Market Trends-April

It's May!  Which means it's time for a review of April 2025:

• The overall average sold price in the last 3 months is about $608,590, slightly lower than the 6-month average of $616,913, indicating a modest price softening or stabilization.
• Days on market (DOM) remain steady around 65 days, showing no significant acceleration or slowdown in sales velocity.
• The pending ratio is 18%, suggesting a balanced market with reasonable buyer activity relative to listings.
• The months supply of inventory for the total market is around 4.2 to 4.6 months, indicating a market leaning slightly toward buyers but not heavily.
• Final sale prices are generally close to original list prices (around 95-98%), indicating stable pricing with minor negotiation room.
• No clear evidence of rapid appreciation or depreciation; prices appear to be holding steady with slight variations by segment.
• The Phoenix market in April 2025 is stable with balanced supply and demand.
• Affordable segments are more active and competitive, while luxury homes move slower.

In other words, if you want to buy or sell a home it's a fine time.  Prices are not declining and also not appreciating rapidly.