📉 Phoenix Market Update: Buyer Power Surges Before the Holidays

📬 November Real Estate Market Update – Why Now Is a Prime Window for Buyers

🟢 FOR BUYERS: It’s Game Time

🏷️ Prices Have Quietly Dropped in Key Segments

Condos in Maricopa County ($250K–$300K): 📉 down 4.3% since July, and 15% below 2022 peaks.
Pinal County homes ($300K–$400K): 📉 down 6.7% since April.
Maricopa County homes ($300K–$400K): 📉 down 2.9% year-over-year.
Broad median prices are only slightly down (4.5%), masking sharper discounts in starter home price points.

📉 Mortgage Rates: Down, Then Stabilized

From mid-July to mid-September: rates dropped from 6.85% to 6.1%—lowest in over a year.
Current rates around 6.3%, fueling improved buyer activity in October after 3 weeks of stability.

💰 Sellers Are Negotiating

56% of September MLS closings included seller-paid concessions (median: $10K).
These incentives often include rate buydowns—used to be builder-only, now common in resale.

⏱️ Why Q4 Is the Best Buying Season

Inventory spikes before holidays—supply rises, but demand doesn’t ramp up until January.
Price cuts hit their peak before Thanksgiving, as sellers want to close before year-end.
Greater flexibility in negotiations with both sellers and builders.

⚠️ Don’t Wait for the “Perfect Time”

Market lows are hard to time—especially in real estate.
Buying while others are distracted by holidays can lead to better deals, more concessions, and less competition.

🔴 FOR SELLERS: It’s Strategy Season

📉 2024 Was a Grind, But Not Hopeless

Volatility and high rates slowed sales early in the year—especially luxury.
But homes between $500K–$1.5M saw a 19% YoY boost in September, especially as jumbo rates fell and ARMs gained popularity.

📍 Market Type Snapshot (Q4)

Seller’s Markets: Scottsdale, Paradise Valley, Fountain Hills, Chandler, Gilbert, Apache Junction.
Balanced Markets: Phoenix, Mesa, Tempe, Glendale.
Buyer’s Markets: Edges of the metro—Buckeye, Surprise, Queen Creek, etc.—mostly due to new build competition.

🕐 If You’re Selling Now: Be Competitive