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The Metro Phoenix housing market experienced a notable shift in the 2nd Quarter of 2024, as the number of sold listings decreased by 7% and inventory shifted significantly by 24%. Yet despite the decrease in transactions, the average sales price climbed by 3%. Given these numbers, we may continue to see pressure on transaction volumes in the coming months. However, if the average sales price maintains its upward trajectory, we can expect overall market values to remain strong.
– Grant Van Dyke
Metro Phoenix
Average Sales Price: Q2 2023 > $1,060,462 vs Q2 2024 > $1,097,409 = 3% increase
Average Days On Market: Q2 2023 > 65 vs Q2 2024 > 66 = 2% increase
Average Sale Price Per Square Foot: Q2 2023 > $368 vs Q2 2024 > $383 = 4% increase
Sale to List Price Ratio: Q2 2023 > 96.95% vs Q2 2024 > 96.83% = 0% Change
Number of Sold Listings: Q2 2023 > 1635 vs Q2 2024 > 1519 = 7% decrease
Months Supply of Inventory: Q2 2023 > 1.82 vs Q2 2024 > 2.25 = 24% increase
Mortgage Rate: Q2 2023 > 6.84% vs Q2 2024 > 7.02% = 3% increase
Top 10 Sales
$15,250,000 5575 N Casa Blanca Dr, Paradise Valley
$14,000,000 7835 N Ironwood Dr, Paradise Valley
$13,300,000 6821 N 46th St, Paradise Valley
$13,100,000 6126 E Joshua Tree Ln, Paradise Valley
$12,500,000 7755 N Foothill Dr S, Paradise Valley
$11,750,000 7560 N Silvercrest Way, Paradise Valley
$11,680,000 7050 N 39th Pl, Paradise Valley
$10,392,857 6720 N Joshua Tree Ln, Paradise Valley
$8,700,000 8601 N 49th St, Paradise Valley
$8,500,000 8635 N 65th St, Paradise Valley
