Phoenix Condo Market Update: July 2024
If you’re thinking about buying or selling a condo in Phoenix, Arizona area, understanding the current market trends can help you make smarter decisions. Here’s a simple breakdown of what’s happening in the current condo market as of July 2024. And yes, we know we’re a little late posting this but remember that real estate numbers are typically reported a month behind. That’s why we’re discussing July’s figures now, while August’s data will be available in the coming weeks.
This post and report is brought to you by PhxCondosForSale.com, your go-to resource for all things condo in the Phoenix area.
More Condos Available, but Homes Still Selling Fast in Phoenix
Right now, there’s a 5.54-month supply of condos available in Phoenix, which means the market is pretty balanced between buyers and sellers. However, over the past year, the number of available condos has jumped by ⬆️193.12%. This increase could give buyers more choices, possibly shifting the market in their favor.
Even though there are more condos on the market, they’re still selling fairly quickly, with the average condo staying on the market for 51 days. This is a sign that buyers are still snapping up good properties, especially since most condos are selling for about 97.8% of their asking price. So, sellers are still getting close to what they’re asking for.
Prices Holding Strong
The median sale price for a condo in Phoenix is currently $305,000. This solid price suggests that demand remains strong, even with more condos available. Sellers might be pricing their condos competitively to make sure they sell, but buyers are still willing to pay a good price for the right property.
Scottsdale Condo Market Overview: July 2024
Shifting gears to Scottsdale, we see a similar yet distinct pattern in the real estate market. As we analyze the market here, several key metrics provide valuable insights for both buyers and sellers.
First, the Months Condo Supply of Inventory in Scottsdale is currently 5.32. Like Phoenix, this indicates a balanced market, but with a slight lean towards sellers. However, the 12-Month Change in Months of Inventory shows a significant increase of ⬆️+108.63%. This suggests that the market might be gradually shifting towards favoring buyers, as there’s more inventory available compared to the previous year.
Homes in Scottsdale are also spending 51 days on the market before selling, which is a moderate amount of time and shows a healthy level of buyer interest. Additionally, the List to Sold Price Percentage is at 97.2%, meaning homes are generally selling close to their asking price.
The Median Sold Price in Scottsdale is significantly higher at $515,000. This higher price point reflects the market’s value in this area and is a critical factor for both buyers and sellers. Sellers can use this information to price their homes effectively, while buyers can make informed decisions when placing their offers.
Tempe Condo Market Insights: July 2024
Now, let’s take a look at the real estate market in Tempe. The data reveals some interesting trends that can guide both buyers and sellers.
The Months Condo Supply of Inventory in Tempe stands at 3.55, indicating a relatively balanced market where supply and demand are fairly even. However, the 12-Month Change in Months of Condo Inventory has increased by ⬆️+139.86%, suggesting that more homes are coming onto the market, which could tip the balance in favor of buyers.
Despite this increase in inventory, homes in Tempe are selling quickly, with a Median Days on Market of just 40 days. This quick turnover indicates strong demand, and it’s further supported by a List to Sold Price Percentage of 98.2%, meaning homes are selling very close to their asking prices.
The Median Condo Sold Price in Tempe is $359,000, offering a solid benchmark for both buyers and sellers. This price point, combined with the other metrics, shows that Tempe’s market is healthy, with quick sales and competitive pricing.
What This Means for You
- If You’re Buying: Whether you’re looking in Phoenix, Scottsdale, or Tempe, the increase in inventory means more options for you. However, be ready to act quickly as desirable properties are still selling fast.
- If You’re Selling: The market remains strong across all three areas, but with more competition, make sure your home is priced right and in great condition to stand out.
Our Take
The condo and real estate markets in Phoenix, Scottsdale, and Tempe are changing, but they remain strong. Whether you’re buying or selling, it’s important to stay informed about these trends. Working with a real estate agent who knows the current condo market can help you navigate these shifts and make the most of your investment.
Stay tuned for our next update when we’ll cover August’s numbers and see how these trends continue to evolve!
Thank you for reading! This post and report were brought to you by PhxCondosForSale.com. Whether you’re buying or selling, we’re here to help you navigate the Phoenix condo market. If you’re looking for a specific city, area, or condo building report, do not hesitate to reach out to PhxCondosForSale.com or comment below.
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