Navi Title Agency
Phoenix, AZ 85008
Single-Family Homes
Here is your weekly Market Update!
Phoenix, AZ 85008
Fri Jun 02 2023
This week the median list price for Phoenix, AZ 85008 is $649,000 with the market action index hovering around 51. This is less than last month's market action index of 54. Inventory has held steady at or around 27.
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 | $649,000 | |
| Median Price of New Listings | $389,500 | |
| Per Square Foot | $323 | |
| Average Days on Market | 46 | |
| Median Days on Market | 28 | |
| Price Decreased | 52% | |
| Price Increased | 0% | |
| Relisted | 0% | |
| Inventory | 27 | |
| Median Rent | ||
| Market Action | 51 | |
| Strong Seller's Market | ||
You can see that prices in this zip code are marching upward and that we’re getting close to the market’s all time high. Watch for persistent downward shift in the Market Action Index into the Buyer’s zone as 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 |
|---|---|---|---|---|---|---|---|---|
| $1,299,500 | 3,080 | 0.25 - 0.5 acre | 4 | 3.8 | 3 | 1 | 0 | 28 |
| $777,000 | 2,329 | 8,000 - 10,000 sqft | 3 | 2.5 | 67 | 0 | 0 | 63 |
| $579,000 | 1,865 | 8,000 - 10,000 sqft | 3 | 2 | 66 | 1 | 1 | 35 |
| $324,900 | 1,174 | 6,500 - 8,000 sqft | 3 | 1 | 73 | 4 | 2 | 7 |