"Active inventory climbed nearly 12% year-over-year, median list prices fell 7.6%, and more than one in four listings took a price cut, giving buyers negotiating leverage."
"Phoenix's median list price fell to $461,250 in February - a 7.6% drop year-over-year, far steeper than the national decline of 2.1%."
"The typical home sat on the market for 54 days in February, up 7% from a year ago, allowing buyers to be more deliberate in their decisions."
"Nearly 28% of Phoenix listings carried a price cut, almost double the national rate of 15.5%, indicating a shift in market dynamics."
In February, Phoenix's real estate market showed significant changes favoring buyers. Active inventory increased by nearly 12% year-over-year, while median list prices dropped by 7.6%. Over 25% of listings experienced price cuts, providing buyers with greater negotiating power. The number of active listings reached 3,611, surpassing national inventory growth. Sellers faced challenges as homes sat on the market longer, averaging 54 days. This environment allows buyers to make more deliberate decisions without the urgency seen in previous years.
Read at SFGATE
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