AriZona Real Estate insider!

As we near the end of the year, it’s crucial for buyers, sellers, and market watchers to understand the evolving trends in Maricopa County’s condo-heavy cities, including Tempe, Phoenix, and Scottsdale. Below, we break down the key metrics for each city, compare them to August’s numbers, and offer insights on what to expect in the coming months.

This condo market update is brought to you by PhxCondosForSale.com—your go-to resource for condo insights in the Phoenix area.

Tempe Condo Market Update (September 2024)

• Months Supply of Inventory: 5.06 (vs. 3.94 in August)
  Tempe has seen a significant rise in inventory over the past two months, moving from a competitive seller’s market to a more balanced one. Buyers now have more opportunities in this evolving market.
• 12-Month Change in Inventory: +159.49% (vs. +173.61% in August)
  Though the growth in inventory has slowed slightly, it remains significantly higher than last year, giving buyers more options as the market adjusts.
• Median Days Homes Are On the Market: 47 days (vs. 40 days in August)
  Homes are spending more time on the market, signaling a shift as inventory increases and buyer options expand.
• List to Sold Price Percentage: 98.4% (vs. 98.3% in August)
  Despite rising inventory, sellers are still getting close to the full asking price, indicating continued strong demand for condos in Tempe.
• Median Sold Price: $353,363 (vs. $327,500 in August)
  The median sold price has risen, reflecting Tempe’s sustained demand even as supply increases.

Report:

Phoenix Condo Market Update (September 2024)

• Months Supply of Inventory: 6.68 (vs. 6.07 in August)
  Inventory in Phoenix continues to rise, shifting the market further toward buyers, with more negotiating power on their side.
• 12-Month Change in Inventory: +190.43% (vs. +212.89% in August)
  While the pace of inventory growth has slowed, the supply increase is still significant, offering potential advantages for buyers.
• Median Days Homes Are On the Market: 51 days (vs. 54 days in August)
  Homes are selling slightly faster than last month, showing there’s still interest from buyers despite the growing inventory.
• List to Sold Price Percentage: 97.5% (vs. 97.8% in August)
  Sellers are seeing a slight dip in the final sale price compared to their listing, reflecting a softening in the market as more inventory becomes available.
• Median Sold Price: $316,000 (vs. $314,950 in August)
  Phoenix’s condo prices remain stable, a sign of resilience in this changing market.

Report:

Scottsdale Condo Market Update (September 2024)

• Months Supply of Inventory: 6.67 (vs. 5.62 in August)
  Inventory continues to rise, pushing the Scottsdale condo market more firmly into a buyer’s market as the supply of available homes grows.
• 12-Month Change in Inventory: +131.6% (vs. +123.02% in August)
  Inventory is still climbing, especially in the luxury condo sector, providing more options for discerning buyers.
• Median Days Homes Are On the Market: 67 days (vs. 65 days in August)
  Homes are spending a bit more time on the market, which indicates that buyers are taking their time with the increase in available listings.
• List to Sold Price Percentage: 97.3% (vs. 97.5% in August)
  Sellers are still receiving near-asking prices, though this slight dip reflects some softening in the competitive landscape.
• Median Sold Price: $442,500 (vs. $475,000 in August)
  The median sold price has decreased slightly, reflecting some cooling in the Scottsdale condo market, especially in higher-end properties.

Report:

What to Expect for the Rest of 2024

As we move through the final months of 2024, the condo markets across Tempe, Phoenix, and Scottsdale—as observed by PhxCondosForSale.com—are experiencing similar trends. Rising inventory across all three cities presents more options for buyers, giving them increased negotiating power. For sellers, the market is showing signs of softening, with homes taking longer to sell and list-to-sold price percentages slightly decreasing.

Despite these changes, the markets remain competitive, especially in Tempe, where demand is still strong. Sellers should focus on pricing their properties competitively to attract buyers in this shifting landscape, while buyers should take advantage of the growing inventory to find the right opportunity. For both buyers and sellers, working with a knowledgeable real estate professional is essential to navigating these evolving market conditions successfully. Keep up with the latest condo trends at PhxCondosForSale.com to stay informed and make smart real estate decisions.

By PhxCondosForSale.com

AZREi

Main Photo by Jason Peterson on Unsplash