Phoenix Real Estate Market: Continued Improvement

By Jackie Briggs | Locality Homes

At the start of the year, our outlook for Phoenix real estate was cautiously optimistic due to an increase in listings under contract, which moved us back into a “balanced” market. While demand is considered 18% below normal for this time of year, supply is 40% below normal. As the year has progressed, we continue to see signs of improvement for sellers. Compared to last month, we have fewer active listings, more homes under contract, and fewer days on market before a home is under contract. All of these signs are positive indicators for sellers as we head into summer!

While prices are remaining stable, sellers can still expect to negotiate with buyers on closing costs and reasonable repairs. Price points between $250K-$800K are showing 40-57% of sales involving seller-paid closing costs, typically used for a permanent interest rate buy-down, or a temporary 2-1 buydown to benefit buyers with much lower payments for the first two years of homeownership.

If you’re considering a move in 2023, contact Moon Valley’s real estate experts at Locality Homes for a no-pressure consultation.