Single-Family Home Supply Dramatically Down from December 2018 in Many Areas

Single-family supply is down dramatically from this time last year in most locations. Counting active listings without a contract here is what we find: Gilbert - down 50% from 615 to 307 Glendale - down 46% from 574 to 310 Mesa - down 45% from 985 to 539 Chandler - down 40% from 502 to 299 Avondale - down 39% from 147 to 90 Phoenix - down 38% from 3,034 to 1,876 Peoria - down 36% from 637 to 407 Queen Creek - down 33% from 725 to 484 Tempe - down 32% from 195 to 133 Surprise - down 32% from 630 to 429 Goodyear - down 27% from 445 to 325 Cave Creek - down 26% from to 225 to 167 Scottsdale - down 24% from 1,689 to 1,276 Fountain Hills - down 20% from 227 to 181 Buckeye - down 14% from 456 to 3

19% of Homes Sold Over Asking Price 24% of Sellers Agreed to Closing Cost Assistance

For Buyers: Supply shortages created an environment of multiple offers and listings sold over asking price last month. This is especially evident among listings between $125K-$250K where 26% sold over asking price in November compared to the overall percentage of 19% in Greater Phoenix. In a normal market, we would expect 10-15% of listings to be sold over asking price. That statistic may sound hopeless to a buyer who may not have the means or stomach to pay over asking price. However, 24% of sellers agreed to pay some form of closing cost assistance to buyers in November as well. This measure increases to 32.5% on sales between $125K-$250K, the primary price point for first-time home bu

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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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