November’s condo market in Phoenix, Scottsdale, and Tempe presents a fascinating snapshot of shifting dynamics that matter to both buyers and sellers. These metrics, a month behind, reveal critical trends shaping the Valley’s real estate. Let’s break it down and help you strategize for success.
Phoenix Condo Market: A Buyer’s Advantage Grows
- Months Supply of Inventory: 7.08 months (+140% YoY)
- Median Days on Market: 61 days
- List to Sold Price Percentage: 97.5%
- Median Sold Price: $322,450
Phoenix’s condo market has tilted toward buyers, with a sharp 140% increase in inventory year-over-year. A 7.08-month supply indicates more options for buyers and potentially longer waits for sellers. Homes now linger on the market for an average of 61 days, emphasizing the importance of strategic pricing for sellers.
Key Takeaway for Buyers: More inventory means you can take your time to find the perfect fit, but don’t let good deals slip away. Interest rates and seller motivation could work in your favor.
Key Takeaway for Sellers: To stand out in a buyer’s market, focus on pricing competitively and ensuring your condo shines through professional staging and marketing.
Scottsdale Condo Market: Opportunities in a Competitive Landscape
- Months Supply of Inventory: 7.02 months (+98.87% YoY)
- Median Days on Market: 49 days
- List to Sold Price Percentage: 97.3%
- Median Sold Price: $479,250
Scottsdale’s condo market remains a coveted destination, but with nearly double the inventory compared to last year, buyers have more options. Homes are still selling relatively quickly, averaging 49 days on the market. Sellers are achieving close to their asking price, with a strong 97.3% list-to-sold ratio.
Key Takeaway for Buyers: Take advantage of increased inventory to secure a condo in a prime location. However, be prepared to move fast if you find a competitively priced property.
Key Takeaway for Sellers: Scottsdale’s prestige helps maintain strong price points, but adjusting to increased competition with strategic pricing is crucial.
Tempe Condo Market: A Balanced Battlefield
- Months Supply of Inventory: 5.05 months (+105.28% YoY)
- Median Days on Market: 41 days
- List to Sold Price Percentage: 98.2%
- Median Sold Price: $326,000
Tempe’s condo market is the most balanced of the three cities, with a 5.05-month inventory. Homes are selling fast, staying on the market for just 41 days on average. A strong 98.2% list-to-sold price ratio shows buyers are willing to pay close to asking prices, driven by the city’s desirable location and vibrant lifestyle.
Key Takeaway for Buyers: Act decisively when you find a property you like. Competition is less fierce than in a seller’s market, but attractive condos still move quickly.
Key Takeaway for Sellers: Leverage Tempe’s steady demand by showcasing your condo’s unique selling points. With the right strategy, you can achieve a quick sale at a great price.
Final Thoughts
For buyers, the expanding inventory across all three markets offers an opportunity to find condos that align with your needs and budget. Take advantage of these shifts, but remain prepared to act when the right property arises.
For sellers, staying informed and adaptable is key. Price competitively, market effectively, and lean on professional guidance to navigate these evolving conditions.
This report and post are proudly provided by PhxCondosForSale.com—your go-to source for expert insights and listings in Phoenix, Scottsdale, and Tempe. Whether you’re buying or selling, we offer the tools and expertise to help you succeed in the dynamic condo market.
No matter your position in the market, working with an experienced real estate insider can make all the difference. Contact PhxCondosForSale.com for personalized insights and strategies tailored to your goals!
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