Tempe Land

An In-Depth Look at the Tempe Land Market

As the market progresses, the Tempe land sector reveals several noteworthy trends, especially in relation to inventory levels and pricing dynamics.

Currently, with 13 active listings, the inventory has expanded from 9 listings just three months prior. This increase in active listings reflects an ongoing adjustment in the market, possibly driven by a combination of new developments and sellers responding to buyer demand amidst rising prices.

Average prices for these active listings are notably higher, currently at $874,667 compared to $860,778 three months back, which may suggest that sellers are capitalizing on buyer interest even as inventory levels rise. However, the average price per square foot of $43 indicates distinct volatility in pricing trends.

In terms of market activity, the average days on market (DOM) has notably decreased to 94 days, a significant drop from 160 days three months ago. This compressed DOM might indicate a surge in buyer interest, suggesting an uptick in consumer confidence or a favorable shift in land availability.

On the other hand, the months of inventory remain at 8.7, which denotes a slower turnover compared to a balanced market but also reflects an improved market condition compared to a higher 9.0 months three months ago. This means that while the market is seeing more listings, property sales are quicker, hinting at increasing buyer activity.

The relationship between DOM and inventory levels in this geographic area illustrates that as more properties come onto the market, faster sales have contributed to a dynamic adjustment in prices and timelines for both sellers and buyers. As such, understanding these underlying trends can provide vital insights for prospective buyers looking to secure land in Tempe, as well as for sellers aiming to position their properties effectively in a slightly changing landscape.