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

October 29, 2022 Market Update

Saturday, October 29, 2022   /   by Bryan Baylon

October 29, 2022 Market Update

Demand keeps getting weaker, but new supply is also getting lower every week. The market is shrinking and sellers and buyers are both thin on the ground. Sellers outnumber buyers, but not by a wide margin in the majority of areas.

Normally when prices start to go down, we get a flood of anxious sellers who want to dispose of their properties before prices get lower still. This is what we saw between April and July, but almost all those sellers have now gone. What is now ailing the market is a lack of motivation, both to buy and sell. In this situation prices are likely to drift lower, but not at a fast pace. In fact with the likelihood of even less supply in November and December, we could possibly see some price stabilization. This would leave us at the end of 2022 at roughly the same pricing level as the end of 2021.


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