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Market Update
October 2018

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


Seller Concessions Spike on Listings Sold Between $200K-$250K | Price Reductions up 27% on Active Listings Between $250K-$400K

For Buyers:

October marks the 4th month in a row that supply has continued to rise between $200K - $400K, which is good news for many buyers as it provides them with more choice and fewer competing offers. However, for those buyers with budgets under $200K, this trend in supply doesnít apply to them and their choices are still extremely limited. Last January, inventory under $200K made up 18% of all active listings. Within that price range, single family homes made up 50%, condos and townhomes 30%, and mobile homes 20%. As of this month, inventory under $200K only makes up 12% of actives and has declined 36% since January. Single family homes make up 45%, condos and townhomes 36%, and mobile homes 19%. This drop in supply equates to 591 fewer single family homes, 198 fewer condos and townhomes, and 229 fewer mobile homes available for sale under $200K since the beginning of 2018.

For Sellers:

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