Market Summary for the Beginning of July

Starting with the basic ARMLS numbers for July 1, 2018 and comparing them with July 1, 2017 for all areas & types: Active Listings (excluding UCB): 16,101 versus 18,087 last year - down 11.0% - but up 0.5% from 16,018 last month Active Listings (including UCB): 20,464 versus 22,301 last year - down 8.2% - and down 1.7% compared with 20,809 last month Pending Listings: 6,092 versus 6,486 last year - down 6.1% - and down 7.8% from 6,608 last month Under Contract Listings (including Pending, CCBS & UCB): 10,455 versus 10,700 last year - down 2.3% - and down 8.3% from 11,399 last month Monthly Sales: 9,171 versus 9,608 last year - down 4.5% - and down 9.1% from 10,093 last month Monthly Average

Cost of Waiting to Buy Means Less Closet Space or Higher Payment

For Buyers: Hearing cries for more affordable housing supply, developers have sold more new homes in the low $200’s this year; selling 35% more than they did last year within the same time frame. However, the under $200,000 market remains neglected for additional supply. As of May 2018, only 6% of new homes sold were under $200,000, 37% were between $200,000 and $300,000 and 41% were between $300,000 and $500,000. This means that properties under $200,000 will continue to appreciate faster than any other price point and homes sold in this price range are only getting smaller. The annual average home size sold between $100K -$200K, new and resale combined, is currently 1,390sf compared to 1

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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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