Posts made by author 'Cindy Nelson'

Whether you're a buyer seeking the perfect time to make your move or a seller contemplating your options, this video is a must-watch. With the fewest new listings in 23 years in the greater Phoenix area, both buyers and sellers will find out how this scarcity affects your opportunities and decisions. From rising interest rates to future predictions, I uncover it all in less than 3 minutes.

#azhousingmarket #azrealestate

Cindy Nelson is an Arizona native and REALTOR® with Realty ONE Group and serves the Phoenix Metro area and the White Mountain region. Cindy is a subscriber to the Cromford Market Report and an active Trusted Advisor University member. 

Prices Recovering, Median Up to $425K in May

For Buyers:

The sharp decline in supply for Greater Phoenix is a good reason for buyers to have a sense of urgency about purchasing a home. Since the beginning of 2023, supply counts have been declining at an average rate of 246 listings per week and since the peak in October, total supply is down 42%. At this rate, the effects of the massive supply surge last year will be erased and the year-over-year change will be negative within 6 weeks. In fact, the Valley could see extremely low supply similar to 2021 and 2022 within 7-8 months if a significant source of supply doesn't emerge.

While permits for new single-family homes dropped by 74% over the last half of last year, they have doubled since December. While tha...

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Numbers don't lie. Here is what is really happening in the Phoenix area real estate market. Find out why now is an ideal window for buyers to make a move.

Cindy Nelson is an Arizona native and REALTOR® with Realty ONE Group and serves the Phoenix Metro area and the White Mountain region. Cindy is a subscriber to the Cromford Market Report and an active Trusted Advisor University member. 

After 200% Increase, Supply Still Nearly 40% Below Normal

Sale Prices Up 3.5% Since December

For Buyers:

Rates defied industry predictions once again and rose over a point from 5.99% to 7.1% between February 2nd and March 2nd. For the past 4 weeks, rates have hovered in the upper 6% range, figuratively "pinching the hose" on demand during the popular Spring season for buyers. At 9,001, contracts are at their 4th lowest count since 2005, the lowest counts were in 2006-2008 and normal range is 11,000-13,000. Buyers are not the only ones holding back due to higher mortgage rates, sellers are too. New listings added to the Arizona Regional MLS are the lowest ever recorded going back at least 23 years. This may be shocking to some as there has been a 200% increase in supply year-over-year, but last year at this time supply was merely 4,820 active listings. The reality is that ARMLS active supply spiked over...

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Phoenix Buyer Market - Aaaand It's Gone
Median Price Down $65,000 Since May 2022

For Buyers:
Last year, traditional buyers took a back seat to an influx of cash investors and speculators who outbid them. Then mortgage rates increased and suppressed their power even more. This was especially prominent in the market under $500K where owner occupant buyers made up just 56.8% of sales in June (normally 70-75%), and investors took 31% (normally 11-17%). As of November, traditional buyers have once again returned to 71% market share under $500K, and investors have retreated under 20%. Investors make up the majority of losses associated with recent price declines. This is great news, especially for first-time home buyers, as prices have come down significantly for starter...

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