Here are the highlights from Tina Tamboer’s presentation on May 4, 2023. 

SUPPLY = 44% below normal, and dropping

DEMAND = 17% below normal, and rising

NEW LISTINGS =  Only 30k new listings YTD; this is the lowest in over 23 years! We need more inventory!

LISTINGS UNDER CONTRACT = Down from April 2022 but has risen for past 4 weeks

DAYS ON MARKET = 25; historically normal

MEDIAN SALES PRICE = $455,000 – up from $430,000 last month

** This has increased for the last 2 months!

ANNUAL MEDIAN SALES PRICE PER SQUARE FOOT APPRECIATION = Down 7.6% YOY due to the rapid appreciation we experienced in April last year

PRICE REDUCTIONS = Are insignificant; only 9% of listings had a price reduction in the last week of April 2023; this indicates less pressure on Sellers due to low supply

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

CONCESSIONS = 42.5% of all sales in April had seller paid concessions; median concession is $9,000


  • Greater Phoenix is in a Seller Market (tracking 2016)
  • Supply is declining by 41 listings per day on average; we have an insufficient number of new listings to offset accepted contracts and cancelled/expired listings
  • FHA contracts getting popular
  • 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?

  • Leading metrics in Greater Phoenix do not support continued downward pressure on price for most cities
  • We could have a delayed season due to low inventory and mortgage rate instability
  • Mortgage rate volatility 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.  We have more detailed notes if anyone would like them. 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 rate later!