Monthly Market Updates 2023


The Phoenix real estate market experienced a roller-coaster year in 2022. 2022 Real Estate Market Stats ➡ Number of sales dropped 21.6% between 2021 and 2022. ➡ Median sales price – 50% of homes sell over the median, 50% sell under. ➡ Median price hit a record high in May at $480,000, fall back to $415,000 at the end of the year. ➡ In January, buyers had a scarce 5,201 homes to choose from Valley wide. By October, that number had swollen to over 19,000 active listings. ➡ 2022 ended with 15,731 active listings, 191% higher than January. Volatility in 2022 was mainly caused by a rapid increase in interest rates, which reduced affordability for buyers needing a loan. 2023 Real Estate Indicators ✅ Inflation is Slowing ✅ Interest Rates are Steady (for now) ➡ Asking Price are Increasing ➡ Leads to Higher Closing Prices Prices might turn around by Q2, making it the perfect opportunity for buyers… ✅ before prices go up, ✅ interest rates go up, ✅ and inventory goes down. With all the challenges of today’s real estate market, whether buying or selling, you need a real estate professional, like us, on your side as your trusted advisor. 👩‍💼 DeAnn Fry PLLC, SFR, CNE ➡ West USA Realty – The Fry Team 📞 480-282-1010 ☎️ 623-748-3818 (Team Line) 📧 [email protected] | 🌐


In this month’s market update, we aim to provide a positive perspective on the current housing market. 3 Reasons Why Now Is A Good Time To Buy ➡ Interest Rate: If interest rates continue to rise, there is a cost to waiting. And if you buy now, many lenders are offering programs to allow you to refinance with little to no cost when interest rates drop. ➡ Recency Bias: Given the continued growth of the valley and lack of inventory, we can expect prices to shift up again in the near future. ➡ Buy Low, Sell High: We may be at the bottom of the market, which is always a good time to buy. ✅ The number of new listings year to date is the lowest in the last 22 years. The result is that market balance is moving in favor of sellers who are on the market, which should lead to prices increasing again in the near future. This is a great window of opportunity for buyers. Is it time for you to make a move? As a trusted advisor, let’s create you plan of action that suits your family’s needs. Contact #TheFryTeam, for expert guidance on your real estate decisions… 👩‍💼 DeAnn Fry PLLC, SFR, CNE ➡ West USA Realty – The Fry Team 📞 480-282-1010 ☎️ 623-748-3818 (Team Line) 📧 [email protected] | 🌐


In any real estate market, there is always opportunity. So where is today’s opportunity? ✅ The Valley Is In A Seller’s Market ➡ Supply is significantly lower than where it should be this time of year, putting sellers back in charge. ➡ The year started with sellers contributing to buyer’s closing costs on over 51% of all closings. ➡ Prices are rebounding. ➡ Seasonality may be returning to the market. ✅Real estate is a long-term investment, and most homeowners who have owned their homes over 2 years have significant equity in their homes. ✅ So if it’s time to make a move – now is the opportunity to do so. If you’re thinking of making a move, as your trusted advisor I can help you find your opportunity in this market. 👩‍💼 DeAnn Fry PLLC, SFR, CNE ➡ West USA Realty – The Fry Team 📞 480-282-1010 ☎️ 623-748-3818 (Team Line) 📧 [email protected] | 🌐


In an era where information is readily available, you might question the need for a real estate professional. The value of hiring #TheFryTeam at West USA Realty. ✅ Real estate transactions can be complex and involve a multitude of legal, financial, and logistical aspects. ➡ The Fry Team possess knowledge of the local market, property values, and current trends and they keep my fingers on the pulse of the ever-changing real estate landscape and can provide you with accurate and up-to-date information. ➡ The Fry Team is a member of TRUSTED ADVISOR UNIVERSITY. ➡ The Fry Team utilize the Cromford Report, Maricopa County’s only in-depth real estate market analysis tool. ➡ The Fry Team is your advocate. They have a fiduciary duty to protect your best interests throughout the transaction. ➡ The Fry Team is a skilled negotiator and they know how to navigate the negotiation process ➡ The Fry Team has a network of other professionals. ➡ The Fry Team offer invaluable guidance and support throughout the entire home buying or selling process. For accurate market data, and peace of mind, you have a trusted advisor who’s just one call away: 👩‍💼 DeAnn Fry PLLC, SFR, CNE ➡ West USA Realty – The Fry Team 📞 480-282-1010 ☎️ 623-748-3818 (Team Line) 📧 [email protected] | 🌐


There are not a lot of changes happening in the housing market right now. Buyers and sellers appear to be in a holding pattern waiting for a sign before making a move. This is about knowing whats going on.


I’m a TRUSTED ADVISOR UNIVERSITY member, which is a group of REALTORS® that meet monthly to review current market conditions and keep up with current market statistics. Our members are the most educated REALTORS® in our market. TAU members utilize the Cromford Report, Maricopa County’s only in-depth real estate market analysis tool. Less than 1% of licensed Maricopa County REALTORS® have access to this service.


The world of real estate is constantly evolving and it’s essential to stay informed of what is happening in the market. ✅ More Transparency Over The Last Few Years ➡ Pricing ➡ Availability ➡ Professional Fees ✅ 8% Interest Rates | There are opportunities in today’s market: ➡ Seller assistance with costs or rate buy-downs. ➡ Special Lending Programs ➡ Community Down-Payment Assistance ✅ Title & Deed Fraud | Ways to protect yourself from deed fraud: ➡ Allow me (TheFryTeam) to set up an MLS alert on any of your properties. ➡ Register for Title Alert in counties where you own property. If you have questions about any of these issues or need guidance and understanding today’s challenging market, please don’t hesitate to contact us. 👩‍💼 DeAnn Fry PLLC, SFR, CNE ➡ West USA Realty – The Fry Team 📞 480-282-1010 ☎️ 623-748-3818 (Team Line) 📧 [email protected] | 🌐


Buyers who felt they lost out on the buyer’s market last year will be getting another chance this year. The first thing to move isn’t a sales price, but a list price combined with higher seller incentives for buyers. In short, it’s a good idea for buyers to stay engaged and vigilant in identifying opportunities in November and December. Once 2024 begins, the peak homebuying season is back in swing with more buyer competition. For sellers, this is not a good time to test a price higher than the market value for your home. As the seller’s market weakens daily, it’s the outskirts of town that are affected first as the interior cities follow quickly. For those who need selling, you may get your asking price, but at a higher expense as long as rates are elevated. As a result, sales price measures will not show a decline, but the sellers’ net proceeds will be squeezed. It may not be the market we love, but it’s the market we’re with.