The real estate market in Phoenix has shown varied performance across different price segments and property types in March 2024. This report provides an analysis of active listings, new listings, sold properties, and price trends based on data provided by the Arizona Regional Multiple Listing Service (ARMLS).
Market Trends and Performance
Active Listings and Price Trends:
The number of active listings increased significantly from last year, demonstrating a growth in market inventory.
The median list price for active properties was $495,000, a 5.32% increase from the previous year.
The absorption rate saw a notable increase of 32.26% from the previous year, indicating faster market movement.
Sales Performance:
There was a slight decline in total sold listings compared to the previous year, with 6,769 units sold, marking an 11% decrease.
The median sale price was $445,000, reflecting a 5.95% increase year-over-year, suggesting that property values continue to rise despite fewer transactions.
Days on Market (CDOM):
Properties spent less time on the market before being sold, with the average CDOM dropping from 76 days last year to 67 days in March 2024, showing improved market liquidity.
Price Volume Analysis:
Significant sales activity was noted in higher price ranges, particularly in the $300,000-$399,999 bracket, which aligns with the median price range but shows a decrease in sales compared to last year.
Luxury markets ($1,000,000 and above) also saw an increase in activities with a positive year-over-year change, highlighting a growing interest in high-end properties.
Financing Trends
Conventional loans dominated the financing types, underscoring the traditional buying strength in Phoenix.
FHA and VA loans were also significant, indicating active participation from first-time homebuyers and veterans.
Cash purchases remained robust, reflecting a strong investor presence and financial solidity among buyers.
Forward-Looking Statements
As Phoenix heads into the second quarter of 2024, the real estate market is expected to sustain its momentum, supported by a solid economic backdrop and continuous influx of new residents. However, potential buyers and investors should remain vigilant of economic indicators such as interest rates and employment figures, as these could influence market dynamics significantly.
Conclusion
The Phoenix real estate market in March 2024 showcased a healthy balance of growth in property values and increased inventory, providing opportunities for both buyers and sellers. With a diverse range of financing options and property types, the market caters to a wide spectrum of preferences and budgets, reinforcing Phoenix's status as a vibrant housing market.
Data Verification and Reliability
This report is based on data from ARMLS and compiled by industry experts. However, everyone is advised to conduct independent verification to ensure accuracy and reliability before making any investment decisions.
For further detailed analysis and real-time updates, stakeholders are encouraged to consult local real estate professionals or access ARMLS resources directly.
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