First Arizona Title's Market Report
Phoenix, AZ
Single-Family Homes
First Arizona Title Agency | (480) 385-6500 | www.FirstAZTitle.com
Phoenix, AZ
Mon Oct 03 2022
This week the median list price for Phoenix, AZ is $487,250 with the market action index hovering around 42. This is less than last month's market action index of 44. Inventory has held steady at or around 2,724.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We’re already seeing prices move lower as a result. Expect this trend to continue especially if the index falls to the Buyer’s zone. Watch for a persistent up-turn in Market Action to signal prices rising again.
Real-Time Market Profile
| Median List Price | $487,250 | |
| Median Price of New Listings | $464,950 | |
| Per Square Foot | $286 | |
| Average Days on Market | 58 | |
| Median Days on Market | 49 | |
| Price Decreased | 67% | |
| Price Increased | 2% | |
| Relisted | 6% | |
| Inventory | 2,724 | |
| Median Rent | ||
| Market Action | 42 | |
| Slight Seller's Advantage | ||
The market has been on a downward trend recently and this week, while essentially flat, doesn’t break us out of that cycle.
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 |
|---|---|---|---|---|---|---|---|---|
| $925,000 | 2,741 | 0.25 - 0.5 acre | 4 | 3 | 29 | 83 | 77 | 56 |
| $559,000 | 1,900 | 6,500 - 8,000 sqft | 3 | 2 | 30 | 87 | 80 | 49 |
| $435,000 | 1,632 | 6,500 - 8,000 sqft | 3 | 2 | 40 | 80 | 68 | 42 |
| $350,000 | 1,341 | 6,500 - 8,000 sqft | 3 | 2 | 58 | 114 | 122 | 42 |