Jul
23

Shifting Phoenix Area Real Estate Market

By · Comments Comments Off on Shifting Phoenix Area Real Estate Market

We are seeing a significantly changed terrain with most markets and area segments seeing increasing inventory (houses, condos on the market) and reduced demand: 1) large, institutional buyers are slowing down, with reports of at least one completely dropping out of the purchasing market). 2) With prices so much higher than a year or two ago, and dramatically higher interest rates compared to a year ago, affordability is an issue.  Buyers are taking a breather or perhaps lowering their home search price budget.   Per The Cromford Report 6/21/22:

“The deterioration in the market for sellers continues with almost as much speed as ever. There has been a slight reduction in the rate of arrival of new listings, but it is still much higher than last year at this time. Demand has not stopped falling and listings under contract are exceptionally low for the time of year. Even our best performing city, Paradise Valley, has slumped 11% over the last month, but it may yet overtake Fountain Hills and grab the top spot, since Fountain Hills fell 18%, the second best result. Cave Creek is third and fell “only” 21%, which looks good by comparison with the other 14 cities which range from -30% (Avondale) to -44% (Glendale).

Buckeye is now a buyer’s market by a large margin and Queen Creek is almost as bad for sellers. Maricopa is not quite there yet but it will be a buyer’s market in 2 or 3 days. Gilbert, Tempe, Peoria, Chandler and Surprise are all going to be balanced markets within a few days and on their current trajectory they could be buyer’s market by mid August. The largest market by far, Phoenix, looks like it will be balanced before the end of July and a buyer’s market before the beginning of September. Glendale and Mesa are just a week or so behind.”

-The Cromford Report June 2022

Categories : Arizona Real Estate
Comments Comments Off on Shifting Phoenix Area Real Estate Market
Jul
19

Stat report, Phx area real estate statistics

By · Comments Comments Off on Stat report, Phx area real estate statistics

Monthly Stat Report, May 2022 figures: 2022-May-STAT.pdf (armls.com)

Categories : Arizona Real Estate
Comments Comments Off on Stat report, Phx area real estate statistics
Apr
21

Stat report for Phoenix Metro, courtesy ARMLS (arizona regional multiple listing service)

By · Comments Comments Off on Stat report for Phoenix Metro, courtesy ARMLS (arizona regional multiple listing service)

Published this week, real estate statistics for Phoenix Metro area. Click here 

Categories : Arizona Real Estate
Comments Comments Off on Stat report for Phoenix Metro, courtesy ARMLS (arizona regional multiple listing service)
Jan
26

Phoenix real estate mid January

By · Comments Comments Off on Phoenix real estate mid January

from The Cromford Report January 15, 2022

Mid Month Pricing Update and Forecast

Each month about this time we look back at the previous month, analyze how pricing has behaved and report on how well our forecasting techniques performed. We also give a forecast for how pricing will move over the next month.

For the monthly period ending January 15, we are currently recording a sales $/SF of $271.09 averaged for all areas and types across the ARMLS database. This is up 2.6% from the $264.18 we now measure for December 15. Our forecast range mid-point was $273.21, so we were expecting a 3.4% rise and saw instead a 2.6% increase. However the result was still well within our 90% confidence window. The monthly average $/SF can often vary by as much as 1% from day to day, but we clearly experience a large increase in average price per square foot over the past month.

On January 15 the pending listings for all areas & types show an average list $/SF of $277.14, up 1.0% from the reading for December 15. Among those pending listings we have 99.5% normal, 0.2% in REOs and 0.3% in short sales and pre-foreclosures. This is the same as last month and the short sale and pre-foreclosure percentages remain extremely low and are having no impact whatsoever on market pricing.

Our mid-point forecast for the average monthly sales $/SF on February 15 is $274.59, which is 1.5% above the January 15 reading. We have a 90% confidence that it will fall within ± 2% of this mid point, i.e. in the range $269.10 to $280.08. Prices were flat between November and December but rose almost 3% in the last 4 weeks. We can reasonably expect a rate of increase of about 1.5% per month in the current market conditions and this is consistent with the recent past. Market conditions may change, but they have not shown signs of doing so yet.

Categories : Arizona Real Estate
Comments Comments Off on Phoenix real estate mid January
Mar
18

WSJ: New Homes Costlier as Wood, Bricks, Shingles, Flooring see prices soaring.

By · Comments Comments Off on WSJ: New Homes Costlier as Wood, Bricks, Shingles, Flooring see prices soaring.

New houses cost more as material prices jump 3-17-2021

Click the above for Wall Street Journal article dated 3/17/21 regarding skyrocketing materials needed for construction. Just about everything that goes into erecting a new home is costly.  Land is at a premium, labor prices are up, but hugely impactful is that nearly every raw material needed for a build is seeing it’s cost or resale price climbing.

 

Categories : Arizona Real Estate
Comments Comments Off on WSJ: New Homes Costlier as Wood, Bricks, Shingles, Flooring see prices soaring.

Affordability Calculator

Monthly Gross Income $
Monthly Debt Expenses [?] $
Down Payment: $
Interest Rate: %
realtor fair housing

Arizona Gateway Real Estate
1820 E Ray Rd
Chandler, AZ 85225

602-315-8330

Karla@KarlaRozum.com

Closing Cost Estimator

Loan Information
Loan Amount $
View/Edit Closing Cost Details