This week: The median single family home price in Phoenix this week is $195,000. Inventory has been lightening lately and the Market Action Index has been trending up. Though days-on-
market is increasing, these are mildly positive indications for the market.
Price: Prices continue their climb again this week. We’re a long way from the market’s price high-point so watch the Market Action Index as an indicator of how long this trend will last.
Supply and Demand: Local conditions are currently quite strongly in the Buyer’s Market zone (below 30). The 90-day Market Action Index stands at 18. With several months of inventory available at the current sales rate, buyers should find ample choice.
The Market Action Index answers the question “How’s the Market?” By measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller’s Market conditions. Below 30, conditions favor the buyer.
Quartiles: Investigate the market in quartiles—where each quartile is 25% of the homes.
- Most expensive 25% of homes
- Upper-middle 25% of homes
- Lower-middle 25% of homes
- Least expensive 25% of homes
Keller Williams Arizona Realty