Welcome to the Scottsdale, Phoenix, and Tempe Condo Real Estate Market Report for August 2024, brought to you by PhxCondosForSale.com, your trusted source for condo, loft, and townhome sales. Whether you’re buying or selling, these key insights will help you make informed decisions in this dynamic market.
Scottsdale Condo Market: August 2024
- Months’ Supply of Inventory: 5.62
- Market Condition: Balanced
- Supply and demand are relatively equal, offering opportunities for both buyers and sellers.
- 12-Month Change in Inventory: +123.02%
- Inventory has increased significantly, potentially creating more options for buyers in the near future.
- Median Days on Market: 65 days
- Homes are selling at a steady pace, reflecting strong demand despite rising inventory.
- List to Sold Price Percentage: 97.5%
- Sellers are still receiving nearly full asking price, showing that demand remains robust.
- Median Sold Price: $475,000
- Indicates a stable market, attractive to both first-time buyers and investors.
Summary: Scottsdale is in a balanced market, with a slight lean toward becoming more buyer-friendly due to the rising inventory. Sellers can still expect good returns, but buyers have more choices.
Scottsdale Condo Market Report for August 2024
Phoenix Condo Market: August 2024
- Months Supply of Inventory: 6.07
- Market Condition: Balanced, leaning toward a buyer’s market
- An increase in inventory suggests buyers may have more negotiating power.
- 12-Month Change in Inventory: +212.89%
- A significant increase in inventory, moving toward a potential oversupply.
- Median Days on Market: 54 days
- Homes are still selling relatively quickly despite the high inventory.
- List to Sold Price Percentage: 97.8%
- Close to asking price, demonstrating strong market competition.
- Median Sold Price: $314,950
- Reflects solid market value and competitive pricing for condos in Phoenix.
Summary: Phoenix is transitioning into a buyer’s market, with inventory rising fast. Buyers may find great deals, while sellers need to stay competitive.
Phoenix Condo Market Report for August 2024
Tempe Condo Market: August 2024
- Months Supply of Inventory: 3.94
- Market Condition: Balanced
- Inventory and demand are in equilibrium, offering a steady market for both buyers and sellers.
- 12-Month Change in Inventory: +173.61%
- Inventory has increased significantly, which may soon benefit buyers.
- Median Days on Market: 40 days
- Properties are moving quickly, with strong demand continuing.
- List to Sold Price Percentage: 98.3%
- Sellers are getting nearly full asking price, indicating high competition.
- Median Sold Price: $327,500
- Suggests healthy market conditions with good price stability.
Summary: Tempe remains a balanced market, but with a rising inventory, buyers could see more opportunities. Sellers can still expect good results, as demand remains strong.
Tempe Condo Market Report for August 2024
Final Thought:
- Scottsdale is balanced but shifting slightly toward buyers 🛒🛍️ due to rising inventory.
- Phoenix is leaning toward a buyer’s market🛒🛍️ as inventory increases rapidly.
- Tempe remains a balanced market but could favor buyers soon with increasing supply.
Check out last month’s reports [HERE], as we also have the July 2024 data available for comparison.
Now is a great time to consider buying or selling in these markets! Contact PhxCondosForSale.com for expert guidance on navigating these changing conditions and securing the best deal possible. For sellers, our commission fee starts at just 1.5%, helping you save while maximizing your returns!
AriZona Real Estate insider! 
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