November 22, 2024
The Phoenix real estate market is undergoing a significant transition. With supply up 39.2% YOY and a Supply Index Trend at 85.8, inventory remains 14% below normal but has climbed steadily over the past month (+6.5 points).
Demand, while 23% below normal, is stabilizing, with the Demand Index Trend inching up to 76.7 (+1.8 points in the last 30 days). These dynamics have ushered in one of the most favorable buyer markets in a decade, rivaling brief buyer-friendly periods in 2014 and 2022.
Average List Price per Square Foot:
Average Sales Price per Square Foot:
Median Sales Price:
Supply and Competition:
Price Adjustments:
Median Days on Market:
Homes are spending 41 days on market, well above the historical norm of 26-29 days.
Price Negotiations:
Sellers received 97.8% of their asking price, slightly down (-0.2% YOY).
Listings Under Contract:
While up 12% YOY, supply is expanding, signaling more competition for sellers.
Luxury Market:
Homes over $1M are seeing slower movement, with only 55% success rates and a contract ratio of 40.7.
Despite the broader buyer's market, several cities like Fountain Hills, Chandler, Scottsdale, Gold Canyon, El Mirage, and Tolleson remain in seller’s market territory.
With the holidays approaching, supply is expected to dip, but the overall buyer-friendly trend is likely to persist into the new year. Whether you're buying or selling, understanding these dynamics is crucial for making the most of Phoenix’s evolving market.
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Craig Bennett Group goes above and beyond to understand your needs and exceed your expectations. Navigate the Metro Phoenix real estate market with expertise, providing personalized guidance and a seamless experience from start to finish.