Greater Phoenix
Real Estate

An In-Depth Look at Greater Phoenix Condos

The condo/townhome market in Greater Phoenix, as of March 18, 2025, indicates intriguing shifts when analyzed closely. With the number of active listings now at 4,937, this reflects a substantial rise of 37.8% from 3,579 active listings just three months ago. This influx is indicative of more homeowners choosing to sell, or potentially a response to the current price increases over recent months.

Currently, the average sold price of $459,288 represents a solid increase of approximately 8.0% compared to $425,278 three months ago. This uptick in price signals increasing buyer confidence, especially in the face of fluctuating inventory levels. Buyers may be feeling encouraged to invest, as they encounter more available options.

However, the dynamics of the market are tempered by the average Days on Market (DOM) for sold properties, which stands at 69 days. This marks a subtle shift towards longer selling times, suggesting that while buyers are making purchases, they may be taking their time in making decisions, indicative of a market that might have become more saturated.

With months of inventory holding at 6.6, the market remains balanced, suggesting neither a strong buyer nor seller advantage. In a balanced market context, properties take longer to sell, yet the steady average sold price points to a healthy demand.

Looking back further, the year-over-year comparison shows notable changes. One year ago, the number of active listings was lower at 2,685. The market is evolving, and while the increase in listings may appear overwhelming, it reflects a normalizing trend as buyers are still managing to close deals successfully.

In summary, this period reflects a Greater Phoenix market that is expanding but also showing signs of a careful, measured approach from buyers. Those looking to sell should be prepared for the possibility of extending their timelines, while buyers may find more opportunities for negotiation in a market that is adjusting.

An In-Depth Look at Greater Phoenix Land

In the Greater Phoenix land market, as of March 18, 2025, various metrics display a market transitioning towards increased inventory and a decelerating sales pace. Over the past month, the number of active listings surged to 3,908, significantly higher than 2,972 six months ago. This marks a level of inventory that suggests more choices for buyers, and may indicate a slowing demand or an influx of new land listings.

In terms of sales, the average sold price for land has risen to $339,170. This increase is noteworthy when compared to the average sold price of $252,119 recorded one year ago, illustrating that despite higher inventory levels, buyers are willing to pay more. Additionally, the days on market (DOM) has risen to 285 days, a significant change from the 130 days seen six months ago. An increasing DOM often points to a cooling market, where buyers are taking longer to make purchasing decisions.

Moreover, the months of inventory has seen a substantial increase, now standing at 16.1 months. This level suggests a buyer's market is developing, where supply is outpacing demand, allowing buyers to negotiate better terms and prices. In a balanced market, we typically see months of inventory around 4 to 6 months; however, an inventory level of over 16 months indicates that buyers have much more leverage.

For prospective buyers, the current conditions provide an excellent opportunity to explore options without the intense competition that characterized the market a year ago. Sellers, on the other hand, may need to be cautious with their pricing strategies, as the extended DOM and increasing inventory may lead to longer sales periods and potentially necessitate price adjustments to attract buyers.

In summary, the Greater Phoenix land market is currently characterized by increased inventory and longer selling times, while average sold prices continue to climb, presenting both challenges and opportunities for buyers and sellers alike.

An In-Depth Look at Greater Phoenix Multifamily Dwellings

The multifamily market in Greater Phoenix, as of March 18, 2025, is experiencing a noteworthy transition characterized by an increase in inventory and sales dynamics that may influence both pricing strategies and buyer decisions.

• Currently, the number of active listings has surged to 339 over the past month, a notable rise compared to just 243 active listings three months ago. This increase reflects a growth in choices for potential buyers, contrary to the tighter inventory conditions seen previously.
• Simultaneously, the average Days on Market (DOM) for active listings has climbed to 118 days, compared to 86 days noted three months prior. This increase in DOM indicates a slower pace of sales, implying that buyers are taking their time in making purchasing decisions, possibly due to factors such as interest rates or economic considerations.
• In terms of pricing, the average sold price currently rests at $649,317 over the past 30 days. Comparing this to three months ago, when the average sold price was approximately $636,333, signals a slight enhancement in pricing power for sellers, yet the slower sales timeline suggests that buyers may be more judicious.
• Furthermore, the months of inventory have climbed to 9.8, reflecting a significant increase from 6.9 three months ago. This metric indicates a balanced market—one in which properties take longer to sell, and buyers can potentially negotiate better prices. Historically, a months of inventory figure of around 9.8 indicates neither an outright seller's nor buyer's market, allowing for negotiations in both directions.
• Looking at the broader economic landscape, the local market dynamics may be influenced by broader economic factors, such as local employment rates and economic developments. It’s crucial for both buyers and sellers to consider these elements in their strategies as the market continues to evolve.
  In summary, as the multifamily market in Greater Phoenix adapts to these trends, both prospective buyers and sellers are encouraged to stay informed and prepared as strategies for navigating this balanced yet shifting dialogue in real estate.