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Despite a 13% decrease in sold properties, the average home sales price increased by a solid 7%, while the average price per square foot declined, indicating consistent pricing dynamics. The rise in available homes for sale suggests a shift toward a more balanced market. However, with interest rates dropping below 7% and the MetroPhoenix home selling season gaining momentum, we anticipate a slight advantage for sellers. Wide-reaching property exposure, strong negotiation skills, and professional broker representation become crucial factors for both sellers and buyers in such a market.
– Grant Van Dyke
Metro Phoenix
Average Sales Price: April 2024 > $1,201,834 vs May 2024 > $1,065,925 = 11% decrease
Average Days On Market: April 2024 > 74 vs May 2024 > 62 = 16% decrease
Average Sale Price Per Square Foot: April 2024 > $404 vs May 2024 > $375 = 7% decrease
Sale to List Price Ratio: April 2024 > 97.03% vs May 2024 > 96.97% = 0% Change
Number of Sold Listings: April 2024 > 493 vs May 2024 > 559 = 13% increase
Months Supply of Inventory: April 2024 > 4.46 vs May 2024 > 3.94 = 12% decrease
Mortgage Rate: April 2024 > 7.31% vs May 2024 > 7.17% = 2% decrease
Top 10 Sales
$15,250,000 5575 N Casa Blanca Dr, Paradise Valley
$13,300,000 6821 N 46th St, Paradise Valley
$8,700,000 8601 N 49th St, Paradise Valley
$8,500,000 8635 N 65th St, Paradise Valley
$8,300,000 6277 E Cholla Dr, Paradise Valley
$7,250,000 9038 N 54th Pl, Paradise Valley
$6,500,000 6641 E Meadowlark Ln, Paradise Valley
$6,136,000 4456 E Valley Vista Ln, Paradise Valley
$6,100,000 5801 E Caballo Dr, Paradise Valley
$5,600,000 4223 E Marlette Ave, Paradise Valley
