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July 25, 2022 Market Update

Monday, July 25, 2022   /   by Bryan Baylon

July 25, 2022 Market Update

An update on the Opendoor listings on ARMLS as of July 24:
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With 1,682 active listings without a contract, Opendoor represents 9.6% of available supply, which is far in excess of their 1.7% share of the listings under contract.

We estimate Opendoor's total inventory to be 2,286, which means there are another 461 homes that they own but are unlisted. They have about 7 months of inventory at the June sales rate, but the July sales rate looks rather slow in comparison with June.

We would anticipate that Opendoor's buying will slow down to avoid further build up in excess inventory. This would imply lower offer prices and fewer accepted offers, if we are correct. Demand measurements and pricing will weaken in these circumstances.

Market incites provided by the Cromford report.
Keller Williams Northeast Realty - The Baylon Group
Bryan Baylon
2005 W. Happy Valley Rd #150
Phoenix, AZ 85085

© 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. July 15, 2024
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