Phoenix Metro Area Market Update June 2022
Everyone has felt the extreme market shift in the last few months. After over two years of rapid growth and high prices, change was necessary to get closer to a balanced market. With rapidly growing inventory and rapidly growing interest rates, sellers may have to start adjusting prices in order to sell. Price reductions are often the first sign of a shifting market. According to The Cromford Report, price reductions are up 208% in the last 10 weeks in the $300K-$400K price range and up 302% in the $400K-$1.5M range. Days on the market is also a big market shift indicator, and we have also seen this number go up substantially in the last few months.
Why Does It Feel So Chaotic?
Change can be uncomfortable, especially when it is coming from all angles at a rapid pace. It is hard to say when these dramatic shifts will slow down, but as your real estate agent, I’m here for any questions you might have about the real estate market.
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We’re looking forward to hearing from you soon!
