Home Sellers Win 7 Weeks Straight - Arizona Housing Market Update
Hello everyone, welcome back to my Monday market update. Today, I will share with you the very important information, specifically continue the trend that the seller has been winning in the Arizona market for the seven weeks. Over the past seven weeks, the market has been steadily shifting in favor of the sellers. And you hear me right, seven weeks straight. But here's the good news. This week, the momentum is slowing down a little bit. Supply has been stabilized. The demand is not improving as strong as before.
Did you know that Chandler right now is a seller's market with a current inventory of 3.03 months? The median days on market is currently 36 days. This means homes are moving at a steady pace, giving you a bit more time to consider your options without feeling too rushed. Lastly, the median sold price in Chandler is $440,000. When it comes to pricing, homes are selling for about 97.75% of their asking price.
We've seen some interesting trends in inventory. Over the past months, inventory has increased by 2%. But if we look over the last year, it's gone up by 33%. Specifically, we are going to look at the last week of 9.3% increase, but this week we only have 8.4% increase. Overall, when you look at the distribution of the sellers versus the buyers, we're looking at 13 cities improved for the seller. Only 4 that improved to the buyer.
Overall, we have the market distribution, six seller's markets, 6 cities that are in the seller's market, including Paradise Valley, Fountain Hills, Scottsdale, Chandler, Cape Creek, and Avondale. 4 in the balance: Gilbert, Phoenix, Clendale and Mesa. And the rest, 17 cities in the buyer's market. We also see these are the cities that has the highest seller's gain.
Fountain Hills - 31%, Scotsdale -25%, Avondale - 14%, Peoria -16%, Gilbert - 14%, Cave Creek and Surprise - 14% and 13%. On the flip side, Paradise Valley is a liberal surprise. Tempe, Maricopa, and Clendere. Maricopa is one of the worst cities for the seller right now.
