long way from the market's high point so watch the Market Action Index to predict how long this trend will last.
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 |
|---|---|---|---|---|---|---|---|---|
| $3,847,499 | 6,315 | 1 - 2.5 acres | 5 | 5.8 | 29 | 1 | 0 | 59 |
| $1,300,000 | 2,636 | 0.25 - 0.5 acre | 4 | 3 | 63 | 0 | 1 | 42 |
| $799,000 | 2,329 | 6,500 - 8,000 sqft | 3 | 2 | 57 | 1 | 1 | 49 |
| $569,900 | 1,544 | 6,500 - 8,000 sqft | 3 | 2 | 72 | 4 | 3 | 63 |