First Arizona Title's Market Report
Phoenix, AZ
Single-Family Homes
First Arizona Title Agency | (480) 385-6500 | www.FirstAZTitle.com
Phoenix, AZ
Thu Sep 21 2023
This week the median list price for Phoenix, AZ is $624,600 with the market action index hovering around 56. This is less than last month's market action index of 57. Inventory has increased to 1,217.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
Real-Time Market Profile
| Median List Price | $624,600 | |
| Median Price of New Listings | $524,900 | |
| Per Square Foot | $309 | |
| Average Days on Market | 62 | |
| Median Days on Market | 35 | |
| Price Decreased | 47% | |
| Price Increased | 4% | |
| Relisted | 6% | |
| Inventory | 1,217 | |
| Median Rent | ||
| Market Action | 56 | |
| Strong Seller's Market | ||
The market is hovering around this plateau. Look for a persistent change 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 |
|---|---|---|---|---|---|---|---|---|
| $1,377,000 | 3,289 | 0.25 - 0.5 acre | 4 | 4 | 21 | 47 | 31 | 49 |
| $724,850 | 2,250 | 8,000 - 10,000 sqft | 4 | 3 | 34 | 44 | 45 | 42 |
| $525,000 | 1,838 | 6,500 - 8,000 sqft | 3 | 2 | 37 | 73 | 47 | 28 |
| $380,000 | 1,454 | 6,500 - 8,000 sqft | 3 | 2 | 53 | 87 | 81 | 28 |