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 September 5th.

Supply26% below normal
16,531 total
+57.7% YOY
Demand27% below normal
-2.8 points MOM
Avg LP/SF – Weekly AverageAll Active $343.50
Under $1M $254.96
Avg Sales Price/SF – Monthly Average$290.85
+3.1% YOY

Under 2,500 sf (80% of sales in ARMLS)
+3% YOY
4,164 Sales
Over 2,500 sf (20% of sales in ARMLS) 
$342.82 Avg/SF
+6.8% YOY
1,037 Sales
New Listings7,979 in August (including Coming Soon)
+8% YOY
Closed Sales5,150 in August
-1% YOY
Listings Under Contract6,398 last week
-4% YOY
Days on Market at Contract36 DOM in August
+16 days YOY
Median Sales Price$447,000
+2% YOY
Annual Avg Sales Price/SQFT AppreciationTotal $290.85
# Sales 5194 
+3.1% YOY

Under 2,500 sf (79% of sales in ARMLS)
+1.8% YOY
Over 2,500 sf (21% of sales in ARMLS) 
+4.8% YOY
Price Reductions7,869 month total
+41.6%
+648 MOM
Sales Over Asking Price16%
-5% YOY
ConcessionsTotal Sales 55%
+11% YOY

Median
$10,000
+$1,900 YOY (mostly West Valley)
Sale Price/List Price Ratio97.7% 
-0.2% YOY
Contract Ratio41.1
Supply +57%
Under Contract -4%
Cancellations1,651 in July
Luxury Market (over $1M) 244
  • We are now in a Balanced Market. 
  • The influx of supply we’ve experienced this year, paired with higher mortgage rates, is most affecting our market conditions. 
  • We are now in a window of opportunity for a not-so-perfect buyer. Those buyers now have an audience of sellers who are getting impatient. If rates come down, those not-so-perfect buyers will experience more competition from stronger buyers.
  • 9 of 17 major cities are in Seller’s Markets. 2 of 17 are in balance, and 6 of 17 are Buyer’s Markets. All but two cities have weakened over the past month.

Bison Ventures is proud to offer the Bison Refinance Program, designed to empower our agent partners and motivate prospective buyers. This initiative addresses buyer concerns over fluctuating mortgage rates, making now an opportune time to buy.

Benefits for Agents:

  • Ease Buyer Concerns: Highlight the opportunity for no-fee refinancing after six on-time payments of their new mortgage, helping clients look past current rates.
  • Stand Out: Differentiate your services by offering financial pathways that lead to savings and more affordable homeownership.
  • Foster Client Trust: The option to refinance within three years promotes long-term planning and positions you as a trusted advisor.
Partner with Bison Ventures: Let’s collaborate to turn the dream of homeownership into reality for more buyers. Contact us to learn how the Bison Refinance Program can be a game-changer for your business.

Please feel free to reach out with any questions, and if you would like more detailed notes, please click here.