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June 20, 2022 Market Update

Monday, June 20, 2022   /   by Bryan Baylon

June 20, 2022 Market Update

The number of new listings added to the ARMLS database over the past 28 days is 11,845. Why is this significant? It is because it is the highest number added in any 28 period since we started measuring this statistic in 2011.

The long term average is 8,845, so we are currently getting 34% more new supply than average.

If we were just suffering deflating demand, the market would be cooling off gently. But if 34% more new listings are arriving every 4 weeks, supply is increasing just at the wrong time and it just cannot be absorbed. This is why we are seeing the fastest cooling trend that the Greater Phoenix housing market has ever experienced. What we do not know is whether the extra listings will keep coming or if this excess new supply will dry up sooner rather than later.

Also adding to the active listing count are listings under contract that are falling through. The listing success rate chart is a reliable market measurement tool and confirms the messages sent to us by the Cromford® Market Index and the Contract Ratio.
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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
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. March 5, 2024
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