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The current real estate market in Metro Phoenix can be succinctly described as “subdued.” Despite low sales volumes and distress levels near historic lows, stability prevails. A notable shift in prices seems unlikely in the near future, dampening hopes of significant price reductions. The trajectory hints at a gradual move towards balanced market conditions, tempering expectations of rapid price surges. Anticipation lingers for potential mortgage rate decreases to ignite buyer interest.
– Grant Van Dyke
Metro Phoenix
Average Sales Price: March 2024 – $1,056,724 vs April 2024 – $1,203,198 = 14% increase
Average Days On Market: March 2024 – 66 vs April 2024 – 74 = 12% increase
Average Sale Price Per Square Foot: March 2024 – $386 vs April 2024 – $404 = 5% increase
Sale to List Price Ratio: March 2024 – 96.98% vs April 2024 – 97.03% = No Change
Number of Sold Listings: March 2024 – 501 vs April 2024 – 491 = 2% decrease
Months Supply of Inventory: March 2024 – 4.34 vs April 2024 – 4.36 = 1% increase
Mortgage Rate: March 2024 – 7.01% vs April 2024 – 7.31% = 4% increase
Top 10 Sales
$14,000,000 7835 N Ironwood Drive, Paradise Valley
$13,100,000 6126 E Joshua Tree Lane, Paradise Valley
$11,680,000 7050 N 39th Place, Paradise Valley
$10,392,587 6720 N Joshua Tree Lane, Paradise Valley
$7,850,000 7841 N Invergordon Place, Paradise Valley
$7,700,000 6133 N 61st Place, Paradise Valley
$7,264,000 6005 E Sage Drive, Paradise Valley
$7,000,000 4800 E Calle Del Medio, Phoenix
$6,800,000 6630 E Stallion Road, Paradise Valley
$6,800,000 4931 E Calle Del Norte, Phoenix
