Great Phoenix House Market as of the Beginning of July
There has been so much misinformation about the real estate market in the national media lately...our goal is always to provide our clients with accurate, real time market data specific to the Greater Phoenix Market. Here are the latest stats from our monthly Market Update with Tina Tamboer, Senior Analyst with the Cromford Report.
SUPPLY = 50% below normal, and dropping
* our inventory is declining by 216 listings per week
DEMAND = 19% below normal, and dropping slightly (not as drastically as we usually see in summer)
NEW LISTINGS = Down 20.5% from this time last year
LISTINGS UNDER CONTRACT = Down 15.6% from this time last year due to 7% rates
DAYS ON MARKET = 20; historically normal
* Down from 56 DOM in January
MEDIAN SALES PRICE = $446,000 – up 7.5% from February to June
ANNUAL MEDIAN SALES PRICE PER SQUARE FOOT APPRECIATION= Down 4.8% YOY and will continue to be negative until August due to the rapid appreciation we experienced last year
PRICE REDUCTIONS = Are declining; only 11% of listings had a price reduction in the last week of June 2023; this indicates less pressure on Sellers due to low supply
* median price reduction was $10,000, but varies by price point
CONCESSIONS = 42% of all sales in June had seller paid concessions; median concession is $8,000
SALES PRICE VS. LIST PRICE RATIO = 98.1% of list price
Greater Phoenix Seller Market is stable – prices continue to rise, but not as fast
FHA contracts are getting popular & Down Payment Assistance is back
Luxury contracts are stronger than seasonally normal
What’s reasonable to expect in the coming weeks/months?
Leading metrics in Greater Phoenix do not support continued downward pressure on price for most cities
Mortgage rate volatility uncertainty is worse than the rate itself – we need stability for both buyers and sellers to move
Please feel free to reach out with any questions. We are here to help keep you informed and educated on the Great Phoenix Market.