March Market Update

March Market Update courtesy of Craig and Stacey Akers at NextHome Valleywide.  Contact 480-621-6828 or info@nexthomevalleywide.com for a Seller Solution book that will give you selling tips, pricing, and comparable home sales in your area.

Median Sale Price up $20,000 over March 2017

17% of Sales are Closing Over Asking Price

2018-03 Infographic

For Buyers:

The percentage of seller concessions awarded to buyers has dropped down to 24% in the first quarter of 2018 after 2.5 years of consistently landing between 26%-28%, yet another indicator of dwindling buyer negotiating power in a prolonged supply shortage. The highest percentage of closings with seller concessions in the last 30 days were sale prices between $150K-$250K at 30-36%. Buyers were most likely to get closing costs in Youngtown at 54%, followed by Buckeye at 52%. Cities with the smallest percentage of closing costs were in affluent and retirement areas such as Paradise Valley, Sun City West and Sun Lakes at 2-3%.

For Sellers:

The percentage of successful sales over asking price is increasing. So far in March, 17% of sales closed over list price, last March it was 14%. Properties sold between $100K-$200K had the highest percentage at 24%, followed by the $200K-$300K range at 18%. The market between $300K-$1M is the most improved with 12% sold over list compared to only 7% last March. There were zero sales over list in the market over $1M. Areas with the highest percentage are El Mirage and Youngtown, both at 50%, followed by Tolleson with 45.5% of sales closing over asking price.

Contact the real estate experts at NextHome Valleywide in Chandler, AZ at 480-621-6828 for more information.  If you are currently looking at buying or selling a home in the Phoenix, Scottsdale or East Valley area and are not sure where to turn, search for homes at ChandlerAreaHomeSearch.comwhere you can find single family homes, golf and lakefront properties, 55+ communities, townhomes and much more. Visit our blog at NextHome Valleywide for a monthly Phoenix Market Update.

 Commentary written by Tina Tamboer, Senior Real Estate Analyst with The Cromford Report ©2018 Cromford Associates LLC and Tamboer Consulting LLC

January Market Update 2018

January Market Update courtesy of Craig and Stacey Akers at NextHome Valleywide.  Contact 480-621-6828 or info@nexthomevalleywide.com for a Seller Solution book that will give you selling tips, pricing, and comparable home sales in your area.

2017 MLS Sales up 6% over 2016
Over 50% of 2017 Sales Were in this Price Range….

January Market Update

For Buyers:

2018 is not going to be any less competitive for buyers in general. The market is starting out with 14% fewer listings compared to 2017, however there are 35% fewer listings under $200K, a price range that commands 34% market share of all MLS resales in Greater Phoenix. 51% of MLS sales were between $200K-$400K in 2017, and supply in this range is down just 7%. 14% of sales were between $400-$1M and supply is down nearly 9%. Only the market over $1M is starting 2018 with 4% more for sale, 2017 sales over $1M were less than 2% of the market.

For Sellers:

Over 51% of newly constructed condominiums, townhomes and single family residences sold in 2017 were between $275K-$500K as of November and approved single family permits are up nearly 12% going into 2018. Added inventory from new construction continues to keep mid-range property appreciation at sustainable levels at the current level of demand. The last wave of boomerang buyers are expected to rejoin the masses in homeownership this year after waitng 7 long years to qualify for conventional financing after foreclosure. These buyers span all price ranges and their return combined with positive inbound relocation and employment keep Greater Phoenix a positve environment for sellers.

Contact the real estate experts at NextHome Valleywide in Chandler, AZ at 480-621-6828 for more information.  If you are currently looking at buying or selling a home in the Phoenix, Scottsdale or East Valley area and are not sure where to turn, search for homes at ChandlerAreaHomeSearch.comwhere you can find single family homes, golf and lakefront properties, 55+ communities, townhomes and much more. Visit our blog at NextHome Valleywide for a monthly Phoenix Market Update.

Commentary written by Tina Tamboer, Senior Real Estate Analyst with The Cromford Report ©2018 Cromford Associates LLC and Tamboer Consulting LLC

Phoenix Market Update Nov 2016

Phoenix Market Update courtesy of Craig and Stacey Akers at NextHome Valleywide.  Contact 480-621-6828 or info@nexthomevalleywide.com for a Seller Solution book that will give you selling tips, pricing, and comparable home sales in your area.

New Listings Under $300,000 Down 10% in October

Average Sales Price per Square Foot Up 8%

 

Phoenix Market Update November 2016

For Buyers: October was a disappointing month for new active listings under $300,000. Normally October is a good month to buy as there is a boost of new listings without an increase in competing buyers. This rang true for new listings between $300,000 and $1,000,000 (up nearly 7%). New listings over $1,000,000 were down by nearly 14%, however this price point has been suffering from oversupply most of the year and the drop only equated to 57 fewer new listings in the past month. More importantly, new listings under $300,000 were down by nearly 10% with 669 fewer new listings than this time last year. For a price range that is already undersupplied for the current demand, this was not good news for buyers. The fact that sales under $300,000 comprised 72% of all sales in the past month tells us to expect prices to continue rising with the current lack of new supply hitting the market.

For Sellers: Undersupply for listings under $300,000 has had a positive effect on sellers. The Monthly Average Sales Price per Square Foot in this price point went up 8.4% from $110.42 last November to $119.72 this November. The $300,000 – $500,000 price range saw this measure go from $146.03 to $151.50, up 3.7%. The $500,000 -$1,000,000 price range increased 1.2% from $196.65 to $199.03; the Over $1,000,000 price range increased by 12.3% from $308.73 to $346.68 (with only 108 sales in this price point, average price measures will fluctuate dramatically from month to month). Average Days on Market is still very good for sellers under $300,000 at 61 days. The measure increases to 91 days within $300,000-$500,000; 142 days within $500,000-$1,000,000; and 191 days Over $1,000,000.

Contact the real estate experts at NextHome Valleywide in Chandler, AZ at 480-621-6828 for more information.  If you are currently looking at buying or selling a home in the Phoenix, Scottsdale or East Valley area and are not sure where to turn, search for homes at ChandlerAreaHomeSearch.com, where you can find single family homes, golf and lakefront properties, 55+ communities, townhomes and much more. Visit our blog at NextHomeValleywide for a monthly Phoenix Market Update.

Commentary written by Tina Tamboer, Senior Real Estate Analyst with The Cromford Report ©2016 Cromford Associates LLC and Tamboer Consulting LLC

Phoenix Market Update October 2016

Phoenix Market Update

Phoenix Market Update courtesy of Craig and Stacey Akers at NextHome Valleywide.  Contact 480-621-6828 or info@nexthomevalleywide.com for a Seller Solution book that will give you selling tips, pricing, and comparable home sales in your area.

For Sellers:  Sellers in some cities are experiencing more competition from new home subdivisions. New construction permits are on the rise this year, which provides headaches for the surrounding sellers.

For Buyers:  The biggest increase in demand is within the $200,000-$300,000 price range, which had a 35% increase in listings under contract heading into October and only a 4.2% increase in supply.

phoenix market
Commentary written by Tina Tamboer, Senior Real Estate Analyst with The Cromford Report
©2016 Cromford Associates LLC and Tamboer Consulting LLC

Builders have been focusing a decent portion of their resources on the $200,000-$500,000 price range, the increase in competition is especially felt by sellers in North Phoenix, South Phoenix, East Mesa, Gilbert, and Peoria. As a result, annual appreciation has been maintained at 3-4% for the $200,000-$350,000 range and 1-2% for the $350,000- $500,000 range. Builders are not focusing on the under $200,000 market, which is contributing to appreciation rates as high as 9% as demand remains strong. The luxury market is still seeing flat or slightly declining prices compared to last year.

Contact the real estate experts at NextHome Valleywide in Chandler, AZ at 480-621-6828 for more information.  If you are currently looking at buying or selling a home in the Phoenix, Scottsdale or East Valley area and are not sure where to turn, search for homes at ChandlerAreaHomeSearch.com, where you can find single family homes, golf and lakefront properties, 55+ communities, townhomes and much more.  Visit our blog at NextHomeValleywide for monthly Phoenix Market Updates.

Phoenix Real Estate Market Update for Sept 2016

Phoenix Market Update

Real estate market update courtesy of Craig and Stacey Akers at NextHome Valleywide. Contact 480-621-6828 or info@nexthomevalleywide.com for a Seller Solution book that will give you selling tips, pricing, and comparative home sales in your area.

For Sellers:  For those who own a condo or townhome, the shortage of single family supply under $200K is good news.  Sales of condos and townhomes are up 6.1% and the median sale price is up 12.5% .

For Buyers:  Buyers looking for larger single family homes under $200K may want to consider the Southwest Valley with 50% of all sales occurring under $185K and an average size of 1,929 square feet.

phoenix real estate
Sept 2016 – Commentary written by Tina Tamboer, The Cromford Report

72% of all purchases over the past month have been under $300K, which is why this price point dominates Phoenix Metro overall statistics and projections.  Sales between $300K and $500K are up 27.8% over last year, up 8.5% between $500K and $1M are exactly the same for sales over $1M.  Appreciation rates are not as strong in these price points because supply grew alongside demand, keeping the market in a balanced state.

Contact the real estate experts at NextHome Valleywide in Chandler, AZ at 480-621-6828 for more information.  If you are currently looking at buying or selling a home in the Phoenix, Scottsdale or East Valley area and are not sure where to turn, search for homes at ChandlerAreaHomeSearch.com, where you can find single family homes, golf and lakefront properties, 55+ communities, townhomes and much more.