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 October 7th.

Supply13,452 total
+39.2% YOY

Supply Index Trend 85.8
14% below normal
+6.5 pts in last 30 days 
DemandDemand Index Trend 76.7
23% below normal
+1.8 pts in last 30 days
Avg LP/SF – Weekly AverageAll Active $356.61
Under $1M $262.56
Avg Sales Price/SF – Monthly Average$291.10
-1.8% YOY

Under 2,500 SF (80% of sales)
$266.41/SF
+0.6% YOY
4,317 Sales

Over 2,500 SF (20% of sales)
$338.97 Avg/SF
-5.6% YOY
1,111 Sales 
New Listings8,712 in October (including Coming Soon)
+13.5% YOY
Closed Sales5,419 in October
+12.1% YOY
Listings Under Contract4,659 last week
+12.1% YOY
Accepted Contracts – Weekly Counts1,356
Days on Market at Contract41 DOM in October
2 days YOY
Median Sales Price$450,000
+2.3% YOY

1,200 – 1,500 SF
$375,000
Range: $158,000 – $1,050,000

1500 – 2000 SF
$430,000
Range: $222,000 – $1,695,000
Price Reductions9,020 last month
-5,822 from October 2022
+11.8% YOY
Sales Over Asking Price16% in September
-3% YOY
Seller-paid Concessions54% of October Sales
+9% YOY

Median
$10,000
+$1,000 YOY
Sale Price/List Price Ratio97.8% 
-0.2% YOY
Contract Ratio40.7
Listing Success Rate
73% Sold
27% Cancelled/Expired

$250-400K: 79%

Over $2M: 55% 
Price Negotiations97.8% of October sales had price reductions
5,423 total sales
  • We are now in a Buyer’s Market, but a few cities (Fountain Hills, Chandler, Scottsdale, Gold Canyon, El Mirage, and Tolleson) are still in Seller’s markets.  
  • Demand is not declining at this time. If you have a listing that is sitting, it is due to inventory increasing and more competition in the marketplace.
  • Listings under contract are up 12% YOY, but supply is also up 39%. Supply will start to drop over the holidays.
  • The market has only been this favorable for buyers twice over the last 10 years: for 17 weeks in 2014 and 9 weeks in 2022.
  • Days on Market at Contract is at a median of 41 days.  This is much higher than the historically normal range, which is 26-29 days.

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.