Mid Month Pricing Update and Forecast

Each month about this time we look back at the previous month, analyze how pricing has behaved and report on how well our forecasting techniques performed. We also give a forecast for how pricing will move over the next 30 days. For the monthly period ending May 15, we are currently recording a sales $/SF of $162.32 averaged for all areas and types across the ARMLS database. This is down 0.4% or 66 cents from the $162.98 we now measure for April 15. Our forecast range midpoint was $161.80, with a 90% confidence range of $158.56 to $165.04. The actual result was slightly higher than the mid-point, and well within our 90% confidence range. As expected, we saw a slight fall back after the very

Supply Between $175K-$200K Dropped 18% in 3 Weeks...Summer is a Good Time to List Luxury Properties

For Buyers: Supply under $200K has continued to drop rapidly, but the $175K-$200K range has accelerated its decline over the past month far more dramatically than any other price range. After being consistently 30-35% below last year, the active supply level dropped a whopping 18% in a 3-week period putting the current count for this group 44% below last year. Single family homes only make up 41% of active listings under $200K, but they account for 69% of actives between $175K-$200K. As more buyers are looking to condos and townhouses for affordable housing, supply for attached homes under $200K has dropped 33% over the last year. However, condo supply between $200K-$300K has actually risen

AZ Market Summary for Beginning of May

Starting with the basic ARMLS numbers for May 1, 2018 and comparing them with May 1, 2017 for all areas & types: Active Listings (excluding UCB): 16,329 versus 19,228 last year - down 15.1% - and down 3.8% from 16,972 last month Active Listings (including UCB): 21,440 versus 24,472 last year - down 12.4% - and down 1.7% compared with 21,800 last month Pending Listings: 7,393 versus 7,552 last year - down 2.1% - but up 3.7% from 7,128 last month Under Contract Listings (including Pending, CCBS & UCB): 12,504 versus 12,796 last year - down 2.3% - but up 4.3% from 11,985 last month Monthly Sales: 9,157 versus 8,827 last year - up 3.7% - but down 5.1% from 9,649 last month Monthly Average Sales

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TO CONTACT OUR TEAM PLEASE CALL OR EMAIL US:

CRESTMARK REALTY GROUP

RAEGEN JOHNSON

Realtor

C:  602.330.5362

O:  602.362.5484

E: Raegen@RaegenJohnsonGroup.com

SARAH HERR

Realtor

C: 602.499.3175

O: 602.362.5484

E:Sarah@RaegenJohnsonGroup.com

JULI FEINBERG

Broker

O: 480-342-8889

E: Julif@jclam.com

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