The real estate market in Peoria has shown notable dynamics in March 2024, according to the latest data sourced from the Arizona Regional Multiple Listing Service (ARMLS). This comprehensive analysis covers key trends in active listings, sales performance, and market absorption, providing stakeholders with a clear picture of the current market environment.
Overview of Market Dynamics
Active Listings: There was a significant rise in active listings, reaching a total of 19,837 properties, indicating an 18.8% increase compared to the previous year.
Median List Price: The median list price for active listings rose to $495,000, reflecting a 5.32% year-over-year increase.
Sold Listings: The market saw a diverse range of sales activity across different price segments.
Key Market Statistics
Absorption Rate: The absorption rate increased significantly to 3.28 months, up from 2.48 months last year, showing a faster turnover of listed properties.
Average Sale Price: Increased to $580,724, up 7.15% from the previous year, demonstrating continued appreciation in property values.
Days on Market (CDOM): The average cumulative days on market decreased from 76 to 67 days, indicating quicker sales.
Detailed Sales Analysis
Affordable Housing Segment: Homes priced below $100,000 saw an increase in sales activity, suggesting robust demand in the more affordable housing market.
Mid-Range Housing Market: The $200,000 to $499,999 price range experienced fluctuations, with some segments witnessing decreased sales, which may point to a shift in buyer preferences or market adjustments.
Luxury Market: Properties in the higher price brackets, especially those above $1,000,000, continued to show strong sales, underscoring sustained interest among luxury buyers.
Sales Volume and Price Range Performance
Lower Price Ranges: Demonstrated significant activity, particularly in homes priced under $100,000, where sales increased by 20% year-over-year.
Mid to High Price Ranges: Notable increases were observed in the $550,000 to $749,999 range, with sales up by 9.5%.
High-End Market: The luxury segments also performed well, with considerable year-over-year sales growth in properties priced between $750,000 and $999,999.
Future Outlook
The Peoria real estate market is positioned for sustained growth with rising median list prices and a robust absorption rate. The market dynamics suggest a healthy demand across all housing segments, with particular strength in the luxury market. Prospective buyers and investors should consider these trends when making decisions, as competition, especially in mid-range and luxury segments, may intensify.
Conclusion
March 2024 marked a period of significant activity in the Peoria real estate market, characterized by an increase in listings and dynamic sales across various price segments. The rising average sale prices and faster sales turnover indicate a strong market that could offer lucrative opportunities for both buyers and sellers in the upcoming months.
Data Verification and Source Reliability
This report is based on data from ARMLS as of March 2024. You are advised to independently verify this information to ensure its accuracy and relevance to their personal needs.
The analysis aims to provide real estate professionals, investors, and potential homebuyers with in-depth insights into the Peoria real estate market, aiding them in making informed decisions based on current market conditions and trends.
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