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Will the market crash?
This is what the most current data tell us about the market in AZ major cities!
But if you have more question after reading this, we can answer them and give you the most updated data and trends!
Danae Marquez 602-300-1892
Josh Marquez- Owner /Broker 602-549-7260
HomeProsArizona...
The market is improving rapidly now, at least in terms of the balance between sellers and buyers. We now have 15 cities showing improvement for sellers over the past months and only 2 still deteriorating. Those 2 are Scottsdale and Goodyear.
The average change in CMI over the last month is +10.7%, a huge improvement over +5.3% last week.
This change is happening because new supply is collapsing. There have been only 4,875 new listings added in the last 4 weeks. This time last year we had over 7,000.
At the same time, demand is showing signs of life as buyers realize that they don't much like interest rates around 6% but they like them a whole lot more than over 7%. Sellers are also increasingly willing to help with rate buy-downs to make that initial hurdle easier to jump.
The bad news is that transaction volume remains very low. If you are hoping for much larger volumes, as many are, you will have to wait longer. However, it is clear that supply is dropping while demand is rising. That is usually welcome news, even though many people will be slow to believe it. Remember that the market cycle tells us what emotion follows despair - it is skepticism.
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