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 March 7th.

Supply32% below normal, up 4 points over the past 30 days
Demand20% below normal, up 4 points over the past 30 days
New Listings8,161 – February (including Coming Soon); up 11% YOY
Listings Under ContractDown 6% YOY
Accepted Contracts1819 – last week of February  
Days On Market29 DOM at contract – February
Median Sales Price$445,000; up 7.2% YOY
Annual Avg Sales Price/SQFT AppreciationUp 8.4% YOY – fueled by luxury/larger homes  
– 6% YOY – under 2,500 SF (80% of sales in ARMLS
– 9.2% YOY – over 2,500 sf (20% of sales in ARMLS) 
Average Sales/SF – Monthly Average14% – last week of February
Price Reductions15% – February; up 4% from January
Sales Over Asking Price15% – February; up 4% from January
Concessions– 46% – February; 38-40% normal

– $9,420 – median
Sale Price/List Price Ratio98%
Luxury over $1M– Active inventory – up 31% over last year
– Under contract – up 17% over last year
– Tracking 2022 – best year ever for sales over $1M
– Luxury homes are taking around a month to sell; historic standard
Rents– 4% YOY decrease – all size categories
– apartment vacancies increasing
  • The drop in mortgage rates has increased demand, resulting in an uptick in accepted contracts.
  • After seven weeks in a Buyer’s Market, we are now back in a Seller’s Market, with 10/17 major cities reflecting that. The only Buyer’s Markets left are Buckeye, Maricopa, Casa Grande, Gold Canyon, and Sun City.
  • Accepted contracts are expected to rise until April/May.
  • If you have buyers who need concessions, now is the time for them to buy. As market conditions continue to improve, concessions will be the first thing to go.
  • We are eager for the CPI Inflation Release on 2/13 and how mortgage rates respond. If rates continue to decline, we expect even increased demand and a jump in accepted contracts.
  • The year-over-year appreciation numbers will start to soften and come in line with the inflation rate.
  • Prices are not expected to decline, but mortgage payments might.
  • With this being an election year, we may see luxury purchases stall in Q5 and pick up in Q1 2025.

At Bison Ventures, we understand that the current market is challenging, and there is uncertainty regarding interest rates. We know we have many clients in need of a new home, and we do not want today’s interest rates to be a barrier. 

We are currently offering the Bison Refinance Program. After six on-time payments of a new mortgage, borrowers are eligible for a special refinance for three years from closing. This program entails NO lender or appraisal fees. It’s a perfect opportunity for your clients to buy now and lower their payments later!

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