Navi Title Agency
Phoenix, AZ 85008
Single-Family Homes
Here is your weekly Market Update!
Phoenix, AZ 85008
Fri Dec 01 2023
This week the median list price for Phoenix, AZ 85008 is $549,000 with the market action index hovering around 47. This is less than last month's market action index of 50. Inventory has increased to 33.
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 have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to 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 | $549,000 | |
| Median Price of New Listings | $415,000 | |
| Per Square Foot | $336 | |
| Average Days on Market | 60 | |
| Median Days on Market | 35 | |
| Price Decreased | 42% | |
| Price Increased | 3% | |
| Relisted | 9% | |
| Inventory | 33 | |
| Median Rent | ||
| Market Action | 47 | |
| Strong Seller's Market | ||
Recently prices in this zip have settled at a plateau even though they dipped this week. Look for a persistent up-shift in the Market Action Index before we see prices significantly move 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 |
|---|---|---|---|---|---|---|---|---|
| $1,025,000 | 2,150 | 8,000 - 10,000 sqft | 4 | 3 | 69 | 0 | 0 | 59 |
| $627,250 | 1,910 | 6,500 - 8,000 sqft | 3 | 2 | 59 | 2 | 0 | 84 |
| $509,500 | 1,599 | 6,500 - 8,000 sqft | 3 | 2 | 69 | 2 | 1 | 21 |
| $389,000 | 1,258 | 6,500 - 8,000 sqft | 3 | 2 | 73 | 5 | 3 | 0 |