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

November 9, 2022 Market Update

Wednesday, November 9, 2022   /   by Bryan Baylon

November 9, 2022 Market Update

To put the demand situation into context, it helps to look at the count of listings under contract. The chart below shows counts made every Saturday during 2022, 2021 and 2007 (the weakest year ever for demand).

Screenshot 2022-12-27 at 11.39.11 AM.png

2021 was a strong year, and 2022 started well - almost as strong as 2021 until the end of the first quarter. Since then demand has weakened quickly in the face of higher interest rates, albeit with a pause in the decline during August and September. Since the end of September it has dropped further and is starting to approach the dismal levels of 2007. However we currently have about 1,900 more listings under contract than we saw at the same time in 2007, so things can be worse.

Under contract listing counts tend to fall during the last two months of the year, so it is still possible that we start 2023 at a lower level than we started 2007. The difference between now and 2007 is that we have far fewer active listings. There are also very few distressed active listings, so there is not as much downward pressure on prices as we saw in 2007.


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. March 5, 2024
This site powered by CINC: www.cincpro.com