AZ Home Prices Not Likely to Fall

Over the last week we have moved from a daily fall of 2.5 to a daily fall of 1.6. This trend is favorable and it now looks unlikely that the CMI* will drop into the balanced zone of 90 to 110 any time soon. This is because active listings are starting to fall while listings under contract have started to rise. The CMI continues to decline because we are still seeing sales volumes decline. Given the state of listings under contract that fall in sales volume appears to have a limited lifespan and it should also stabilize fairly soon. If sales and listings under contract are stable or rising and active listings are falling then guess what - the CMI will start to rise again, indicating that pric

Home Buying and Selling During Covid-19 Pandemic

Despite COVID-19, there are people who still need to buy and sell homes for various reasons and we are here to assist them through the process. Our goal is to make it as easy and stress free as possible. Selling your home and/or buying a new home during the Corona virus outbreak is no easy task. Once under contract there are home inspections, repairs, appraisal, final loan approval and signing the docs. Not too surprising, COVID-19 has thrown a few wrenches into the steps leading up to the closing..but knowledge, as well as planning and preparation are key and we are here to assist clients with navigating the process. How long will it take to close on a house now? Not surprisingly, home clo

COVID-19 Statistical Update...APRIL 24th

The COVID-19 pandemic is by far the most significant factor affecting the housing market, which is why we are putting effort into tracking the statistics produced by the various health authorities, consolidated and published by Johns Hopkins University. Just as all housing markets are local, the pandemic data varies dramatically from location to location. At present the end of day April 23 data for the USA as a whole is dominated by 2 states: New York - 268,581 confirmed cases with 20,861 deaths New Jersey - 100,025 confirmed cases with 5,428 deaths These 2 states represent only 8.5% of the population of the USA but 42% of the total COVID-19 cases and 52% of the deaths. In New York we are se

COVID-19 Statistics

The following US states and territories have seen the weekly rate of new COVID-19 cases fall and the number of active cases decline: Alaska Guam Hawaii Idaho Montana Oklahoma Vermont These are therefore the places with the least difficult challenge in starting to return to normal. Some states have seen new case rates decline and then start growing again in a second wave. These include: Maine Minnesota New Hampshire Ohio Wyoming This shows that the pattern of infection is not simple and can take unexpected turns. In Wyoming the number of active cases doubled overnight after a health worker went to two weekend parties following known contact with the virus and being tested. The test took sever

Pandemic Puts Housing in a “Pinch” COVID-19 Aftermath: Good News for Normal Buyers

The kickoff of 2020 was developing into a nightmare for normal buyers who just wanted to find a place to live. Extreme competition for homes between wholesalers, cash buyers, vacation rental investors and traditional buyers depleted supply and created an environment consisting of multiple offers, appraisal waivers and an increasing number of sales over asking price. The Greater Phoenix housing market was on the precipice of seeing price appreciation accelerate at an alarming rate and had analysts wondering what could possibly slow it down. Well, they have their answer, an act of nature. The COVID-19 pandemic came in like a wrecking ball in March shutting down tourism and crashing the stock

AZ Housing Market Summary for the Beginning of April

Since last month's summary the world has been turned topsy turvy by the COVID-19 pandemic. However the Greater Phoenix housing market has changed a lot less than you might expect. Yes there are several brand new trends, mostly negative, but the market carried on operating and so far the changes are modest relative to what is happening in other lines of business. And yes, sales prices are still rising. Here are the basics - the ARMLS numbers for April 1, 2020 compared with April 1, 2019 for all areas & types: Active Listings (excluding UCB & CCBS): 13,211 versus 18,650 last year - down 29.2% - but up 20.1% from 11,003 last month Active Listings (including UCB & CCBS): 17,238 versus 23,399 las

COVID-19 Statistical Trends as of April 3rd

Throughout the month we provide detailed housing information and statistic provided to us by the Cromford Report who tracks the history and current status of the Greater Phoenix residential resale market and offers unique insight into the future direction of our housing market. In addition to tracking the Greater Phoenix housing market, Cromford Report is also tracking COVID-19 statistics since this has an impact in many different ways on our community. Here is some information from them... People looking at COVID-19 statistics tend to focus on the death count, especially the new death count. This often confirm our worst fears but it is not really a very useful statistic if you want to know

AZ Housing Market Update for Beginning of April 2020

Here is our usual table of Cromford® Market Index values for the single-family markets in the 17 largest cities. In regards to the Comford Market Index, anything over 100 is a sellers' market, 100 is a balanced market and under 100 is a buyers' market. The supertanker that is the housing market has been slowly turning for the past 2 weeks and is now headed in a brand new direction. Supply is still inadequate to meet demand but there are many changes compared with last month: more new listings, particularly below $400,000 fewer new contracts getting signed more listings getting cancelled more contracts falling through fewer sales closing This week the average change in Cromford Market Index

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