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July 3, 2022 Market Update

Sunday, July 3, 2022   /   by Bryan Baylon

July 3, 2022 Market Update

One of the many indications of a cooling market is the average closed price as a percentage of the final list price. We measure this for closed listings with a close date in the monthly period that just ended.

On July 1 this statistic dropped below 100% for the first time since February 11. The peak reading was 101.85%, which was attained on April 27. It remained over 101% right up until June 13, but has been falling very quickly since then.

After dropping through 100% 2 days ago it has already fallen to 99.73% and looks set on a trend back towards the long term average of 97.35%.

The lowest reading ever was 93.82%, which occurred on February 5, 2009.

This statistic is a bit like taking the temperature of the market. Around 97% to 98% is normal. When it is over 100% the market has a fever. When it is below 95% it is suffering from hypothermia.

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

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