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  • Writer's picturemelanieaz

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


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

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