The Phoenix market is finally finding its footing. After months of elevated supply, inventory is trending lower year-over-year, and buyer demand is up 7.7% from this time last year. Translation: the market may have already passed its peak inventory for the cycle.
That said, this market is highly segmented. Single-family homes — especially in higher price ranges — continue to outperform. Condos, townhomes, and anything below $500K are softer and more negotiable. Pricing has cooled slightly from March, but values are still holding above last year. And once you factor in inflation, today's buyers actually have more negotiating power than they've had in years.
Heading into summer, supply typically eases and demand cools. For now, central and luxury areas still favor sellers — while buyers hold the edge in outer suburbs and lower price points.
