If you watch the news or read the paper, the mainstream media outlets would have you believe that the Phoenix market is sliding downhill and fast; however, the reality is that across Maricopa County, we have a number of different markets going on.
There are nine cities and towns that are still in seller’s markets–markets like Scottsdale, Fountain Hills, Gilbert and Glendale–while other areas are in balance and some cities/towns are in buyer’s markets–areas like Goodyear, Queen Creek, Buckeye and Surprise. For the City of Phoenix, it’s a mixed bag–some price points and parts of Phoenix are in a seller’s market and some areas/price points are either in balance or are in a buyer’s market. Under $500K, Phoenix has moved into a buyer’s market.
There are 24,831 homes for sale and those homes have been on the market for an average of 97 days–similar to what we reported in our November 2025 report. There are more than 8200 pending sales and for the month of January, there were 4854 closed transactions. Here are some MLS stats for recently closed sales:
- Average days on market: 92
- Average list to sale price ratio: .98
- Average sold price per square foot: $312
In December, we saw the typical dip in sales and like last year, contract activity has been on the rise all month. The chart below shows the number of homes under contract across the Phoenix metro area:
Our expectation is that inventory may rise slightly over the next 60 days and sales should continue at a similar pace. Sellers must price competitively–especially at the first-time home buyer end of the market. Unless rates dip further, we may see a similar level of demand over the next few months.
