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 l
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 le
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 case
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
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
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 Apr
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 informati
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:
