🌵 July 2022 Real Estate Update

Author

Platt Team AZ

Published on

July 22, 2022

Let's Get in Touch

• The real estate market has now shifted and the days of multiple offers with bidding wars over list price have essentially ended. The Arizona MLS describes our market as “cooling and cooling rapidly, with a balanced market next on the horizon.”

• The sudden increase in interest rates, along with the high home prices have sent many potential buyers to the sidelines at this time (especially in the $300K – $400K price range). These reasons along with our normal AZ summer months slowdown have contributed to decreased sales volume in all price categories for this month.

• Sales prices are stabilizing with fewer homes selling above list price. We are also starting to see sellers offer concessions to buyers to help close a sale.

Even with this changing market, homes are still selling and, as always, we are representing our clients and assisting them with buying and selling their homes. We will keep you posted on market events as they occur. Call us if we can help you too!!