Is Phoenix a seller's market right now?

There are fewer homes for sale and more price drops compared to last year, which suggests the market has shifted away from being strongly in sellers' favor. The average home is also selling for less per square foot. However, new listings are up, which helps buyers have more choices. Overall, the market is somewhere in the middle, not strongly favoring one side over the other. The median listing price in Phoenix is $498,000, which is down 5.1% from a year ago. The average listing price is also down 2.3% from last year, now at $849,438. This means homes are listed for considerably less money than they were at this time last year. There are 19,514 active listings, which is 4.1% fewer than last year. At the same time, new listings went up 9.5% to 7,444. This shows that despite fewer homes on the market overall, more new homes are being added. Homes are staying on the market longer, with the median days on market at 60 days, up 3.5% from last year. Also, 28.2% of homes had price reductions, though this is slightly less than last year. This means sellers are having to wait a bit longer to find a buyer, and many still need to lower their prices. If you are a seller in Phoenix, you might need to be more flexible with your pricing and patient with how long it takes to sell your home. It’s important to price your home competitively from the start since prices are generally lower than last year.