SOUTHWEST

“Since the beginning of the year, in the Greater Phoenix market, we have seen an increase in contracts and the very best properties are still receiving multiple offers. The luxury market in Scottsdale and Paradise Valley has continued to remain strong with year-over-year price per square foot growth between 20-24% and continued limited inventory. However, buyers’ hesitancy with leveraging higher-rate loans or pulling money out of the fluctuating investment during Q4 of 2022 slowed the market down just enough which created new opportunities for seasoned real estate connoisseurs to begin jumping back in.”

- Monica Monson, The Nobel Agency, Scottsdale, AZ

Mountain West

“Denver’s real estate market remains strong. Inventory levels are low, and prices are holding steady. I suppose like a number of cities across the nation, what we’re seeing could be described as more of an illiquid market rather than a declining one. Naturally, if you’re just entering the market, the cost of acquisition and the costs to finance are higher than they have been in years. However, the higher ends of the market are showing few signs of slow down. There is still a lot of money looking for a place to land, and real estate remains a strong contender for those investment dollars.”

– Stan Kniss, Fantastic Frank Colorado, Denver, CO

“In Vail and Aspen, we are an island within ourselves here. Resort markets like these usually stay pretty strong. While the big cities are slowing down, and we have a slight softening, the buyer demand is still quite strong. Since we don’t have that much inventory, we will always have more demand than we supply, given the resort market we are in. We don’t have a lot to sell. I also think because we have so many cash buyers, I think it will continue that buyers will be buying this year, paying cash, paying more attention to details, and looking at the location a little bit closer.

Overall, I think our market will stay strong in the mountains. Interest rates are affecting a little bit of the lower end, but the lower range of our market is under $3M, and instead of getting 4-5 offers, maybe we are getting 2. As we go into 2023, we are still in a sellers’ market, but I see Buyers expecting to find ‘’deals’’ which are few and far between in our resort communities. I am predicting 2023 will continue as it has started off.”

– Liz Leeds, Slifer, Smith & Frampton, Vail, CO

“I think 2023 will be an extension of the second half of 2022 – as the FED continues to disincentivize most sectors of the market, those sensitive to interest rates will hold back and monitor as their confidence is lower, while those higher price point homes that offer continued solace, safety and a new quality of life will continue to transact at a consistent pace. The macro market has lost confidence and urgency – providing a unique opportunity for those buyers with an advocate working on their behalf and sellers empowered with real-time data on evolving conditions.”

– Mack Mendenhall, Compass, Jackson Hole, Wyoming

MID-WEST

“My prediction for 2023 is that the market will resemble the pre-Covid market of 2019. It will be more of a balanced market where buyers have more negotiating power than in 2021 and the beginning of 2022. However, the inventory is extremely low, and depending on the location and quality of the property, those sellers may still hold all the cards. Everyone is watching rates, and this year may be an up-and-down market.”

– Cindi Sodolski, Compass, Chicago, IL