Price band
$800K – $2M
- Active
- 3454
- Median PPSF
- $390
- Median DOM
- 52days
Twelve-month signal
Last 12 months
3454 active listings; median days on market 52 days. The bridge tier: luxury-adjacent entry, broadest active pool.
Yong's Monthly Read
May 2026
Phoenix metro · Full stat suite · Yong's read
At a glance
The month, in six numbers.
Median PPSF
$256
-0.7%YoY
Median DOM
72days
+1.4%MoM+1.4%YoY
Closings
7,944
-2.6%MoM+3.8%YoY
Closed volume
$4775.5M
+5.3%YoY
New listings
9,380
Phoenix metro · monthly total
Months of supply
4.4mo
Trailing 12 · balanced
The read
May 2026, in Yong's words.
Phoenix metro closed 7,944 residential transactions in May 2026, with aggregate dollar volume of $4775.53M. Volume rose +3.8% year-over-year. Median price-per-square-foot landed at $256.
Median days on market sat at 72 days, 1.4% 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 4.4 months on the trailing-3-month gauge, with the long-run trailing-12 gauge at 4.4. By that ratio the metro classifies as a balanced 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: 13.5% of closings printed above list, 60.3% below. Sellers showed real concession discipline; 54% 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 · 2026-09-19
Price band
$2M – $5M
- Active
- 963
- Median PPSF
- $677
- Median DOM
- 78days
Twelve-month signal
Last 12 months
963 active listings; median days on market 78 days. The most actively transacting luxury band.
Price band
$5M – $10M
- Active
- 242
- Median PPSF
- $1,055
- Median DOM
- 69days
Twelve-month signal
Last 12 months
242 active listings; median days on market 69 days. Selective inventory; representation-driven, longer time horizons.
Price band
$10M+
- Active
- 92
- Median PPSF
- $1,590
- Median DOM
- 113days
Twelve-month signal
Last 12 months
92 active listings; median days on market 113 days. Ultra-luxury; off-market share is meaningful, so the published count understates true activity.
Active ÷ trailing closings · Phoenix metro
Months of supply.
Balanced market
Phoenix metro · 3-month gaugeBuyer-leaningBalancedSeller-leaning
Strong buyers
Buyers
Balanced
Sellers
Strong sellers
↑ 4.44 mo
3-month gauge
4.44mo
Most current. Closings T3M
12-month gauge
4.40mo
Long-run. Closings T12M
Active inventory
22,957
IDX-displayable across the metro
Supply and absorption are matched. Neither side carries structural leverage; negotiation reduces to listing-specific dynamics.
From supply to the deal
What sellers gave.
What buyers paid.
Negotiation pulse
What the gap looked like.
Monthly snapshot · August 2026
Median gap to list
1.3% below
+0.2%+0.2pp YoY
Closed sale ÷ list
Closed over asking
13.5%
Share of closings
Closed below asking
60.3%
Share of closings
Buyers are negotiating a modest gap off list. Selective seller leverage holds.
Sellers blinking
Reductions inside the close pool.
Monthly snapshot · August 2026 · n = 5,882 closings
Closings with a reduction
53.8%
-2.2%-2.2pp YoY
At least one cut from list
Typical reduction depth
5.0%
Median net change from original list
Heavy capitulation. Nearly half of closings carried a recorded reduction; buyer-leaning negotiation climate.
How we read the market
Three inputs.
- 01
Recorded market transactions
ARMLS listing and sale records · refresh cadence varies by dataset
The full set of recorded listing-and-sale transactions across the Valley. Source-of-record for headline volume + closed-price stats.
- 02
Public deed filings
County recorder · weekly cross-reference
Captures recorded transactions that weren’t publicly listed, 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-listing 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.