The housing market in Phoenix has has been remaining gently in favor of sellers across price ranges, and in some areas and lower price ranges – strongly in favor of sellers. However, interest rates bouncing around 7% does hurt buyers. They can afford less house, and many are waiting for more favorable conditions. Housing inventory rose toward the end of 2022 and has been dropping for several months, and is now slowly increasing. Many areas are weak seller markets and some cities are now buyer’s markets. Below is a snapshot of market conditions per The Cromford Report.
The first chart shows accepted purchase contracts, monthly totals, for about the last 2 years ending July, 2023. The 2nd chart shows days of supply (number of homes on market) for the last couple of years.
Phoenix Metro real estate continues to shift and evolve. Increased interest rates mean many buyers are sitting it out, waiting for prices to soften or rates to, or both. I don’t have time to update this page very often, so please touch base with me to hear what the latest news is.
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Are you looking for assistance to make your next real estate sale or acquisition? My clients tell me they appreciate my desire to bring about results on their behalf and I am pleased to share their testimonials with you! I’ve been happily representing sellers and buyers achieve their goals and dreams since January 2003, specifically in the metro areas of Ahwatukee, Ocotillo, Chandler, Tempe, Baseline Corridor/South Mountain Village, Mesa, Gilbert, Central Phoenix and Scottsdale.
My approach is fairly straightforward: I advise, provide consultative expertise, as much information as you require, up to date market stats, outstanding market knowledge, and allow you breathing room to make the decision that is best for you – and on your time frame. My role is not to “sell” you, but to be the best real estate advisor possible. Please call or email, I look forward to discussing how we can best work together to achieve your goal.