It remains a seller’s market in Phoenix, however, list and sale prices are beginning to decrease. All data has been pulled from the ARMLS® from 8/1/2021-8/31/2021. See how the Phoenix-area housing market performed in August below.
In August, sales slightly decreased by 1.2% landing at 8,614 homes sold compared to 8,715 in July. Sales also decreased by 3% compared to August 2020.
The average list price continued to climb, increasing by 15% from the previous year. The average list price in August was $512.2K, a decrease from July at $518.7K. Median prices also remain on the rise with a 25.4% increase from August 2020.
The average closing price in August was $490.7K, a decrease from the previous month at $498.6K. The average sales price increased by 23% from August 2020, as well as the median sales price with an increase of 24.6%.
Days on Market (DOM)
Homes are still continuing to sell in Phoenix, however, the pace is beginning to slow down. The Average Days on Market in August was 29. This is a one-day increase from the previous month and a 22-day decrease from August 2020.
A Message From Wayne Graham, Head of Real Estate
“While we are starting to see list and sale prices slightly decrease, it is still very much a seller’s market. We are also starting to see inventory steadily increase each month, which tells us that the demand is lessening. More homes are becoming available to buyers causing less competition in today’s market.”
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