Phoenix Biltmore Condos

Biltmore Condos Market Highlights

As of Jul 10, 2025, the condo/townhome/patio home market in Biltmore is experiencing notable trends that could impact both buyers and sellers.

• The number of active listings has slightly dropped to 59, compared to 60 just three months ago, indicating stable inventory levels.
• Currently, the average sold price for listings has significantly decreased to $472,500, down from $753,611 three months ago.
• Additionally, the average days on market (DOM) has risen to 113 days, suggesting that properties are taking longer to sell in the current market.

An In-Depth Look at the Biltmore Condos Market

The Biltmore condo/townhome/patio home market, as of Jul 10, 2025, reveals a mix of challenges and opportunities. The decrease in active listings to 59 indicates a fairly stable supply, though just a marginal drop from 60 three months ago suggests that the market isn't in a rapid flux.

Analyzing sold prices provides a compelling picture of current market dynamics. The average sold price has declined substantially from $753,611 three months ago to $472,500 currently. This 38% drop may reflect increased buyer negotiation power or a shift towards more affordable options as listings face longer market times.

The days on market (DOM) have increased to 113 days, up from 78 days just three months prior. This uptick in DOM is significant, showing that properties are lingering longer on the market before being sold. The increase in DOM can indicate a cooling trend, where buyer demand may be easing or sellers are overpricing their properties, leading to necessary adjustments in asking prices.

In terms of months of inventory, the current figure is 5.4 months, a stable level that suggests the market is balanced, but it leans slightly towards favoring buyers. Comparing the current conditions against historical data, the months of inventory has not changed dramatically over the past year, remaining consistent with typical levels in a neighborhood where 5-6 months is common.

The average price per square foot for active listings has risen to $450, up from $415 three months ago. However, this increase contrasts with the declining trend in sold prices, which could signal that sellers may need to adjust their expectations moving forward.

Overall, buyers should seize the opportunity to negotiate, given the current pricing trends and increased DOM, while sellers might consider strategic pricing to adapt to the current buyer sentiment in this market environment. The contrasting trends of inventory levels, pricing shifts, and sales dynamics present a nuanced landscape that will require keen insight for both buyers and sellers to navigate effectively.