If you need assistance, please call 602-410-0827

August 21, 2022 Market Update

Sunday, August 21, 2022   /   by Bryan Baylon

August 21, 2022 Market Update

The bad trends for sellers that have prevailed since April appear to be running out of momentum.

New listings have dropped sharply over the past few weeks, with fewer than 10,000 appearing in the last 28 days. The peak was 12,246 per 4 weeks (on June 28) and the last time we had fewer than 10,000 was April 21. The 4-week count is down 2.7% compared with the same time in 2021. The weekly total is 9% below last year so this downward trend in new supply appears to be gaining strength. A shortage of new supply is great news for sellers, though with demand so low, we are still seeing a slight build-up in available inventory.

However, demand is showing signs of life at last - not in the sales counts which will remain awful for some time - but in the rate of listings going under contract. In the 7 days that started on Sunday August 7, we saw 1,803 newly accepted contracts. This is the highest weekly total since June 12 and far more encouraging than the dismal 1,429 for the week beginning July 3.

We would describe these developments as the first signs of a possible improvement in market conditions.


Market insights provided by The Cromford Report.
Keller Williams Northeast Realty - The Baylon Group
Bryan Baylon
2005 W. Happy Valley Rd #150
Phoenix, AZ 85085
602-410-0827

© 2024 Arizona Regional Multiple Listing Service, All rights reserved. The data relating to real estate for sale on this website comes in part from the Arizona Regional Multiple Listing Service. Real estate listings held by brokerage firms other than Bryan Baylon - Keller Williams Northeast Realty are marked with the Arizona Regional Multiple Listing Service logo and detailed information about them includes the name of the listing brokers. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Arizona Regional Multiple Listing Service shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. November 11, 2024
This site powered by CINC: www.cincpro.com