July 2023 Newsletter
July 2023 Newsletter
We hope this update finds you well. In the past month, the Arizona Real Estate Market has shown a slight decline in sales, decreasing by 6% compared to the same time last year. However, the inventory levels are lower this year than they were last year.
One of the prevailing discussions in the market revolves around the possibility of interest rates going down. Buyers and sellers are eagerly awaiting this change. If interest rates do decrease, it could potentially trigger a surge of market activity, with more participants entering the market.
However, this brings up a critical consideration. Given the current low inventory, we might encounter a situation similar to what we faced in 2021, where multiple offers and waived due diligence become commonplace. Sellers are also becoming more discerning, preferring not to sell to investors and instead opting for buyers who plan to make a long-term commitment.
As the market continues to evolve, we will keep you updated with the latest trends and insights to help you navigate through this dynamic landscape.
Here are the June stats and findings.
Both the average sales price and median sales price rose for the fifth consecutive month.
The average sales price ($577,700) rose 2.9% month over month.
The average sales price has risen 12.7% since January 1.
The average sales price is currently down 2.2% year over year.
Informative Videos
Quote of the Month
“Don’t let what you cannot do interfere with what you can do”
- John Wooden -
If you are curious about any of this information or want to chat about your situation, please feel free to reply to this email or call me directly.
