We just love analyzing the market; both in crunching the data and actually seeing the inventory in person. Doing so gives really great insight into how to position yourself as a homebuyer or seller in the Phoenix real estate market.
Here is our synopsis of key numbers in the Phoenix real estate market for April 2015 (all sales analyzed were for single family detached homes):
- The median home price that sold in Phoenix in April was $205,000; the same as the median in March. The average was $256,243
- 1,517 homes sold in Phoenix in April; 99 less than March.
- The amount of time these homes sat on the market dropped from 80 days in March to just 65 in April.
Taking a closer look at the market we can see an interesting story taking place. The graph below illustrates how the inventory of homes that are priced up to $299,999 is low. For example, the current inventory of homes in the $225,001 to $249,999 range is only enough to last about the 60 days. What does this mean if you’re a homebuyer? It means that you have less to choose from and there is more competition. We witnessed this first hand when we listed a $285,000 home for sale a couple of weeks ago and it was under-contract within two days! What does this mean if you’re a home seller? You could get multiple offers and enjoy a swift sale. If positioned and handled correctly you may even be able to get more than asking price.
Now, let’s shift gears and look at homes that are in the $500,000 to $999,999 price range. Here we can see a different story playing out. The active inventory is much greater than the number of homes sold in the last 30, 60 and even 90 days. What does this mean for homebuyers? Well, you have more to choose from, but the choices may not be the best quality because those homes sell quicker. This means that depending on how a home is priced and positioned, negotiations may be tipped in your favor. What does this mean for home sellers? Make sure that your home is positioned to stand out above all the rest because you have more competition. Contact us if you’d like to learn about how we prepare, price and promote homes for successful sale.
The table below outlines the key sales figures in the Phoenix Real Estate Market in April of 2015 by zip code.
| City/Zip | # of Sales | Avg Price/SqFt | Avg Sold Price | Avg List Price | Avg Days on Market | Ratio SP to LP |
| Paradise Valley | 37 | $376.57 | $2,179,536 | $2,338,246 | 151 | 93.21% |
| 85253 | 37 | $376.57 | $2,179,536 | $2,338,246 | 151 | 93.21% |
| Phoenix | 1517 | $130.53 | $256,243 | $263,101 | 65 | 97.39% |
| 85002 | 1 | $151.51 | $235,000 | $239,900 | 8 | 97.96% |
| 85003 | 10 | $223.17 | $340,910 | $353,680 | 28 | 96.39% |
| 85004 | 1 | $130.27 | $210,000 | $186,800 | 6 | 112.42% |
| 85006 | 19 | $173.70 | $205,589 | $208,989 | 64 | 98.37% |
| 85007 | 18 | $137.78 | $242,156 | $248,877 | 84 | 97.30% |
| 85008 | 24 | $130.47 | $208,842 | $216,357 | 51 | 96.53% |
| 85009 | 24 | $80.97 | $108,708 | $110,696 | 28 | 98.20% |
| 85012 | 3 | $185.32 | $649,167 | $708,300 | 72 | 91.65% |
| 85013 | 19 | $166.70 | $290,363 | $298,774 | 41 | 97.18% |
| 85014 | 23 | $165.77 | $282,591 | $298,626 | 97 | 94.63% |
| 85015 | 23 | $129.81 | $192,078 | $194,961 | 85 | 98.52% |
| 85016 | 54 | $200.69 | $464,718 | $485,696 | 76 | 95.68% |
| 85017 | 21 | $83.77 | $114,750 | $114,005 | 76 | 100.65% |
| 85018 | 58 | $244.58 | $594,959 | $622,785 | 64 | 95.53% |
| 85019 | 35 | $90.14 | $127,306 | $127,439 | 48 | 99.90% |
| 85020 | 26 | $153.57 | $312,231 | $321,427 | 57 | 97.14% |
| 85021 | 33 | $160.66 | $368,986 | $381,933 | 60 | 96.61% |
| 85022 | 53 | $135.90 | $250,270 | $257,160 | 63 | 97.32% |
| 85023 | 34 | $117.67 | $239,006 | $244,884 | 42 | 97.60% |
| 85024 | 30 | $145.66 | $257,413 | $264,235 | 47 | 97.42% |
| 85027 | 46 | $117.17 | $182,412 | $185,043 | 45 | 98.58% |
| 85028 | 40 | $155.46 | $393,860 | $412,065 | 83 | 95.58% |
| 85029 | 57 | $101.93 | $170,230 | $170,954 | 52 | 99.58% |
| 85031 | 24 | $73.83 | $104,659 | $106,371 | 54 | 98.39% |
| 85032 | 81 | $136.05 | $230,802 | $235,006 | 55 | 98.21% |
| 85033 | 49 | $86.26 | $122,040 | $123,153 | 57 | 99.10% |
| 85035 | 37 | $86.74 | $117,881 | $116,608 | 64 | 101.09% |
| 85037 | 62 | $89.49 | $148,269 | $150,190 | 44 | 98.72% |
| 85040 | 22 | $80.40 | $119,081 | $120,432 | 33 | 98.88% |
| 85041 | 70 | $86.56 | $149,952 | $151,407 | 80 | 99.04% |
| 85042 | 59 | $105.34 | $189,534 | $195,568 | 60 | 96.91% |
| 85043 | 40 | $88.50 | $154,302 | $157,203 | 64 | 98.15% |
| 85044 | 66 | $153.78 | $336,913 | $346,858 | 75 | 97.13% |
| 85045 | 26 | $148.17 | $330,111 | $337,263 | 76 | 97.88% |
| 85048 | 73 | $154.52 | $348,959 | $357,984 | 76 | 97.48% |
| 85050 | 55 | $162.93 | $352,434 | $358,540 | 82 | 98.30% |
| 85051 | 50 | $92.54 | $153,462 | $155,644 | 62 | 98.60% |
| 85053 | 32 | $105.80 | $173,575 | $176,023 | 44 | 98.61% |
| 85054 | 8 | $197.55 | $504,313 | $523,563 | 90 | 96.32% |
| 85083 | 36 | $132.88 | $329,272 | $333,258 | 81 | 98.80% |
| 85085 | 32 | $138.19 | $313,951 | $323,119 | 82 | 97.16% |
| 85086 | 43 | $127.95 | $344,715 | $352,153 | 121 | 97.89% |
| Scottsdale | 489 | $219.74 | $682,166 | $717,545 | 101 | 95.07% |
| 85250 | 16 | $207.63 | $483,438 | $501,494 | 62 | 96.40% |
| 85251 | 34 | $218.07 | $486,040 | $507,566 | 66 | 95.76% |
| 85254 | 77 | $184.28 | $459,342 | $472,877 | 87 | 97.14% |
| 85255 | 86 | $262.53 | $1,005,590 | $1,067,811 | 131 | 94.17% |
| 85257 | 49 | $167.41 | $279,371 | $288,153 | 85 | 96.95% |
| 85258 | 42 | $230.92 | $600,561 | $630,990 | 102 | 95.18% |
| 85259 | 53 | $213.57 | $803,689 | $835,570 | 108 | 96.18% |
| 85260 | 52 | $213.68 | $659,027 | $704,194 | 105 | 93.59% |
| 85262 | 40 | $245.72 | $1,065,018 | $1,142,099 | 131 | 93.25% |
| 85266 | 40 | $244.73 | $727,260 | $753,666 | 89 | 96.50% |
| Grand Total | 2043 | $156.34 | $393,021 | $409,456 | 75 | 95.99% |
*The data analyzed is from the Arizona Regional Multiple Listing Service (ARMLS) for Metro Phoenix, Arizona. The narrative synopsis above is speaking only to single family detached homes within the city of Phoenix, Arizona.
Joe Janus & James Plotnik, real estate agents and Realtors® specializing in the buying and selling of Distinctive Arizona Homes in Metro Phoenix, Scottsdale and Paradise Valley, Arizona.
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