The numbers show the Maricopa County real estate market is stabilizing.

Happy New Year! Today I'm bringing you a market update for January 2023. Activity is very low across the board, but the market balance is normal. By that, I mean that we have an equal balance between buyers and sellers. The trend is now moving in favor of sellers, having been favorable to buyers only a month ago.

Although there is gloom and despondency almost everywhere amid the murk, there are clear signs of improvement because sentiment is so poor. There is psychological pressure to lower prices; however, there is no such downward pressure coming from the market. If all trading was done by unemotional computers, prices should be stabilizing right now. This is very interesting, and coincides perfectly with the data that we have.

If you are looking at the numbers of January from 2021 and 2022, you have active listings between 4,000 and 5,000 units for Maricopa County. That's ridiculously low. Then in 2020, the year before that, it was still relatively low, but it was just under 10,000—so a lot higher, double that of 2021 and 2022.

“The trend is now moving in favor of sellers, having been favorable to buyers only a month ago.”

Here in 2023, we were only just below 13,000. So we're not that far off from 2020. This is very good news. It has been a downward decline in Maricopa; the max was around 16,500 or 16,800. The numbers are down about 4,000, which includes the high in October.

Everything is moving along nicely in the Phoenix area. There is no need to panic. Our market is not going to go through a major crash unless something else happens that impacts the market. If you have any direct questions that we can help you out with, by all means, reach out to me personally or another Good Company Real Estate agent, and we'll be happy to assist you. Call or email us anytime.