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Market Update
December 2018

FROM MICHAEL ORR AT THE CROMFORD REPORT
THE PHOENIX AREA LEADING EXPERT ON REAL ESTATE ANALYSIS.


New Listings Up 18% in October between $250K-$400K | The 4th Quarter is Seasonally the Best Time to be a Buyer

For Buyers:

Remember when you would not eat your dinner as a kid and your parents would serve it to you for breakfast or lunch until it was gone? Okay even if you cant relate, you can imagine a kids disappointment in having to see the same thing day after day until they reluctantly eat it. Buyers may be feeling the same way this month as existing inventory has gotten stale and very little new inventory has been added in the first weeks of December. Its down a whopping 26% from last December with nearly every price range under $1.5M participating in the decline. This reluctance to list in December has offset the 16% decline in listings under contract and the market has managed to maintain a seller market, albeit a weaker one. In the meantime, existing sellers are dressing up their leftovers with incentives. Seller-assisted closing costs have risen on sales between $175K-$300K and price reductions were up 25% in the first week of December compared to last year.

For Sellers: