As always, we strive to inform our clients and partners with timely market data. Here are the latest stats from our monthly Market Update with Tina Tamboer, Senior Analyst with the Cromford Report, on April 4th.

Supply29% below normal, up 3 points over the past 30 days
Demand20% below normal, flat over the past 30 days; Tina believes this is being suppressed by mortgage rates
New Listings8,357 – March (including Coming Soon); up 5% YOY
Listings Under ContractDown 6% YOY
Accepted Contracts1819 – last week of February  
Days On Market29 DOM at contract – March
Median Sales Price$447,000; up 6.4% YOY
Annual Avg Sales Price/SQFT AppreciationUp 8.4% YOY – fueled by luxury/larger homes  
– 4.9% YOY – under 2,500 SF (80% of sales in ARMLS)
– 7.2% YOY – over 2,500 sf (20% of sales in ARMLS) 
Price Reductions13% – last week of March
Sales Over Asking Price16% – March; up 1% from February
Concessions46% – March; 38-40% typical this time of year
$9,200 – median; down $220 from February
Sale Price/List Price Ratio97.5%   
  • We are gliding into a Balanced market. If the CMI continues at the pace it’s been for the last several months, we will be in a Balanced market by May.
  • Mortgage rates have been suppressing demand for buyers and sellers (it doesn’t make sense for them to move).
  • Our supply line is not far off pre-pandemic levels, but our demand needs to come up.
  • 10 of the 17 major cities are Seller’s Markets; 3 of 17 are in Balance; 4 of 17 are Buyer’s Markets.
  • The YOY appreciation rate is going to go flat.
  • Buckeye is primed for growth, with multiple large employment centers on the horizon.
  • Tina predicts that if rates drop below 6.5%, our demand will shoot up, and we could see a rebound in accepted contracts.

Bison Ventures is proud to offer the Bison Refinance Program, designed to empower our agent partners and motivate prospective buyers. This initiative addresses buyer concerns over fluctuating mortgage rates, making now an opportune time to buy.

Benefits for Agents:

  • Ease Buyer Concerns: Highlight the opportunity for no-fee refinancing after six on-time payments of their new mortgage, helping clients look past current rates.
  • Stand Out: Differentiate your services by offering financial pathways that lead to savings and more affordable homeownership.
  • Foster Client Trust: The option to refinance within three years promotes long-term planning and positions you as a trusted advisor.
Partner with Bison Ventures: Let’s collaborate to turn the dream of homeownership into reality for more buyers. Contact us to learn how the Bison Refinance Program can be a game-changer for your business.

Please feel free to reach out with any questions, and if you would like more detailed notes, please click here.