Active listings in Phoenix rose to 3,272 in December, a 16.4% year-over-year increase that outpaced national inventory growth of 12.1%. Newly listed homes increased modestly by 2.0% to 938, expanding buyer options and indicating softened buyer demand. The median listing price adjusted to $450,000, a 6.3% decline from the previous year, compared with a 0.6% national decrease. Price reductions accounted for 23.0% of listings, a 3.2 percentage-point rise, signaling sellers' willingness to negotiate. Homes spent a median 71 days on market, up 10.2% yet slightly below the national median of 73 days. The market presented increased opportunities for buyers.
"In December, the active listing count in Phoenix climbed to 3,272, marking an impressive 16.4% increase compared to the prior year. This surge outpaced the national inventory growth of 12.1%, highlighting a shift in local market dynamics that favored home seekers. With newly listed homes experiencing a modest 2.0% year-over-year increase, reaching 938, the market offered an expansive array of options for discerning buyers. The combination of rising inventory and new listings signaled a beneficial pause in buyer demand, ripe with opportunity."
"The median listing price in Phoenix adjusted to $450,000 in December, representing a 6.3% decrease from the previous year. This adjustment was more pronounced than the national median listing price reduction of 0.6%, presenting a compelling landscape for buyers. With price reductions accounting for 23.0%-a rise of 3.2 percentage points from the previous year-sellers appeared ready to meet the market, opening doors for advantageous negotiations."
"In December, homes in Phoenix had a median days on market of 71, a 10.2% increase from the previous year, yet still slightly under the national median of 73 days. This increased time on market, in tandem with burgeoning inventory, provided buyers with a chance to consider their options carefully and make informed decisions, transforming the market into a playground of possibilities."
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