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



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)


  • 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!