The residential real estate market in the Phoenix metropolitan area, particularly in Phoenix, Buckeye, Glendale, Avondale, Surprise, Mesa, Scottsdale, and Peoria, has experienced significant changes over the past year. This report provides an in-depth analysis of the market dynamics within these cities, focusing on single-family homes and townhouses from January 1, 2024, to April 21, 2024, and comparing it to the same period in 2023.
City-Wise Market Analysis
Phoenix:
Total Active Listings: Declined by 51% from last year, totaling 2,369.
Number Sold: Decreased by 10% with 2,939 units sold.
Average Sale Price: Increased by 16%, reaching $636,109.
Buckeye:
Total Active Listings: Saw a sharp decrease of 62%, with 524 listings.
Number Sold: Slightly reduced by 4% with 708 sales.
Average Sale Price: Rose by 7% to $459,495.
Glendale:
Total Active Listings: Dropped by 49% to 564.
Number Sold: Down by 6% with 714 properties sold.
Average Sale Price: Increased by 2%, now at $482,749.
Avondale:
Total Active Listings: Decreased by 56%, with 186 listings.
Number Sold: Down by 5% to 247 sales.
Average Sale Price: Increased by 7%, reaching $437,450.
Surprise:
Total Active Listings: Reduced by 53%, with 745 listings.
Number Sold: Increased by 6%, totaling 976 sales.
Average Sale Price: Increased by 4% to $474,429.
Mesa:
Total Active Listings: Decreased by 49% to 1,175.
Number Sold: Reduced by 12% with 1,449 properties sold.
Average Sale Price: Increased by 8%, up to $551,756.
Scottsdale:
Total Active Listings: Reduced by 52%, totaling 945.
Number Sold: Increased by 3% to 1,176 sales.
Average Sale Price: Rose by 8% to $1,496,395.
Peoria:
Total Active Listings: Reduced by 54%, with 515 listings.
Number Sold: Down by 7% with 650 sales.
Average Sale Price: Increased by 6% to $602,996.
Market Summary and Trends
The Phoenix metropolitan area has shown a substantial reduction in active listings across all surveyed cities, indicating a tighter market. Despite the overall decrease in units sold, the average sale prices have consistently risen, reflecting a market where demand remains robust despite fewer properties being available. This trend suggests a competitive housing market environment, pushing prices upward.
Conclusion
The residential real estate market in key cities of the Phoenix metropolitan area has undergone notable changes with a general trend towards higher prices amidst a decline in active listings. Stakeholders, including buyers, sellers, and investors, should consider these trends in their decision-making processes, acknowledging that the current market dynamics favor sellers due to limited inventory and sustained demand.
For a comprehensive understanding and detailed city-specific data, refer to the full market report sourced from ARMLS and prepared by Gustavo Ramos with Best Homes Real Estate. This analysis aims to guide potential market entrants and existing players with up-to-date and accurate market insights as of 2024.
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