October 2022 Phoenix Market News
This is a combination of information and stats from presentations this week by Tina Tamboer, Senior Analyst with The Cromford® Report. And within the My Home Group Monthly Mastemind and what I'm seeing along with some other agents.
Q4 is seasonally the best time to be a buyer. Sellers often are ready to sell their home before the end of the year and willing to take a larger price reduction in a lot of cases. Buyers have less competition and more choices.
SUPPLY 22% is below normal but, active listings are up 160% from this time last year
DEMAND is 19% below normal
LISTINGS UNDER CONTRACT are Down 36% from this time last year
RENTAL SUPPLY Up 175% since September of last year.
The median lease price is declining
CONTRACT RATIO 35 (35 under contract for every 100 listings)
MEDIAN DAYS ON MARKET 30; varies by price point
MEDIAN SALES PRICE $442,000
ANNUAL MEDIAN SALES PRICE APPRECIATION 7.5% (from September 2021 to September 2022)
PRICE REDUCTIONS Up 735% since March; median price reduction is $10,200 but varies by price point
CONCESSIONS 18% of sales now have concessions; in a “normal” market this is around 25%
SALES PRICE VS. LIST PRICE RATIO 97.4% of list price
Sellers can still close with significant profits as 68% of active listings were purchased more than two years ago.
The median sale price is declining by about 2% per month; 8% since May.
Two-year appreciation rates are still quite positive; median sale price appreciation is 34% from September 2020 – September 2022.
What’s reasonable to expect in the coming weeks/months?
Fewer contracts due to rate hikes
More days on market – 45-59 days is typical for Q4 listings