Market Shifting...but it will take time.

Market Update:

March 2025 Arizona Real Estate Market Update 📢

The Greater Phoenix housing market is shifting, with 44% more single-family detached listings available than this time last year. However, the increase in inventory varies by price range:

• Under $350K: 📈 70% more inventory than last year
• $350K–$600K: 📈 51% more inventory
• $600K–$1M: 📈 38% more inventory
• $1M–$3M: 📈 27% more inventory
• $3M–$7.5M: 📈 21% more inventory
• Over $7.5M: 📉 4% fewer listings than a year ago

🔥 What This Means for the Market
While inventory is rising, price declines may take longer to materialize. The reason? Higher-priced homes make up a significant portion of the market, propping up overall price metrics. Additionally, since buyer activity in the lower price ranges has slowed, fewer transactions are being recorded—delaying the statistical impact of declining values. In short, while individual sellers may feel downward pressure sooner, broader market data may take longer to reflect a shift.

🏡 For Buyers: More choices, more negotiating power, and potentially softer prices ahead.
📉 For Sellers: Pricing aggressively and preparing your home for sale is more crucial than ever.

Here is a graph of price reductions.  These are not yet recorded because they haven’t sold. Once they do the data will hit the market.  Or…they don’t sell and take it off the market and the reality of this situation stays in the dark even longer.