Residential Inventory in Arizona is Declining – Market Summary – March 2023
I’ve been asked multiple times about the real estate market and if it’s a good time to buy. I can only look at the numbers and understand the market as nobody can predict the future. I like to follow the real estate residential inventory and looking back to April of 2022, there were 8,589 active listings on the residential market. Sellers continued to put homes up for sale and we ended up with the highest index of active listings in October 2022 of 23,053. As of today, March 29th 2023, buyers get to choose options from a total of 14,331 active listings. The declined inventory by 37,84% speaks for sellers who are having second thoughts, some pulling their homes off the market for either renting or selling later. The decrease in supply affected the mortgage rates towards buyers’ benefit. As of today, the US bank interest rate for a 30 years conventional loan is 5.99%. While the supply is still at a healthy ratio, buyers might want to urge in securing a home and negotiate the best deal. It is still the buyers’ market and some of the wins are the following: getting more repairs addressed by the seller, obtaining a home warranty paid by the seller, and most attractive incentive is cutting the asked price and negotiating the closing costs.
I hope the data will make you feel more confident when stepping into your real estate transaction in Arizona and I am ready to guide you confidently and win the best deal for you.
Mariana Lozovanu/ (602) 885-9699
Your Faithful Realtor
Diamond Club Member 2022 (Top 10%)