Phoenix Real Estate Market Stats For August, 2022

For Sellers:

The latest spike in interest rates has resulted in a drastic drop in contract activity, down 14% in the last two weeks.

Over the last six months, the housing market has shifted from a frenzy to a more balanced market. Until rates drop, sellers need to be realistic about their list price and offer to pay the buyer's closing cost or buy down the interest rates for the buyer. The best time to up your property on the market is in the fourth quarter when the snowbirds start to arrive.

In 2023, expect more activity due to the Super Bowl, Spring Training, Barrett Jackson, Arabian Horse Show, and the Phoenix Open starting January through May.

For Buyers:

In the recent resale market, 11% of the sellers have had seller concessions (seller paying buyer's closing cost or buying down the interest rate).

The fourth quarter of the year tends to be the best time for a buyer to purchase a home, and there is usually a supply boost around September and October.

Once 2023 gets here, contract activity is expected to increase dramatically from January through May. The upcoming Super Bowl, Phoenix Open, and Spring Training events will generate more open houses and real estate activity.

Thinking of buying or selling, please contact:

Michelle Quackenbush, Broker/Owner Lucky Duck Realty

602-999-2627 or LuckyDuckTeam@gmail.com