Greater Phoenix
Real Estate

An In-Depth Look at Greater Phoenix Condos

The data indicates that the condo, townhome, and patio home market in Greater Phoenix is undergoing transformational trends as of April 24, 2025. The current inventory of active listings has surged to 5,062, reflecting a substantial increase of 41.5% from 3 months ago when there were 3,579 active listings. This increased inventory can present more options for buyers, potentially leading to competitive negotiations. However, the days on market (DOM) has also expanded, currently averaging 83 days, compared to 60 days three months ago. This trend points to a slower pace of sales, which may reflect a market adjustment as buyers become discerning amidst larger choices.

Another critical aspect to note is the rise in the average sold price, which currently stands at $452,905—a 6.0% increase from $425,278 three months prior. This uptick might indicate strengthening buyer confidence despite an overall longer DOM, suggesting that certain properties may still attract premium offers.

Looking at historical comparisons, the average price per square foot for sold properties is currently $314, up from $303 three months ago, reinforcing the trend of increasing values even as more properties enter the market. On the other hand, the months of inventory currently measures 6.6 months, which indicates that the market is leaning towards a buyer's environment due to the plentiful options available compared to historic norms. Generally, a balanced market typically sits around 4 to 6 months of inventory, and anything above this threshold tends to favor buyers.

For potential sellers, the current trends suggest that pricing strategically will be essential, as active listings may pressure them to align their price expectations with market realities. Buyers are likely to benefit from negotiating power due to the increased inventory, alongside the opportunity to explore a wider range of options.

In summary, the Greater Phoenix market for condos, townhomes, and patio homes showcases dynamic shifts: an increase in inventory and days on market coupled with rising sold prices reflects a balancing act for buyers and sellers alike. Market participants are advised to remain current on the evolving conditions to make informed decisions.

An In-Depth Look at Greater Phoenix Land

Currently, the Greater Phoenix land market showcases dynamic movements, with active listings rising to 3,940 units compared to just 2,972 six months ago. This trend highlights an increase in available options for prospective buyers, a notable change indicating potential adjustments in market conditions. Not only has the number of active listings grown, but the average Days on Market (DOM) has also extended to 284 days, an increase from the 390 days noted a mere six months ago. Such rising DOM suggests that properties are taking longer to sell, potentially creating favorable conditions for buyers to negotiate favorable terms on their purchases.

Moreover, examining the pricing aspect, the average price per square foot for active listings remains steady at $8, with the average sold price positioned at $340,265 in the past 30 days. It's essential to consider how this current sold price stands against previous trends. For instance, the average sold price was $295,558 just six months ago, illustrating a notable upward movement in property values. Furthermore, analyzing the sold price to original list price percent reveals a margin of 87%, indicating that while properties are listed at higher prices, buyers are generally paying slightly less than the original asking price, reflecting an adjustment for a more competitive environment.

The current inventory levels stand at 16.2 months, suggesting a buyer's market, where supply exceeds demand significantly. Historical comparison shows that inventory was just at 12.0 months six months ago, indicating that the market is experiencing slower absorption of listings. This uptick in available inventory combined with higher DOM and lingering buyer hesitance could provide negotiating leverage for those looking to purchase. Thus, both buyers and sellers should tailor their strategies accordingly, keeping an eye on these evolving conditions and preparing for potential movement in the land pricing landscape as the market continues to adjust.

An In-Depth Look at Greater Phoenix Multifamily Dwellings

The multifamily market in Greater Phoenix, as of April 24, 2025, is exhibiting a blend of evolving trends worth examining closely. Over the past month, the market has transitioned with an increase in active listings, which now stands at 337, compared to just 243 three months ago. This significant rise in inventory points to varying seller strategies amidst broader market dynamics. Interestingly, despite the enhanced supply, the average sold price has seen a marked increase, currently at $702,364, up from $636,333 three months prior, suggesting that buyer demand remains robust even in the face of more options. This upward trend in prices may also indicate a resilient ancillary factor to financing conditions, alongside buyer competition for quality listings.

Moreover, the Days on Market (DOM) has notably reduced to 59 days, down from 86 days three months ago. A declining DOM often suggests that properties are moving more swiftly through the market, which can be attributed to high buyer engagement and, possibly, attractive pricing strategies by sellers. With a ratio of 94% sold price to original list price, sellers seem to be adapting successfully, reflecting a considered approach to pricing in an environment that remains competitive.

Furthermore, the months of inventory currently sits at 9.5, up from 6.9 three months ago. This indicates that, while the market is becoming more balanced, with more options available, sellers may face greater pressure to price adjust. Buyers looking to enter the market can leverage the increased inventory for negotiations, while sellers may benefit from pricing their properties in line with recent trends to avoid prolonged DOM and potential undervaluation.

In summary, the current multifamily landscape in Greater Phoenix is characterized by increased inventory and rising prices, complemented by faster sales. This multifaceted environment invites buyers to act decisively while encouraging sellers to stay attuned to market changes to achieve favorable outcomes.