For Buyers: Buyers with budgets over $300,000 may be noticing they have more listings to choose from compared to a few months ago. This is especially true in the price points between $400,000 and $800,000 where inventory has grown 92% since February. When a buyer has, for example, 4 or 5 homes available that … [Read more...]
Should Metro Phoenix Area Buyers Wait To Buy?
For Buyers: There’s a lot of conflicting advice for buyers online these days, and there’s no shortage of headlines advising them to wait. Many authors cite the unpleasantness of multiple competing offers and rising prices as the reason to wait out the market. This is despite their acknowledgment that home values are not … [Read more...]
Median Sales Price Up 27%, Incomes Up 26%
For Buyers: Despite all the incredible news about rising real estate prices, a family making the median income of $79,000 in Greater Phoenix could still afford 62.8% of what sold in the first quarter of 2021. The National Association of Home Builders (NAHB.org) assumes that “a family can afford to spend 28% of its … [Read more...]
Updates One Year After Start of the Pandemic…
For Buyers: With 54% of all sales closed over asking price so far in April, the average sale price per square foot is now higher than the list price for every price range up to $1M. In a balanced market, homes typically sell within 97% of list price; that percentage is now 101%. This means that, for the … [Read more...]
New Listing Counts Lowest in Over 20 Years
For Buyers: 44% of sales through the Arizona Regional MLS have closed over asking price in the last 30 days. The median amount over asking price for all price ranges combined is $10,000 with a range between $1 to $310,000. (I know what you’re thinking, “$1 over? What is this, ‘The Price is Right’?” In some cases, … [Read more...]
Builders Slow Production to Catch Up With Demand
March 22, 2021 Builders are slowing down production to catch up with a backlog of projects while trying to keep construction prices in check. According to real estate analytics firm Zonda’s latest New-Home Pending Sales Index, which reflects February housing data, pending new-home sales fell month over … [Read more...]
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