Posts with tag 'supply'

More Buyers Got Help With Closing Costs in September
What To Expect for Housing in the 4th Quarter

For Buyers:
­The price reductions keep coming. Last week when mortgage rates hit 7.0%, the Greater Phoenix housing market responded with 4,427 price reductions, 24% of all active properties in the MLS. At least 50% of those dropped their price by $12,000 or more.

September saw 1,372 closings involving seller closing cost assistance to the buyer, equating to 23% of MLS sales, with a median concession of $7,000. This is a 334% increase from last June's count of just 316 sales involving concessions. New home sales through the MLS showed 33% with concessions, and 50% at $10,000 or more. OpenDoor, as a seller, paid concessions on 355 transactions, 77% of their sales through MLS, with...

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If you're looking for a buyer's market, Buckeye, Queen Creek, and Maricopa will provide buyers with the upper hand when it comes to negotiating. Here is a look at the rest of the Phoenix metro area real estate market. 

This chart shows you the Cromford Market Index (CMI). 

CMI > 110 = Favors Sellers

CMI of 90-110 = Balanced Market

CMI

As you can see, Gilbert is on the cusp of a buyer's market and Surprise and Tempe could follow within days.  This week, just 6 of the 17 largest cities in the Phoenix Metro area are statistically in a seller's market.  Two of those cities, Goodyear and Avondale, could move into a balanced market shortly. 

Overall, the demand for the entire Phoenix Metro area is currently at 81%. Supply is at 65.6%....

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Is the greater Phoenix real estate market crashing?  The short answer is no, but it is cooling at a much faster rate than anticipated. This chart shows you the Cromford Market Index (CMI) since 2001. Here is what you need to know about this report:

CMI of 90-110 = balanced market

CMI > 110 = favors sellers

CMI

The drop from May 2022 to June 2022 decreased from 385.2 to 272.2 during that time. That's the fastest decline in the history of the Cromford Market Index. This decline was impacted by rising interest rates and increasing supply. 

As you can...

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For Buyers:
It's the moment you've been waiting for, less competition and more supply in Greater Phoenix! Active supply is up 40% from this time last year, but all that gain has been achieved over the last 6 weeks with an increase of 45%. This is an enormous change from April's report where supply was only up 16% over last year and still below the count reported on January 1st. As of this report, the supply count is 7,157, still 72% below normal for this time of year but rising quickly.

The annual change in inventory is impressive, but it's the short-term growth that is sending shock waves throughout the market. Inventory listed between $400K-$500K is up 35% in just 3 weeks. Counts i...

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Sold in 3 days! Sold thousands over asking price! Watching these ads may give you the impression you're getting something out of the ordinary. In this brief market update, I review the Phoenix market conditions so you have a clear and accurate picture of what's normal. Those high-dollar ads come at a price. Find out how to choose the best real estate agent when it's time to sell or purchase a home. 

Cindy Nelson is an Arizona native and Realtor with Realty ONE Group and serves the Phoenix Metro area and the White Mountain region. This includes Phoenix, Gilbert, Mesa, Chandler, Tempe, Apache Junction, Queen Creek, Gold Canyon, Maricopa, Scottsdale, Phoenix, Glendale, Buckeye, Peoria, Surprise, Tolleson, Laveen, Sun City, Sun City Grand, Fountain Hills, Sun Lakes, Goodyear, Litchfield Park, San Tan Valley, Pinetop, Lakeside and Show Low.