What is happening to the Seller's Market in Arizona?
Monthly Market Update - June 2022
June's market update comes with some interesting numbers for Maricopa and Pinal counties. The seller frenzy is ending. In the last 5 weeks, the market has had the fastest cool down the Cromford Report has scene. The last time the market cooled off this quick was in 2005!
Over the last 11 weeks, the Greater Phoenix market has shown data revealing buyers have dropped out. Part of this is seasonal due to hot temps, however a huge reason buyers have thrown in the flag is due to the hike in mortgage interest rates.
With the drop in demand, the number of days it takes for a home to go under contract is rising. This means it could take longer than 1 day or 1 week to sell your home.
Another interesting turn for the market, is the number of closing over asking price dropping. Over the last two years, sellers have received offers way over asking. Some offers as high as 50k-100k over. I know crazy! This seems to be a time of the past.
Over the next couple of weeks, anticipate these numbers to continue to decline. We are heading to a market that is going to reintroduce buyer contingencies, list price negotiations and eventually sellers providing closing cost assistance to buyers. This is great news for buyers who are able to buy at this time.
If you've been on the fence about selling or waiting for the market to reach its peak, now might be the time to list. Especially of your home needs some TLC and you don't want or have the means to make repairs. You might miss out on a buyer still willing to take your property as is for the price you want.
Here is June's 2022 Snapshot:
2022- June Numbers - All information is pulled from the Cromford Report 6/12/22