Posts from May 2023

Prices Recovering, Median Up to $425K in May

For Buyers:

The sharp decline in supply for Greater Phoenix is a good reason for buyers to have a sense of urgency about purchasing a home. Since the beginning of 2023, supply counts have been declining at an average rate of 246 listings per week and since the peak in October, total supply is down 42%. At this rate, the effects of the massive supply surge last year will be erased and the year-over-year change will be negative within 6 weeks. In fact, the Valley could see extremely low supply similar to 2021 and 2022 within 7-8 months if a significant source of supply doesn't emerge.

While permits for new single-family homes dropped by 74% over the last half of last year, they have doubled since December. While tha...

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Numbers don't lie. Here is what is really happening in the Phoenix area real estate market. Find out why now is an ideal window for buyers to make a move.

Cindy Nelson is an Arizona native and REALTOR® with Realty ONE Group and serves the Phoenix Metro area and the White Mountain region. Cindy is a subscriber to the Cromford Market Report and an active Trusted Advisor University member.