First Arizona Title's Market Report
Phoenix, AZ
Single-Family Homes
First Arizona Title Agency | (480) 385-6500 | www.FirstAZTitle.com
Phoenix, AZ
Thu Jun 08 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.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
The market has not shown strong directional trends in terms of supply and demand. However, inventory is sufficiently low to keep us in the Seller’s Market zone and prices have been moving upward as evidence.
Real-Time Market Profile
| 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 | |
| Price Decreased | 48% | |
| Price Increased | 4% | |
| Relisted | 5% | |
| Inventory | 1,074 | |
| Median Rent | ||
| Market Action | 57 | |
| 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.
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 |
|---|---|---|---|---|---|---|---|---|
| $1,549,000 | 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 |