NextHome Valleywide Market Update November 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.

4th Quarter is Good for Buyers!
Supply up 11% since August, Down 12% from 2016

2017-11 Infographic

For Buyers:

The 4th quarter is a good time to be a buyer seasonally. After April or May, buyer activity gradually declines every month with the 4th quarter seeing the lowest level of contracts in escrow. This is typical within all price ranges. Meanwhile, supply levels tend to rally in October with new listings after becoming stale over the summer months. This provides the remaining buyers with more listings to choose from and fewer competing offers. A welcome relief for many, however this seasonal lull doesn’t mean buyers will win with low offers. For most buyers, this environment only provides fewer competing offers on their preferred properties. It doesn’t necessarily mean they’ll get a bargain.

For Sellers:

While 2017 is still outperforming the last 5 years in sales volume, contracts in escrow have declined 30% since peaking in April. Supply is up 11% after hitting a low in August, bringing current listing counts within 1% of where they were in April. While seasonal and expected, this environment creates a more competitive environment for sellers compared to the Spring season. As a result, the number of price reductions counted every week has gone up 20% since the beginning of September. Expect price reductions to remain high as sellers push to get their properties under contract before Thanksgiving.

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

NextHome Valleywide Market Update October 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.

Third Quarter MLS Sales Up Only 2% Over 2016

High End MLS Sales Over $600K Up 27%

OctoberInfographic

Market For Buyers:

The median home size sold through the MLS this year is 1,774 square feet. Interestingly, this measure hasn’t fluctuated more than a couple square feet up or down since 2015. Considering the increasing cost per square foot, the fact that the median sized home sold hasn’t fluctuated much means that buyers are willing to pay more for the right sized home if they have the choice. For buyers with less flexibility on price, the cost of waiting comes in the form of sacrificing extra closet space, work space, or even a bedroom. Last year, the median home size for buyers in the $150K- $175K price range was 1,470sf. This year it’s only 1,380sf, a difference of 90 square feet.

Market For Sellers:

The first half of 2017 was more exciting than the second half is turning out to be so far for MLS sales. 1st Quarter 2017 MLS sales outperformed 2016 by 14% and 2nd Quarter sales were up 7%, so a 2% growth rate for the 3rd Quarter puts a damper on our excitement. Low supply in the lower price ranges is mostly to blame as it’s difficult to have record sales growth if there are fewer people willing to sell their home. There are more people willing to put their home on the market in the higher price ranges however. New listings over $600K were up nearly 10% in the 3rd Quarter and sales were up an impressive 27%.

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 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

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.