Greater Phoenix
Real Estate

An In-Depth Look at Greater Phoenix Condos

In the Greater Phoenix metro area, the current condo/townhome market landscape reveals several noteworthy trends that are developing among key metrics.

• Active Listings: Over the past month, the number of active listings has risen significantly to 4,993, which marks an increase from 3,579 just three months ago. This surge in inventory points to enhanced accessibility for buyers, but it may also reflect shifts in seller strategy in response to evolving market conditions.

• Months of Inventory: The months of inventory have expanded to 6.6 months, which is notable in comparison to the 5.2 months recorded three months prior. An increase in months of inventory typically indicates a more balanced or potentially buyer-favorable market, as there are more choices available and not as much urgency among buyers.

• Days on Market (DOM): The average DOM for active listings currently stands at 83 days, compared to 108 days three months ago, indicating that properties are selling slightly faster in the initial phases. However, this still suggests a relatively slow-moving market when considering increased inventory.

• Sold Prices: The average sold price in the past 30 days has climbed to $460,796 from $425,278 three months prior. This 8% increase signals that while inventory has grown, buyer interest remains strong, leading to higher final sale prices in competitive brackets. Additionally, the sold price to original list price ratio is at 94%, which indicates that while properties are selling for slightly below their asking prices, buyers are still willing to engage at competitive levels.

Ultimately, as we see increasing inventory and sell-through times that are slightly improving, this could point to a more stable market phase where pricing strategies might need adjustment as competition evolves. Buyers can capitalize on the broader inventory base, while sellers may wish to be mindful of the shifting market dynamics to remain competitive with their listings.

An In-Depth Look at Greater Phoenix Land

The current landscape of the land market in Greater Phoenix, as of March 15, 2025, reveals several important trends impacting the overall real estate environment. The number of active listings has expanded to 3,922 over the past month, which is an increase from 3,554 just three months ago. This growth indicates a remarkable rise in available options for potential buyers, allowing for more competition among sellers.

Analysing the sold properties, the average sold price has decreased to $323,072, reflecting a decline from $341,246 three months ago. This trend may suggest that buyers are negotiating harder, leading to lower closing prices. The average DOM for sold listings stands at 182 days, a stark contrast to the 286 days for active listings, indicating a more challenging selling environment for new entries to the market.

The months of inventory have increased to 16.1, a significant rise compared to 12 months ago when the figure was 8.4. A level above 16 months typically signals a buyer's market, providing more negotiation power to prospective buyers due to the higher number of available properties.

In summary, the Greater Phoenix land market is yielding more inventory but with downward pressure on prices. Sellers may need to strategically adjust their listings to attract buyers in this competitive landscape, while buyers have an opportunity to negotiate better deals in the current market conditions.

An In-Depth Look at Greater Phoenix Multifamily Dwellings

The multifamily market in Greater Phoenix has shown notable fluctuations over the last few months, with active listings currently totaling 333, a marked increase from 243 just three months ago. This increase in listings aligns with a significant rise in months of inventory, which now sits at 9.3 months, up from 6.9 months three months ago. Such trends indicate a more balanced market environment, allowing buyers greater choice, albeit potentially leading to extended selling times.

In terms of pricing, the average sold price presently stands at $652,454, compared to $636,333 three months ago. This 2% rise suggests that while more properties are becoming available, demand remains robust enough to support higher sale prices. The average price per square foot for sold properties has also experienced a slight increase, now averaging $252, signaling steady price appreciation in conjunction with enhancing supply levels.

Despite increased inventory, a key point of interest is the average Days on Market (DOM), which has risen to 121 days from 143 days over the last quarter. This upward trend in DOM indicates that while buyers have more options to choose from, they are taking longer to make purchasing decisions, which can be attributed to rising interest rates and economic shifts affecting buyer behavior. It implies that sellers may need to exercise patience and possibly adjust their pricing strategies to attract buyers in this evolving marketplace.

Moreover, the average sold price in relation to the original list price has hovered around 94%, only a slight uptick from 92% reported three months prior. This indicates a competitive landscape where properties still draw interest but may require pricing adjustments as buyer expectations shift in the current market dynamics.

In summary, Greater Phoenix's multifamily market is navigating a complex landscape wherein inventory growth and longer sales cycles are juxtaposed against upward price trends, reflecting a transitional phase that calls for both buyer and seller adaptability.