Phoenix, AZ home prices and housing market

In Phoenix, nearly a third of all homes for sale have already cut their price. That one number tells you who has the leverage right now, and it matters if you are thinking about selling this year. Start with values. The typical Phoenix home is worth about four hundred twelve thousand dollars, down roughly 2 percent from a year ago. That is a slow drift, not a crash. But sellers have not adjusted to it. The median asking price sits near four hundred sixty thousand dollars, well above where homes are actually valued, and that gap is exactly why so many listings end up cutting. Meanwhile there are about three thousand seven hundred homes on the market, with roughly one thousand three hundred more listed just this month, and the typical home is taking about 65 days to sell. Here is the catch. Those cuts are not rescue moves for a weak market, they are the toll sellers pay for starting too high while buyers have options and time. So if you list this year, price at the market from day one, not above it. The sellers moving in this market are the ones who priced right at the start. To see where your home stands, get a free home value estimate at Home Value Pros dot com.