Greater Phoenix Condos Market Overview
Greater Phoenix Condos Market Highlights
As of May 16, 2025, the condo/townhome/patio home market in Greater Phoenix shows intriguing trends and dynamics affecting both buyers and sellers.
- Over the past month, the number of active listings has risen significantly to 5,123, compared to 4,158 just three months ago.
- This increase reflects a growing supply, evidenced by the months of inventory expanding to 5.4 months.
- Alongside this, average sold prices have dipped slightly to $432,198, suggesting a potential shift in buyer sentiment and pricing.
- Additionally, the average days on market (DOM) for sold listings is currently 64 days, indicative of a market that's beginning to slow down.
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
As we dive deeper into the Greater Phoenix condo/townhome/patio home market, it's noteworthy that both buyer and seller strategies may need re-evaluation in light of recent changes. The active listings have surged to 5,123 over the past month, a notable rise from 4,158 listings three months prior. This increase indicates a market with more available options for buyers, possibly leading to lower competition and pricing pressure for sellers.
Currently, the months of inventory stands at 5.4, reflecting an increase toward a more balanced market, especially when compared to 6.1 months three months ago. This level indicates that inventory levels are more aligned with sales activity, suggesting potential stabilization in the market.
As sellers navigate this changing landscape, the average sold price has decreased to $432,198, down from $521,192 just three months ago. This 17% decline signals a shift in market conditions where buyers may feel empowered to negotiate rates more favorably, perhaps due to a growing list of options at their disposal. The average price per square foot has also decreased, currently resting at $304, from $338 three months ago, further indicating a cooling trend.
In terms of sales dynamics, the average DOM has increased, currently standing at 64 days for sold listings, which is slightly longer than the 68 days recorded three months ago. A rise in DOM suggests that properties are not moving as quickly as before, a sign that both sellers and buyers might be recalibrating expectations.
With these shifts, sellers should be encouraged to approach pricing strategically, possibly reconsidering list prices to avoid prolonged market exposure, while buyers may benefit from an expanded selection of properties combined with potentially negotiable prices. As the market continues to evolve, adaptability will be key for all parties involved.
Brian Adamski, Realtor
Top 3% in Arizona | Professional 5-Star Service
480-405-1265
