Greater Phoenix
Real Estate

An In-Depth Look at Greater Phoenix Condos

The Greater Phoenix area is currently experiencing notable real estate dynamics in the condos/townhomes market. Over the past month, active listings have climbed significantly to 4,996, which marks a sharp increase from just 3,579 active listings three months ago. This rise in inventory suggests a growing selection for buyers, which could balance out the previous competitive pressures felt within the market.

As for the average sold prices, they have seen an increase to $459,964 recently, up from $425,278 three months prior. This upward trend may indicate both increasing buyer confidence and willingness to secure properties at competitive prices amid the expanding inventory.

However, while sold prices have risen, the DOM has also increased to 83 days, which is notably higher than 60 days from three months ago. This uptick in DOM indicates that homes are staying on the market longer, possibly reflecting a hesitation among buyers in the current pricing environment, or suggesting that pricing strategies are beginning to adjust in response to the higher inventory levels.

Furthermore, the months of inventory have reached 6.6, indicating a shift towards what could be seen as a more balanced market, as this number is higher than the desirable seller's market threshold of 4 months. In comparison, the inventory level was significantly lower at 5.2 months three months ago, suggesting that the current supply is outpacing demand, placing buyers in a more advantageous position during negotiations.

In addition, not only has the increase in active listings provided more choices for buyers, but the relationship between list prices and pending transactions may also provide insight. Currently, the average price per square foot for active listings is $340, compared to $378 for pending listings, indicating that homes under contract are typically priced higher, hinting at some negotiating activity that favors sellers.

Buyers may want to take note of these trends as calculating their offers with these current market conditions in mind could ultimately help them in navigating this evolving market landscape. Conversely, sellers should consider reviewing their pricing strategies, as homes are experiencing longer stays in the market. Overall, a strategic approach will be essential for both buyers and sellers in the Greater Phoenix area as market conditions continue to evolve.

An In-Depth Look at Greater Phoenix Land

The Greater Phoenix land market has experienced notable shifts, as highlighted in the recent metrics. Currently, we have 3,911 active listings, a clear increase from the 3,554 listings recorded three months ago. This uptick in active listings corresponds with an increase in months of inventory, which currently stands at 16.0, up from 12.0 six months ago. Such high months of inventory indicates a market trend leaning towards buyers, suggesting a surplus of listings compared to demand.

Furthermore, the average days on market (DOM) has risen significantly, reaching 287 days compared to 317 days three months prior. This increase in DOM signifies that properties are taking longer to sell, reflecting buyer hesitation or perhaps an increase in listings surpassing buyer purchasing power.

In terms of pricing, while the average price per square foot has remained fairly consistent, hovering around $8, analysis of the sold prices reveals that the market dynamics are indeed fluctuating. Sold listings averaged $320,396 over the last 30 days, slightly up from $341,246 three months ago. This drop in average sold prices, combined with the rise in DOM and inventory, suggests a market in transition, where sellers may need to adjust their price expectations and strategies.

In conclusion, the Greater Phoenix land market is currently characterized by an increase in listings and inventory, extended selling times, and a softening in sold prices. Potential buyers have the advantage right now, as sellers must navigate this competitive landscape where homes are staying on the market longer. Adjusting their pricing strategies will be essential for sellers aiming to remain attractive to buyers in a market increasingly favoring them.

An In-Depth Look at Greater Phoenix Multifamily Dwellings

The multifamily market in Greater Phoenix, as of March 16, 2025, showcases a complex interplay of increasing inventory, decreasing average Days on Market (DOM), and rising sold prices. Currently, there are 334 active listings, a significant increase from 243 listings just three months ago. This rise in inventory suggests a greater selection for buyers, possibly creating a more competitive environment.

Notably, the average DOM for active listings has decreased to 121 days, down from 143 days three months ago. This trend indicates that while more options are available, properties are also selling faster, which can benefit both buyers, who may find appealing options, and sellers, who are seeing quicker sales.

In terms of pricing, the average sold price has climbed to $652,454 over the past month, reflecting an upward trend from $636,333 in the previous quarter. This upward movement in sold prices, alongside an increase in inventory and faster selling times, suggests a responsive market adjusting to changes in buyer demand and housing availability.

Analyzing months of inventory, the current 9.3 months indicated suggests a balanced market, typically signaling that neither buyers nor sellers hold a predominant advantage. This equilibrium offers strategic opportunities for both parties; buyers may leverage the increased inventory to negotiate better terms, while sellers can benefit from higher prices despite the growing selection.

Overall, the Greater Phoenix multifamily market is demonstrating flexibility and responsiveness, shaped by changing consumer preferences and economic factors. For prospective buyers and sellers, staying informed about these metrics will be crucial for making well-timed decisions in this evolving landscape.