The real estate market dynamics in the Phoenix metropolitan area have been varied across different cities for the year spanning from April 1, 2023, to April 21, 2024. This report delves into the detailed statistics related to the supply and demand in the residential real estate sector for several key cities including Phoenix, Scottsdale, Mesa, Glendale, and others.
Market Dynamics Overview
The residential market analysis shows significant variations in sales volume, pricing, and market activity across different cities. Each segment of the market, including active listings, sold properties, and properties under contract, reveals insights into local economic conditions and buyer/seller behavior.
Detailed City-wise Analysis
Phoenix:
Active Listings: 3,371 with an average list price of $722,712.
Sold Properties: 13,946 with an average sale price of $543,000.
Under Contract: 13,357 listings with an average list price of $556,785.
Scottsdale:
Active Listings: 2,399 with an average list price of $1,859,211, reflecting its high-end market segment.
Sold Properties: 6,641 with an average sale price of $1,136,797.
Under Contract: 6,515 listings, indicating robust demand.
Mesa:
Active Listings: 1,623, at an average list price of $467,077.
Sold Properties: 7,060 with a more moderate average sale price of $450,158 compared to Scottsdale.
Glendale:
Active Listings: 628, average list price $509,103.
Sold Properties: 2,989, showing active market conditions with an average sale price of $447,986.
Peoria:
Active Listings: 732 with a higher average list price of $627,848.
Sold Properties: 2,771, average sale price $542,302.
Market Trends and Insights
Sales Trends: There's a clear trend of high activity in cities like Phoenix and Mesa, with significant numbers of properties being listed and sold. Scottsdale, known for its luxury market, shows higher average prices.
Pricing Dynamics: Average listing and sale prices vary widely across the region, influenced by local demographics, the economic environment, and housing supply.
Market Fluidity: Days on market figures suggest that properties in most cities are moving relatively quickly, indicating a strong demand across most price segments.
Economic Factors Impacting the Market
Several economic factors have been impacting the real estate market:
Interest Rates: Fluctuations in interest rates have been affecting buyer affordability, influencing the number of days on market and pricing.
Employment Rates: Economic growth and employment stability in the area contribute to the buying power of residents, which in turn affects real estate demand and pricing.
Conclusion
The residential real estate market in the Phoenix metropolitan area remains dynamic, with significant variations in activity and pricing across different cities. Investors and potential homebuyers should consider these detailed insights for making informed decisions in this vibrant market. This report, based on the most recent data up to April 2024, reflects the ongoing changes and provides a foundation for understanding future trends.
This analysis is supported by data from the regional Multiple Listing Service (MLS) reports. All data should be verified independently to ensure accuracy before making any investment or purchase decisions.
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