Greater Phoenix Condos Market Overview
Greater Phoenix Condos Market Highlights
As of May 5, 2025, the condos/townhomes/patio homes market in Greater Phoenix has revealed some intriguing dynamics amid shifting conditions.
- Active listings have risen notably in recent weeks, currently totaling 5,150, which is a significant increase from 4,153 three months ago.
- The average price per square foot for active properties sits at $506, reflecting a climbing trend as demand continues.
- Despite this uptrend in inventory, the average days on market (DOM) for recent sales remains relatively swift at 64 days.
Curious how the Greater Phoenix Condos market has changed over time?
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Greater Phoenix Condos Market Report
An In-Depth Look at the Greater Phoenix Condos Market
The latest data showcases a compelling snapshot of the Greater Phoenix condos/townhomes/patio homes market as of May 5, 2025.
Inventory levels are a central theme here; the number of active listings has expanded to 5,150 over the past month, compared to just 4,153 three months ago, indicating a robust increase in available homes. This expanded inventory has pushed the months of inventory up to 5.4, signaling a more balanced market condition compared to the tighter 6.1 months observed three months ago.
Sold prices have also hit an average of $431,544, although this figure represents a moderate fluctuation when compared to $521,192 just three months prior. Along with this, the average sold price per square foot currently sits at $306, a notable variance from $338 a few months ago, suggesting buyers are exercising caution as they navigate through a larger selection of properties.
Interestingly, the DOM for sold properties has maintained an average of 64 days, which aligns closely with the previous month's figures, thus indicating that while the inventory has gone up, properties are still changing hands at a relatively brisk pace. The increasing numbers of active listings could be attributed to an influx of new constructions coming into play as buyers take advantage of a wider selection in today's market.
To summarize, the overall metrics showcase a market that is more abundant in listings, providing buyers with additional options, while seller strategies should remain flexible and sensitive to this broader selection to ensure competitive pricing and appealing offers. As we move forward, market participants will need to watch these indicators closely to gauge evolving buyer sentiment and potential price adjustments.
Brian Adamski, Realtor
Guiding You Home in Greater Phoenix | Turning Uncertainty into Peace of Mind
480-405-1265
