Price band
$800K – $2M
- Active
- 3441
- Median PPSF
- $389
- Median DOM
- 45days
Twelve-month signal
Last 12 months
3441 active listings; median days on market 45 days. The bridge tier: luxury-adjacent entry, broadest active pool.
Yong's Monthly Read
July 2024
Phoenix metro · Full stat suite · Yong's read
At a glance
The month, in six numbers.
Median PPSF
$257
-1.8%MoM+0.5%YoY
Median DOM
61days
+1.7%MoM+17.3%YoY
Closings
8,881
+0.7%MoM+3.6%YoY
Closed volume
$3688.1M
+6.8%YoY
New listings
9,232
Phoenix metro · monthly total
Months of supply
2.9mo
Trailing 12 · sellers
The read
July 2024, in Yong's words.
Phoenix metro closed 8,881 residential transactions in July 2024, with aggregate dollar volume of $3688.09M. Volume rose +3.6% year-over-year. Median price-per-square-foot landed at $257.
Median days on market sat at 61 days, 17.3% longer than a year ago. Across the trailing twelve months the median price-per-sqft trend held its shape, with no meaningful directional move in the line.
Recent absorption pace puts months-of-supply at 2.6 months on the trailing-3-month gauge, with the long-run trailing-12 gauge at 2.9. By that ratio the metro classifies as a seller’s market, the gauge below telegraphs where the metro sits on the buyer-to-seller spectrum.
Inside the latest closed cohort, negotiation pressure tilted modestly toward buyers: 13.4% of closings printed above list, 53.0% below. Sellers showed real concession discipline; 30% of closed listings cut their list price before going pending.
Written by
Yong Choi
Global Real Estate Advisor
Luxury bands · price per sqft, days on market, closings
The price arc, band by band.
Active snapshot · 2026-06-14
Price band
$2M – $5M
- Active
- 922
- Median PPSF
- $676
- Median DOM
- 64days
Twelve-month signal
Last 12 months
922 active listings; median days on market 64 days. The most actively transacting luxury band.
Price band
$5M – $10M
- Active
- 239
- Median PPSF
- $1,005
- Median DOM
- 77days
Twelve-month signal
Last 12 months
239 active listings; median days on market 77 days. Selective inventory; representation-driven, longer time horizons.
Price band
$10M+
- Active
- 68
- Median PPSF
- $1,525
- Median DOM
- 85days
Twelve-month signal
Last 12 months
68 active listings; median days on market 85 days. Ultra-luxury; off-market share is meaningful, so the published count understates true activity.
Active ÷ trailing closings · Phoenix metro
Months of supply.
Seller’s market
Phoenix metro · 3-month gaugeBuyer-leaningBalancedSeller-leaning
Strong buyers
Buyers
Balanced
Sellers
Strong sellers
↑ 2.55 mo
3-month gauge
2.55mo
Most current. Closings T3M
12-month gauge
2.94mo
Long-run. Closings T12M
Active inventory
25,793
IDX-displayable across the metro
Inventory clears faster than the year’s average pace. Sellers retain leverage on well-priced listings.
From supply to the deal
What sellers gave.
What buyers paid.
Negotiation pulse
What the gap looked like.
Monthly snapshot · May 2026
Median gap to list
0.7% below
-0.7%-0.7pp YoY
Closed sale ÷ list
Closed over asking
13.4%
Share of closings
Closed below asking
53.0%
Share of closings
Buyers are negotiating a modest gap off list. Selective seller leverage holds.
Sellers blinking
Reductions inside the close pool.
Monthly snapshot · May 2026 · n = 9,409 closings
Closings with a reduction
29.6%
At least one cut from list
Typical reduction depth
3.5%
Median net change from original list
Sellers are giving ground on a meaningful share of listings. Selective buyer leverage.
How we read the market
Three inputs.
- 01
ARMLS recorded transactions
1.84M Valley records · refreshed every 4 hours
The full set of MLS-listed transactions. Source-of-record for headline volume + closed-price stats.
- 02
Public deed filings
County recorder · weekly cross-reference
Captures recorded transactions that didn’t pass through the MLS, including off-market trades, intra-family transfers, and entity-to-entity sales.
- 03
Private RLSIR registry
Off-market trades facilitated by the network
Yong’s and the Russ Lyon Sotheby’s International Realty network’s direct knowledge of pocket trades, club-membership-driven transfers, and pre-MLS introductions.
Weekly cadence reports the supply pulse (new-listing cadence + rolling averages) at metro granularity. Monthly cadence reports the full stat suite: median price-per-sqft, median days-on-market, transaction volume, and inventory tier breakdown. Adjustments are noted inline where applicable.