Price cuts last week just went to their highest level in years. This is a horrible sign for things to come in Arizona. But it gets worse…
![](https://jeremywhittaker.com/wp-content/uploads/2022/09/image.png)
Active weekly listings are also at their highest level in years. In 2019 there were 18,562 houses for sale. We now exceeded that with 18,605 last week. Meaning there is a huge supply.
![](https://jeremywhittaker.com/wp-content/uploads/2022/09/image-1-1024x756.png)
We are now 8% off the peak average sales price of $305.97/sq ft. Last week’s average sales price sat at $282.41/sq ft
![](https://jeremywhittaker.com/wp-content/uploads/2022/09/image-2-1024x754.png)
What I think is more interesting is the average weekly list price is down 20% off its peak. Currently, it sits at $324.73/sq ft with the peak hitting $401.47. With the average sales price per sq ft at $282/sq ft and the average list price at $324/ sq ft there is a huge disconnect between people listing their houses for sale and what they are actually selling for. The average seller has to reduce their price by 13%. This is sure to get worse once the FED’s latest rate increases from last week take hold.
![](https://jeremywhittaker.com/wp-content/uploads/2022/09/image-3-1024x734.png)
The listing success rate hasn’t been this low since 2014. Two more percentage points and we’re back to 2011 levels.
![](https://jeremywhittaker.com/wp-content/uploads/2022/09/image-4.png)
It appears a lot of sellers who “don’t need to sell” have just given up trying.
![](https://jeremywhittaker.com/wp-content/uploads/2022/09/image-5-1024x759.png)