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August 28, 2022 Market Update

Sunday, August 28, 2022   /   by Bryan Baylon

August 28, 2022 Market Update

The listing success rate for all areas & types is down to 70.4%, which is the lowest we have seen for late August since the year 2010. Mind you, in 2010 the reading was a dismal 58.1% thanks to all the short sales and pre-foreclosures crowding the market at that time.

Any new sellers need to be realistic. 30% of listings fail to sell these days. At the end of March the percentage was less than 8%. Listing agents now need to focus on marketing instead of worrying about how to handle the deluge of offers in the first few days.

Another sign that the times have changed is that Coming Soon listings are declining in number. It is no longer a matter for great excitement that your home is shortly to be listed for sale.

Welcome to normality!
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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

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