Redfin says the number of homes selling above list price is decreasing. But what about in Phoenix?
This is, obviously, a very early sign that the real estate market MAY have peaked.
Here’s what Redfin says, “In Seattle, the Share of Homes Selling Above List Fell to 30% this Month from 50% a Year Ago”.
Among the metros that Redfin tracks and for the 4 weeks ending September 23, the percentage of homes selling for more than the list price fell from 29% in June to 23%. Part of that decline is seasonal but that 23% was 26% a year earlier.
Okay, the decline isn’t huge, except for in Seattle, Denver, Portland and the Bay Area, but is it a sign of a future trend in Phoenix?
So let’s use Redfin’s data to look at Phoenix right now for single-family homes.
(Click here to see an interactive version of the chart.)
Yeah… I’m not seeing any change in the Phoenix market for homes sold above list price.
Redfin’s data shows that in August, 18% of Phoenix homes that sold, sold above list price. A year ago in August, the number was 17%.
It looks like the market is slowing a lot in Seattle and a little in Los Angeles but no significant changes in Phoenix (yet).