Leading Indicators
Leading indicators are the only way to accurately make a realistic prediction of future performance. Trailing indicators, such as "Sold Prices" show what has already happened 30 to 60 days ago. We have seen Sales price per square foot increase every month in 2023, up 6.4% since December. So what happened? "Listings under contract" is another indicator, and we’ve seen the fewest numbers of buyers in escrow at any time since 2009.
This indicates a very slow market. Low buyer activity, paired with even lower seller activity, points to more upward pressure on prices in the Valley. Watch this month's 3-minute market update to understand why Market Report.
