Wow! 17% Spike in Contracts over $600K in August 34% of Homes Closed Over Asking Price

For Buyers: The first few weeks of August saw a surprising 17% spike in listings under contract over $600K. This is highly unusual as typically contract activity declines in the 2nd half of the year, especially on the high end; but this is the year 2020 and it’s been full of surprises. What is causing this spike in buyer demand in the luxury market? Luxury sales are partially influenced by stock market performance and corporate profits. August was a good month for the stock market, but the 2nd quarter was not good for corporate profits at all. In fact, they fell to levels we haven’t seen in a decade. The answer may lie in what’s been dubbed “wealth flight”. Some states like California are

Phoenix Real Estate Market is Still HOT!

Once again, here is our table of Cromford® Market Index (CMI)* values for the single-family markets in the 17 largest cities The number of red dots has doubled again since last week with Avondale and Glendale joining Tempe and Maricopa as locations where the seller's advantage is getting slightly lower. Not that you would notice much - with every one of the 17 cities well over 200, we have one of the strongest seller's market we have ever seen. Meanwhile, the average increase in the CMI is still 10.2% over the last month, which would be considered remarkable if we had not just seen much higher percentages over the past 2 months. We can see Fountain Hills, Scottsdale, Cave Cree and Paradise V

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TO CONTACT OUR TEAM PLEASE CALL OR EMAIL US:

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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