This week was better than last for the housing markets in Phoenix, Scottsdale and Paradise Valley. The number of sales went up and average days on market went down across the board.
Median and Average sold prices in the Phoenix area during 3/16/15 to 3/22/15:
- Phoenix: The median sales price for 325 single family homes that sold (up 50 from the previous week!) in Phoenix was $192,500 and the average was $242,584. Average days on market was 78.52.
- Scottsdale: The median sales price for 113 single family homes that sold in Scottsdale was $489,00 and the average was $647,697. Average days on market was 118.12
- Paradise Valley: The median and average sales price for the seven single family homes that sold in Paradise Valley was $1,125,000. Average days on market was 188.29.
Currently active listing data:
- Phoenix: 3.08 months of inventory; 3,957 homes currently for sale in Phoenix.
- Scottsdale: 7.03 months of inventory; 2,644 homes currently for sale in Scottsdale.
- Paradise Valley: 13.28 months of inventory; 425 homes currently for sale in Paradise Valley.
I analyzed the homes sold in Phoenix over the last 30, 60 and 90 days across different price points. The charts below show an interesting story. The lower price ranges ($250,000 and below) have only enough inventory to last us through the next 90 days. This means that these price ranges are seeing a seller’s market.
Moving up in price we can see a completely different story. When looking at homes that are $250,000+ we see that there is enough inventory to go well beyond the next 90 days in this current market. This means there is a lot of competition for home sellers as buyers have more choices to pick from. When you look at the graph you can see it becomes even more challenging for home sellers in the $1,000,000+ ranges.
Let me know if you would like to discuss home buying and selling strategy further. I love this stuff!
The table below and analysis above provide a Metro Phoenix Real Estate Market Update for single family home sales in Paradise Valley, Phoenix, Scottsdale, and Tempe, AZ during the week of 3/16/15 to 3/22/15. This can give you insight into your home’s value or where you may want to concentrate your home search if you are looking to buy a home in Metro Phoenix. It helps you identify average home values, average price per square foot and how long, on average, homes are taking to sell by zip code in Metro Phoenix, AZ.
| City/Zip | # of Sales | Avg Price/SqFt | Avg Sold Price | Avg List Price | Avg Days on Market | Ratio of SP to LP |
| Paradise Valley | 7 | $295.87 | $1,425,714 | $1,513,714 | 188.29 | 94.19% |
| 85253 | 7 | $295.87 | $1,425,714 | $1,513,714 | 188.29 | 94.19% |
| Phoenix | 325 | $127.77 | $242,584 | $250,841 | 78.52 | 96.71% |
| 85003 | 1 | $262.08 | $385,000 | $395,000 | 20.00 | 97.47% |
| 85006 | 5 | $126.10 | $140,240 | $141,740 | 40.60 | 98.94% |
| 85007 | 4 | $184.44 | $344,475 | $351,725 | 83.75 | 97.94% |
| 85008 | 3 | $119.12 | $175,667 | $186,000 | 141.33 | 94.44% |
| 85009 | 8 | $67.11 | $77,175 | $79,288 | 43.63 | 97.34% |
| 85012 | 1 | $218.71 | $610,000 | $629,000 | 100.00 | 96.98% |
| 85013 | 7 | $205.11 | $412,786 | $423,971 | 50.86 | 97.36% |
| 85014 | 5 | $178.53 | $268,100 | $278,850 | 76.60 | 96.14% |
| 85015 | 6 | $121.71 | $196,083 | $203,933 | 43.00 | 96.15% |
| 85016 | 5 | $247.76 | $654,120 | $693,895 | 49.20 | 94.27% |
| 85017 | 6 | $79.39 | $122,233 | $123,883 | 194.17 | 98.67% |
| 85018 | 11 | $234.53 | $487,318 | $503,918 | 81.18 | 96.71% |
| 85019 | 2 | $80.88 | $123,000 | $121,000 | 45.00 | 101.65% |
| 85020 | 8 | $117.55 | $159,863 | $161,974 | 108.75 | 98.70% |
| 85021 | 8 | $111.78 | $198,600 | $222,575 | 71.00 | 89.23% |
| 85022 | 13 | $143.21 | $279,577 | $285,419 | 65.08 | 97.95% |
| 85023 | 13 | $133.64 | $312,615 | $326,130 | 99.15 | 95.86% |
| 85024 | 10 | $140.07 | $216,900 | $223,670 | 82.20 | 96.97% |
| 85027 | 8 | $108.43 | $164,500 | $167,225 | 48.75 | 98.37% |
| 85028 | 12 | $185.46 | $436,625 | $459,725 | 71.67 | 94.98% |
| 85029 | 9 | $93.13 | $151,171 | $154,297 | 101.78 | 97.97% |
| 85031 | 2 | $71.94 | $106,000 | $105,000 | 49.00 | 100.95% |
| 85032 | 21 | $139.17 | $240,239 | $244,529 | 98.43 | 98.25% |
| 85033 | 14 | $81.67 | $118,314 | $119,556 | 77.64 | 98.96% |
| 85035 | 9 | $86.06 | $112,744 | $112,233 | 67.11 | 100.46% |
| 85037 | 14 | $86.81 | $141,629 | $142,654 | 35.07 | 99.28% |
| 85040 | 4 | $68.17 | $92,500 | $93,725 | 97.00 | 98.69% |
| 85041 | 9 | $76.98 | $137,049 | $166,138 | 87.11 | 82.49% |
| 85042 | 12 | $103.85 | $173,847 | $179,208 | 99.33 | 97.01% |
| 85043 | 9 | $91.43 | $150,589 | $149,411 | 72.22 | 100.79% |
| 85044 | 17 | $151.02 | $297,924 | $310,214 | 57.41 | 96.04% |
| 85045 | 3 | $137.84 | $345,667 | $355,000 | 76.67 | 97.37% |
| 85048 | 15 | $154.13 | $374,253 | $386,807 | 94.80 | 96.75% |
| 85050 | 5 | $158.88 | $251,980 | $257,920 | 93.80 | 97.70% |
| 85051 | 15 | $85.41 | $139,633 | $140,113 | 54.47 | 99.66% |
| 85053 | 5 | $99.54 | $191,900 | $194,480 | 54.20 | 98.67% |
| 85083 | 9 | $117.16 | $298,156 | $304,733 | 126.78 | 97.84% |
| 85085 | 9 | $126.05 | $282,722 | $289,244 | 43.78 | 97.75% |
| 85086 | 8 | $151.59 | $342,500 | $357,463 | 131.88 | 95.81% |
| Scottsdale | 113 | $216.08 | $647,697 | $690,174 | 118.12 | 93.85% |
| 85250 | 5 | $183.31 | $336,800 | $336,400 | 55.40 | 100.12% |
| 85251 | 6 | $189.91 | $319,417 | $328,167 | 63.50 | 97.33% |
| 85254 | 15 | $176.58 | $440,527 | $454,967 | 94.00 | 96.83% |
| 85255 | 27 | $265.49 | $987,385 | $1,043,481 | 181.85 | 94.62% |
| 85257 | 12 | $157.01 | $262,763 | $267,800 | 83.25 | 98.12% |
| 85258 | 6 | $214.33 | $607,083 | $626,117 | 118.33 | 96.96% |
| 85259 | 5 | $157.87 | $468,020 | $818,780 | 89.40 | 57.16% |
| 85260 | 13 | $205.02 | $558,538 | $568,362 | 85.92 | 98.27% |
| 85262 | 17 | $245.30 | $842,835 | $886,076 | 143.29 | 95.12% |
| 85266 | 7 | $249.87 | $799,571 | $831,999 | 94.43 | 96.10% |
| Tempe | 25 | $145.13 | $274,272 | $282,820 | 57.12 | 96.98% |
| 85281 | 5 | $144.27 | $215,800 | $224,580 | 41.20 | 96.09% |
| 85282 | 8 | $134.19 | $216,350 | $220,963 | 73.25 | 97.91% |
| 85283 | 8 | $146.35 | $293,375 | $304,175 | 54.50 | 96.45% |
| 85284 | 4 | $165.62 | $425,000 | $436,625 | 50.00 | 97.34% |
| Grand Total | 470 | $152.43 | $359,290 | $376,978 | 88.54 | 95.31% |
We hope that you find the data in these Phoenix real estate market updates helpful. Please contact us if you are looking to buy or sell a home in metro Phoenix. We would love to help! 602.620.6267
*The data analyzed is from the Arizona Regional Multiple Listing Service (ARMLS).
The Joe Janus Real Estate – Trusted Real Estate Professionals Helping You Live You in Phoenix, Scottsdale and Paradise Valley, Arizona | info@joejanus.com | 602.620.6267
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