Phoenix Arizona Real Estate Market Update – Active Listings Slowed Again this week!

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Active Listing Inventory has slowed considerably and Pending Sales are UP. What else is going on? Let’s get into it and take a closer look at the Phoenix Real Estate Market.

There are 18,845 Homes for Sale
20,695 Homes Sold over the Past 90 Days
The Inventory Absorption Rate is 81.9 Days
The Average Days on Market is 31
The List to Sales Price Ratio is 99.3%
The Average Sales Price is $572,796
The Average 1 Year ago was $500,077
The Median Sales Price is Currently $448,375
The Median Sales Price Last Year was $405,000
The Median Sales Price is UP 10.7% from last year

Let’s go deeper…

Before we go deeper, I have a message for Listing Agents and their Brokerages. A few of you over the past 7 Weeks have instituted a tactic that does not work.

There is a pattern and it’s pretty apparent certain handful of brokerages have been cancelling listings in bulk and then re-listing the same information with a new MLS number.

Why would they do this? Well, it makes it appear like it’s a new listing. The hope is it will get attention by more buyers when it’s actually worse than slapping lipstick on a pig and calling it a super model.

It’s almost as bad as reducing the price by under $100 to get the Price Reduced Label. That’s happening as well.

This is a poor and very lazy tactic. Stop it. Re-Listing it with a new MLS Number isn’t going to sell the property.

You most likely over priced and or promised the seller a price that was unrealistic in a shifting market and I bet you were just doing the minimal marketing as you had done over the past couple of years.

I know you got lazy from this extreme seller’s market but it’s time to actually do your job. Good, no GREAT professional photos need to be taken. You need to pony up and pay for Drone Photos, Drone Video, Walkthrough Videos, advertise, work the phones, contact other agents that have sold in the subdivision, network, do broker tours, do open houses and quit blowing smoke up your seller’s arse.

It’s time to earn your keep, roll up those sleeves and have those hard conversations with your sellers. You messed up and need to own it.

Now that I’m off my soapbox Let’s Go Deeper…

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Active Listings had been trending upwards very quickly since the first week in May where we were at 6900 listings. Then began an unprecedented jump each week of several hundred listings.

By the first week in June we were at 10,076 Active listings. By the first week in July we had 15,535. By August 5th we had 18,310. However, a week later it was just 18,702 and this week it’s 18,845.

Pending Sales ticked upwards by 231 properties last week and it’s up again by 201. We had been declining every week until August.

It’s still too early and too little to say that Pendings are picking up significantly however the slowing of added Active Listings and the rise in Pendings is a good trend towards a stable market.

Mortgage Interest Rates continued to be volatile. Mortgage News Daily had the Average 30 Year Fixed Rate Mortgage at 5.27% last week and this week they have it at 5.6%.
I had lunch with one of my preferred lenders this week and he was able to lock someone in at 4.99% and that was without any rate buy downs so there are some lenders out there that are offering good rates.

There is some serious wheeling and dealing going on right now. I’m seeing some significant seller’s concessions being given to buyers in the way of closing costs and the list to Sales Price ratio has gone down quickly.

I even saw a property listed for $450,000 sell for $350,000. Of course they had no business listing for that amount when the closest and most recent comp was $395,000. And it was far superior. The listing agent did a real disservice to the seller by overpricing…

That’s it for this weeks market update. Please be sure to like and follow us on TikTok @ArizonaHomeTok. If you know anyone interested in buying or selling real estate remember we’re never too busy for your referrals.

Text or Call Dean at 602-391-9434 with any of your #Arizona real estate questions.

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