{"id":1424,"date":"2024-12-19T16:17:17","date_gmt":"2024-12-19T16:17:17","guid":{"rendered":"https:\/\/nohasslelistingblog.com\/?p=1424"},"modified":"2024-12-19T16:17:17","modified_gmt":"2024-12-19T16:17:17","slug":"market-update-december-2024","status":"publish","type":"post","link":"https:\/\/nohasslelistingblog.com\/?p=1424","title":{"rendered":"Market Update December 2024"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>The 4<sup>th<\/sup> Buyer\u2019s Market in 25 Years Arrives in Time for the Holidays<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Most consumers are unaware that the greater Phoenix real estate market spends far more time as a seller\u2019s market than as a buyer\u2019s market.&nbsp; Point in fact, in the last 5 weeks we have entered a buyer\u2019s market for only the 4<sup>th<\/sup> time in the last 25 years.&nbsp; But as usual, God is in the details.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The luxury market and the mainstream market are fueled by different economic engines and therefore do not always act in unison.&nbsp; This is the case currently.&nbsp; Luxury is experiencing rising pricing and activity courtesy of the robust stock and crypto markets.&nbsp; Contrast that to the mid- market, and you see demand and pricing struggling due to &nbsp;mortgage rates in the high 6%+ range.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When we look at supply and demand, we see the fundamentals behind the buyer\u2019s market.&nbsp; While demand hit a low in September and has improved if only a smidge, supply has risen during that same period.&nbsp; To quote the Cromford Report \u201c\u2026Buyers have benefited from more choice and sellers are suffering increased competition.\u201d Further the report states : \u201cIt continues to be a frigid market for most zip codes in Greater Phoenix with the lowest contract ratio* (listings under contract divided by active listings) we\u2019ve seen since January 2015, 10 years ago.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As to pricing, we are seeing the luxury market increasing while the mainstream market is vulnerable to erosion.&nbsp; Given the low purchase activity \u2013 there is little to suggest upward pricing and in the outer fringes of the valley there is unquestionably downward pressure on price.&nbsp; It is important to remember that pricing is a trailing indicator, not a leading one.&nbsp; It can take months for pricing to respond to shifts in the market.&nbsp; So really it is a question of how long this buyer\u2019s market will last?&nbsp; If interest rates decline to the 6% range &#8211; we will see demand respond and respond more rapidly than supply can.&nbsp; At which point, buyer advantage will cease.&nbsp; If they remain stubbornly above 6.5% then likely we will see further downward pressure on pricing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Whatever 2025 brings, when we know \u2013 our clients will know.&nbsp; Wishing you a joyous holiday season.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Russell &amp; Wendy Shaw<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">(Mostly Wendy)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 4th Buyer\u2019s Market in 25 Years Arrives in Time for the Holidays Most consumers are unaware that the greater Phoenix real estate market spends far more time as a seller\u2019s market than as a buyer\u2019s market.&nbsp; Point in fact, in the last 5 weeks we have entered a buyer\u2019s market for only the 4th [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1424","post","type-post","status-publish","format-standard","hentry","category-real-estate-market"],"_links":{"self":[{"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1424","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1424"}],"version-history":[{"count":1,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1424\/revisions"}],"predecessor-version":[{"id":1425,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1424\/revisions\/1425"}],"wp:attachment":[{"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}