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 11/2. The data is telling us that our market is shifting.
SUPPLY = 41% below normal, but rising
* our inventory is down 29% from this time last year
DEMAND = 29% below normal, and dropping ; heavily impacted by mortgage rates
NEW LISTINGS = Down 26% from this time last year
LISTINGS UNDER CONTRACT = Down 11% from this time last year
DAYS ON MARKET = 25; moving up
MEDIAN SALES PRICE = $439,995
ANNUAL AVERAGE SALES PRICE PER SQUARE FOOT APPRECIATION = Up 6.1% YOY
PRICE REDUCTIONS = 15% of listings had a price reduction in the last week of October 2023 ; this is down 42% from 2022
SALES OVER ASKING PRICE = 20% of sales in October (this is high; showing that buyers are meeting sellers halfway on price to get concessions)
CONCESSIONS = 44% of all sales in October had seller paid concessions; median concession is $8,594 (up)
SUMMARY
CMI is coming down fast; telling us that we may have seen the peak of price
Market activity is coming down, but we are still in a sellers market overall, for now. In less than 30 days at this rate we could be in a balanced market overall.
The outskirts are now Buyer markets – Buckeye, Goodyear, Maricopa, Queen Creek, Casa Grande
What’s reasonable to expect in the coming weeks/months?
As we complete the last quarter, negotiating advantage for buyers will go up
If we are in a buyers market by January, we will see a big boost of price reductions in January
Concessions for rate buydowns will continue to be part of negotiations until rates come down
If rental supply keeps increasing and owners can’t find tenants, these may become homes for sale
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 their payment 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! 💫