Here are the highlights from Tina Tamboer’s presentation on January 5, 2023.

SUPPLY = 28% below normal

         ** but up 203% from December 2021

DEMAND = 36% below normal

LISTINGS UNDER CONTRACT = Down 20% from December 2021

RENTAL SUPPLY = Up 192% since September 2021

MEDIAN DAYS ON MARKET = 55; varies by price point

MEDIAN SALES PRICE = $415,000 in December (YOY appreciation is now negative)

** From May 2022 to December 2022, the median sales price declined 13.5% (1.9% per month)

ANNUAL MEDIAN SALES PRICE PER SQUARE FOOT APPRECIATION = Down 0.8% (from December 2021 to December 2022); however sales price/sf is down 12.4% since May (-1.8% per month)

PRICE REDUCTIONS = Have declined significantly; many sellers are offering concessions for rate buydowns in lieu of price reductions

CONCESSIONS = 50% of all sales in December had a concession; median concession is $9,400

SALES PRICE VS. LIST PRICE RATIO = 96.6% of list price


  • Greater Phoenix is back in a balanced market for now, after a 4 week buyers market
  • There are still 4 seller markets: Fountain Hills Scottsdale, PV, Cave Creek
  • The strongest buyers markets: Queen Creek, Maricopa, Buckeye
  • For the next 5-7 months, YOY appreciation rates will be negative.  This only affects sellers who purchased in the last year.

What’s reasonable to expect in the coming weeks/months?

  • More listings coming on the market in Q1
  • More price reductions by existing listings to compete with new competition
  • Fewer days on market prior to contract
  • More traffic due to seasonal events

Please feel free to reach out with any questions.  We have more detailed notes if anyone would like them.  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 your new mortgage, you are eligible for a Special Refinance for a period of 3 years from your closing date. This entails NO lender or appraisal fees.  Please let us know if any of your clients would be interested in discussing this further.  It’s a perfect opportunity to buy now, and lower rate later!