50% below normal, and dropping      

  • our inventory is declining by 216 listings per week


19% below normal, and dropping slightly (not as drastically as we usually see in summer)

New Listings

Down 20.5% from this time last year

Listings Under Contract

Down 15.6% from this time last year due to 7% rates

Days on Market

20; historically normal

  • Down from 56 DOM in January

Median Sales Price

$446,000 – up 7.5% from February to June

Annual Median Sales Price/Square Foot Appreciation

Down 4.8% YOY and will continue to be negative until August due to the rapid appreciation we experienced last year

Price Reductions

Are declining; only 11% of listings had a price reduction in the last week of June 2023; this indicates less pressure on Sellers due to low supply

  • median price reduction was $10,000, but varies by price point


42% of all sales in June had seller paid concessions; median concession is $8,000

Sales Price vs List Price Ratio

98.1% of list price


·        Greater Phoenix Seller Market is stable – prices continue to rise, but not as fast

·        FHA contracts are getting popular & Down Payment Assistance is back

·        Luxury contracts are stronger than seasonally normal

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

  • Leading metrics in Greater Phoenix do not support continued downward pressure on price for most cities
  • Mortgage rate volatility uncertainty is worse than the rate itself – we need stability for both buyers and sellers to move

Please feel free to reach out with any questions. 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 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 their payment later!