Phoenix’s housing market is shifting.
“We’ve been talking for months about a growing sellers’ market, but it looks like now it’s starting to cool off just a little bit,” Tina Tamboer of the Cromford Report said.
Tamboer said, while it’s still a strong sellers market, “supply is starting to creep up in all of the price ranges.”
Even in the under $300,000 and under market, which has been in notoriously tight supply, Tamboer said, “We’re now seeing it start to grow and demand is inching down ever so slightly.”
“Sellers in the past may have had 17 people wanting to see their home,” Tamboer continued. “Now, it may go down to 10, then 5 then to two.”
It’s still a great time to sell your house though.
“It’s still very hot. It’s still a very good time to be a seller,” Tamboer said. “If you’re thinking about putting your home in the market, you want to do it while you still have the advantage.”
Tamboer and the Cromford Report monitor the number of days a home is on the market and price reductions, among other indicators, to make their predictions.
“We’ve seen a 17 percent increase in weekly price reductions,” she said, adding that’s one of the first things to respond when the market softens.
Despite the expected dip, Tamboer said the market is still strong and many sellers won’t notice the cooling trend as some homeowners are selling quickly and some are receiving multiple offers.
As far as buyers go, a slight cooling trend is good news.
“Buyers had a rough time during the past six months competing with other buyers,” Tamboer said.
But things are looking up.
“It’s not a bad time for buyers to get back out there and see if there are a few more homes out there for sale,” Tamboer continued.
October, along with January, is one of the most popular times for listings to come on the market.
“We’re actually having more listings come onto the market than in Octobers past.”
Credit: Diane Brennan, That Real Estate Show
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