Greater Phoenix Buyer Contracts Down 15% It’s Still a Good Time to Sell… For Now

For Buyers: The monthly average interest rate rose to 4.64% in December 2018, up 0.69% from the previous December’s 3.95%. For buyers who will purchase at the current median sales price of $260,000, that equates to approximately $100 added to their monthly payment compared to last year. Buyers averaged 1,845 square feet at this price; nearly 100 square feet smaller than if they had purchased last year. It doesn’t help matters by renting either. As single family homes appreciated 8.1% per square foot, single family lease payments also rose 8.6% during the same time frame. With that, buying is still a good option over renting if only to stabilize one’s monthly housing expense. Sale prices w

AZ Housing Market...Buyer's Market or Seller's Market?

I have started to see a few writers claim that Phoenix is becoming a buyer's market. I think this is a huge stretch. It is possible that we have forgotten what a buyer's market really feels like. We have seen a noticeable downturn in demand but that alone does not constitute a buyer's market. In a buyer's market, supply is higher than demand and currently we still have very low supply and little sign of a significant increase on the horizon. The weaker demand is still more than enough to match the current level of supply. Consequently sales prices still upwards momentum, although this has eased a little since last spring. I also hear talk of lower prices, but this talk is not referring to cl

Market Summary for the Beginning of 2019

As we enter the New Year, the final statistics are in for December 2018. Starting with the basic ARMLS numbers for January 1, 2019 and comparing them with January 1, 2018 for all areas & types: Active Listings (excluding UCB): 17,339 versus 16,697 last year - up 3.8% - but down 6.6% from 18,563 last month Active Listings (including UCB): 19,900 versus 19,606 last year - up 1.5% - but down 8.4% compared with 21,736 last month Pending Listings: 3,740 versus 4,674 last year - down 20.0% - and down 18.0% from 4,562 last month Under Contract Listings (including Pending, CCBS & UCB): 6,301 versus 7,583 last year - down 16.9% - and down 18.5% from 7,735 last month Monthly Sales: 6,498 versus 7,197

A Far More Positive Picture for Sellers Than Expected

Below is he Cromford® Market Index numbers for the single-family markets in the 17 largest cities in the Valley. The Cromford Market Index™ is a value that provides a short term forecast for the balance of the market. It is derived from the trends in pending, active and sold listings compared with historical data over the previous four years. Values below 100 indicate a buyer's market, while values above 100 indicate a seller's market. A value of 100 indicates a balanced market. Things continue to get better for sellers, a trend which started back on November 30, although you would not think so based on some of the gloomy commentaries in the media. The average change in the CMI values is +1

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