List Price Reductions up 24% in Greater Phoenix, Up 42% in Some Areas

For Buyers: A weak 4th quarter for sales in 2018 has resulted in 11,874 price reductions in the first 5 weeks of 2019. That’s 24% higher than this same time last year. Price reductions on listings between $200K-$500K specifically are up 40%. The most notable price range with a 42% increase is $200K-$250K. This may come as a surprise to some because this price range is below the median sales price of $263K. However this area is currently a battleground of competition between traditional sellers, flip investors and new construction as inventory is up 26% and contracts are down 10%. Flip investors acquire and sell over 50% of their inventory in this price range. New home builders increase

Market Summary for the Beginning of February 2019

Starting with the basic ARMLS numbers for February 1, 2019 and comparing them with February 1, 2018 for all areas & types: Active Listings (excluding UCB): 19,040 versus 17,211 last year - up 10.6% - and up 9.8% from 17,339 last month Active Listings (including UCB): 22,655 versus 21,209 last year - up 6.8% - and up 13.8% compared with 19,900 last month Pending Listings: 5,012 versus 6,041 last year - down 17.0% - but up 34.0% from 3,740 last month Under Contract Listings (including Pending, CCBS & UCB): 8,627 versus 10,039 last year - down 14.1% - but up 36.9% from 6,301 last month Monthly Sales: 5,467 versus 6,208 last year - down 11.9% - and down 15.5% from 6,471 last month Monthly Averag

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CRESTMARK REALTY GROUP

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