By MacKenzie Brower | YourValley
The Valley real estate market is currently most impacted by interest rates and affordability as the nation’s economy goes through inflation.
Both buyer demand and active listings from sellers are down; however, active listings have decreased significantly more than buyer demand making it so that sellers have the advantage, according to Phoenix Realtors President Butch Leiber.
Due to interest rates, buyer demand is down 15% to 20% and active listings are down about 48% to 50%, according to Leiber.
“Because there’s fewer houses than there are buyers, we are in a seller’s market Valley-wide, which is kind of strange,” Leiber said.
Additionally, population growth and slow development has caused a lack of inventory. Altogether, the Phoenix market has a huge shortage of properties for sale, Leiber said.
The luxury real estate market in Scottsdale and Paradise Valley has seen median sales prices increase faster than the rest of the Valley.
