September Market Update:
As we close the door on August, the Phoenix, Scottsdale, and Paradise Valley markets continue to show just how different this year feels compared to years past. Inventory is still elevated, but interestingly, we’ve seen fewer new listings hitting the market, largely due to seller fatigue. Many sellers who haven’t found success are choosing to pull their homes and wait for better conditions later in the year.
At the same time, demand has ticked up slightly since July, helped by mortgage rates easing into the high 6% range. Contracts have increased modestly, but homes are still taking longer to sell. The median time to get a home under contract is sitting around a month and a half, and even longer for condos and more affordable price points.
Pricing remains relatively flat year-over-year, though buyers are holding most of the cards. Well over half of all closed sales in August included some kind of seller concession — from rate buydowns to closing cost assistance and repair credits. That’s a clear sign of the leverage buyers continue to have in today’s market.
For sellers, clear expectations are critical. It will likely take more time to find the right buyer, and presentation matters more than ever. Your home needs to be priced right, in great condition, and picture-perfect to stand out in a competitive market.
For buyers, this is still one of the strongest markets we’ve seen in years to negotiate favorable terms. If you’ve been waiting on the sidelines, now is the time to take advantage of more choices, less competition, and sellers willing to deal.
Whether buying or selling, let’s connect and put together a plan that works for your goals.
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