Here are the highlights from Tina Tamboer’s presentation on March 2, 2023.
SUPPLY = 35% below normal, and dropping
DEMAND = 18% below normal, but rising
NEW LISTINGS = Down 16.3% from this time last year; this is the absolute lowest number of new listings going back to 2001. We need more inventory!
LISTINGS UNDER CONTRACT = Down 24% from February 2022
DAYS ON MARKET = 33; back to a normal range
MEDIAN SALES PRICE = $415,000 – this has been flat for 3 months
** From May 2022 to December 2022, the median sales price declined 13.5% but has stabilized
ANNUAL MEDIAN SALES PRICE PER SQUARE FOOT APPRECIATION = Down 4.7% YOY and will continue to be negative until at least July due to the rapid appreciation we experienced last year
PRICE REDUCTIONS = Are declining; only 13.4% of listings had a price reduction in the last week of February 2023; this indicates less pressure on Sellers due to low supply
* * median price reduction was $10,000, but varies by price point
CONCESSIONS = 48% of all sales in February had seller paid concessions (down from 51% in January); median concession is $9,362
SALES PRICE VS. LIST PRICE RATIO = 97.2% of list price under $1M; 95% of list price over $1M
SUMMARY
Greater Phoenix is back in a Seller Market (tracking 2015)
Cash buyers have retreated and FHA/first time home buyers are stepping up
We are seeing less downward pressure on price due to fewer new listings hitting the market
What’s reasonable to expect in the coming weeks/months?
For the next 3-5 months at least, YOY appreciation rates will be negative
Rate buydowns will continue to be a part of seller costs until rates and affordability reach an optimum level and/or seller equity runs out
Contract ratios will change with interest rates. Mortgage rate increases could slow demand and push market back into balance if they are sustained.
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!
We couldn’t be more excited – Bison Ventures is now licensed in Utah, our 17th state! 🎉 And no one was more thrilled than our Client Relations Coordinator @gabbie.hajjar who was so inspired she baked a cake in the shape of Utah to celebrate the big news! 🎂 Her energy mirrors how pumped we are to be expanding and helping even more families.
At Bison Ventures, we believe in celebrating every milestone, whether it’s with creative baked goods or by making the homeownership process as smooth as possible. We’re ready to bring our informed lending expertise to Utah and continue growing with you. Here’s to new adventures and sweet victories! 🏡✨
AGENTS! 📊 Get ready for the September edition of the Cromford Monthly Market Update with Senior Analyst Tina Tamboer! Tune in next Thursday to get the latest insights on the market trends that matter most. Don’t miss out on the knowledge that could elevate your business. Zoom link will be sent out soon—stay tuned! 🚀
Happy #nationaldogday 🐾 Meet Stanley, our ridiculously adorable Bison Office Rescue Dog! @ianthesullivan - please continue to bring him to work after Doggie Boot Camp!!!
Yesterday, the Bison Herd spent the afternoon at St. Mary’s Food Bank, giving back to a community that means so much to us. We’re big believers in the idea that small actions can make a big impact. If there’s a cause that matters to you, we encourage you to get involved—every bit helps. Together, we can make a difference.
Thank you @stmarysfoodbank for allowing us to contribute 😇
Back when we were hustling as The Crawford Team, building lasting relationships, and setting the stage for what Bison Ventures is today. Grateful for every lesson, partnership, and success that got us here. Here’s to the journey! 💼✨
▶️ Check out the latest Bison Brief with Stuart Crawford ▶️
RATES…what are we seeing? 📉
Currently, the national average for a 30-year fixed mortgage is around 6.75%, lower than the historical average (dating back to 1971). With limited housing supply and increasing demand, now might be the perfect time to make your move! 🚀
Looking for straightforward guidance from a team of seasoned loan officers? We’d love to chat. 🦬 bisonventures.com
🦬 Bison Ventures has been named a finalist in the @phxbizjournal Small Business Awards! We’re thrilled to be recognized alongside so many inspiring companies.
✨ As an emerging local business, being acknowledged for our entrepreneurial spirit and dedication to our community is incredibly rewarding. This nomination underscores our commitment to growth, innovative approach in the mortgage industry, and unwavering vision for the future. We’re incredibly proud to add this recognition to last year’s Best Places to Work award 🏆
A big thank you to the Phoenix Business Journal - your contributions to the Valley’s business community are invaluable! 💫