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Market Update
July 2017

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


SUPPLY STOPS DECLINING BETWEEN $150K-$300K

For Buyers:

Good news for buyers, listings for sale between $150K and $300K stopped declining over the past 4 weeks. This is good news because as the summer progresses, there are fewer buyers to compete with in the marketplace which offers a seasonal relief for those still willing to brave high temperatures and scalding door knobs to view homes. Supply is still extremely low, but this slight improvement gives as much relief as a hot breeze on a July afternoon. It's not much, but it's something. Meanwhile, luxury buyers may notice fewer properties to look at this summer as demand was higher during the Spring season and overall inventory has been dropping due to a higher number of closings and seasonal cancellations/expirations. Expect inventory in price ranges above $500K to continue declining seasonally until settling into a stagnant level in August and early-September.

For Sellers:

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