Is Phoenix a seller's market right now?

{ "answer": "Looking at the numbers right now, Phoenix is not strongly favoring sellers. While some aspects might seem competitive, the overall data suggests a more balanced market or even one leaning slightly away from sellers.\n\nThe median listing price is \$475,000, which is actually down a bit. It decreased 1.4% from the previous month and 4.8% compared to this time last year. This downward trend in prices doesn't typically happen in a strong seller's market.\n\nThere are more homes available now, with active listings up 5.2% over the past year, totaling 17,707 homes. More choices for buyers usually mean less pressure on them to act fast, which benefits buyers more than sellers.\n\nAlso, a significant portion of homes, 27.6%, have had their prices reduced. This indicates that sellers are needing to lower their asking prices to attract buyers, which is another sign that the market isn't strongly in their favor.\n\nHomes are taking a little longer to sell, too. The median time a home spends on the market is 67 days. While this is slightly faster than last year, the number of price reductions suggests that even with homes selling, sellers are making concessions.\n\nIf you're thinking of selling, you might need to price your home competitively and be ready for some negotiation." }