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

NextHome Valleywide Market Update December 2017

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.

23% of Listings Under $200K Sell Over List Price

Greater Phoenix Appreciation on 6.2% Overall, But Varies

2017-12 Infographic

For Buyers:

There are currently 1,399 normal* single family listings between $100K-$200K in Greater Phoenix and supply levels are not expected to rise in this price range going into 2018. In the last half of 2017, an average of 1,396 normal single family new listings were added each month while 1,375 per month were sold in this price range. In November, 23% sold over list price compared to 27% last June and 28% closed with full price offers compared to 28% in June.

*A normal listing is one that is not a short sale or foreclosure.

For Sellers:

The overall appreciation on rate based on annual sale price per square foot in Greater Phoenix is 6.2%. However, supply and demand are not the same by price range. The greatest appreciation on rates are under $200K due to a lack of new construction on that would typically balance out the supply shortage. Sales under $200K are 33% of all sales this year, so their rate has a large effect on the overall average. New multi-family and single family homes are being added to the $200K-$500K price range to accommodate increased demand, but it’s still not quite enough. The market is balanced between $500K-$1M, while supply is still higher than demand over $1M despite a 10% rise in 4th quarter contracts. As a result, appreciation on rates are as follows by price range:

  • Under $200K: 7.7%
  • $200K-$500K: 3.5%
  • $500K-$1M: 1.7%
  • Over $1M: 0.1%

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 ©2017 Cromford Associates LLC and Tamboer Consulting LLC