Monthly Statistical Update - Buyer's Market!

Here is an excerpt from the Arizona Multiple Listing Service monthly report about the current #buyersmarket:

With low demand and rising inventory, there are few doubters left -  we are in a buyer’s market. Our transition from a balanced market to a buyer’s market is further evidenced by a record number of price reductions among active listings. Pending sales contracts are increasing

as expected, but this is a seasonal normality. Pending sales contracts are 36% lower than last

year at this time at 6,654. Looking ahead to the March sales volume, it would not be unreasonable to expect that 1,400 fewer homes will be sold this year than last.  

Have a look at the graphs from The Cromford Report below, and see if you don't agree:

#AvondaleHomes , #GoodyearHomes , #BuckeyeHomes , #GlendaleHomes,  #PhoenixHomes , #SurpriseHomes , #PeoriaHomes , #TollesonHomes, #LaveenHomes , #WaddellHomes , #WittmanHomes