Is Phoenix a seller's market right now?

The Phoenix area currently shows a mixed market, leaning away from a strong seller's advantage. Many homes are seeing price reductions, and there are more homes available for sale than last year. Sellers may need to be prepared for negotiations. Meanwhile, buyers have more choices and some pricing power. About 29% of homes for sale right now have had their prices lowered. This is slightly higher than last year, suggesting sellers are adjusting expectations to attract buyers. The number of homes for sale has grown by 7.5% compared to last year, with 18,437 active listings. This gives buyers more options to choose from. While new listings also increased by 3.6%, the overall supply growth outpaces new demand, as indicated by the pending ratio. Median home prices are down by 4.8% from last year, settling at $475,000. Homes are also staying on the market a little longer, with a median of 62 days to sell. This means buyers have more time to consider their choices before making an offer. For sellers, patience and competitive pricing are key in this environment. Buyers will find more inventory and opportunities to negotiate a good deal.