Market Update

Active Supply is Down 32% Median Sale Price up 11% and Expected to RiseFor Buyers: The urgency for buyers cannot be stressed enough; real estate prices are not projected to decline in the Greater Phoenix area in 2020. There isn’t one measure ...

19% of Homes Sold Over Asking Price Last Month! 24% of Sellers Agreed to Closing Cost Assistance For Buyers: Supply shortages created an environment of multiple offers and listings sold over asking price last month. This is ...

Contracts In Escrow Up 19% Over Last YearDespite Rising Prices, Affordability is Good For Buyers:Buyers waiting for prices to come down have been sorely disappointed so far in 2019.  The average sale price per square foot is up 6.7% since last ...

New Listings Up 10% from July to AugustSupply is Down 73% in this Area and Price Range For Buyers:A faint glimmer of good news for buyers, supply finally stopped declining and actually rose a tiny bit in the last week.  While active listings ...

Jablonski Group at Russ Lyon Sotheby's International Realty Contracts up 19% in this Price Range!Flip Sales Rebounding Strong after Weak First Quarter For Buyers:New listings activated in June were down 10.0% compared to last June and overall ...

Jablonski Group at Russ Lyon Sotheby's International Realty For Buyers: Re-sale prices are not predicted to come down this year.  Between August 2018 and January 2019 it looked like the market was going to balance out and cause prices to ...

Increased Demand in Q2 Resulted in Strengthening the Seller Market After a Full 7 Months of Decline. For Sellers:Low interest rates are continuing to fuel buyer demand and there are now 2.5% more listings under contract today than there were last ...

Listings Under Contract Up 19% in 5 Weeks!Mortgage Payments Drop $50 per Month on a Median Priced HomeFor Buyers:Buyers got a break last month as 30-year mortgage rates dropped significantly from an average of 4.41% to 4.08%, which is the lowest ...

List Price Reductions up 24% in Greater Phoenix, Up 42% in Some AreasSellers: Stop Trying to Time the Market For Buyers:A weak 4th quarter for sales in 2018 has resulted in 11,874 price reductions in the first 5 weeks of 2019.  That’s ...

Greater Phoenix Buyer Contracts Down 15%It’s Still a Good Time to Sell… For Now For Buyers:The monthly average interest rate rose to 4.64% in December 2018, up 0.69% from the previous December’s 3.95%. For buyers who will ...

Seasonally, This is the Calm Before the Storm for Buyer ActivityGreater Phoenix Demand Down 16% in Q4The 4th Quarter is Seasonally the Best Time to be a Buyer For Buyers:Remember when you would not eat your dinner as a kid and your parents would ...

New Listings Up 18% in October between $250K-$400K The 4th Quarter is Seasonally the Best Time to be a Buyer For Buyers:Seasonally the 4th Quarter is the best time to be a buyer and this year is no exception.  Typically buyer contract activity ...

Seller Concessions Spike on Listings Sold Between $200K-$250K Price Reductions up 27% on Active Listings Between $250K-$400K For Buyers: October marks the 4th month in a row that supply has continued to rise between $200K - $400K, which is good ...

Supply Continues to Rise in the MiddleSeller Price Reductions up 46% and 61% in these Price Ranges For Buyers:Overall supply is down 9.6% compared to last September.  At first glance that’s nothing new.  However, for those of you ...

Supply between $200K-$250K has Risen 8.1% since May Seller Price Reductions Up 7% in Popular Price Range For Buyers:If your budget lies somewhere between $200,000 and $400,000 for a home, there’s good news for you.  Supply between ...

Cost of Waiting to Buy Means Less Closet Space or Higher PaymentMore New Homes Sell in Low $200’s This Year For Buyers:Hearing cries for more affordable housing supply, developers have sold more new homes in the low $200’s this year; ...

Is Greater Phoenix “Overvalued”? Mortgage Payments Are Lower Than They Were 13 Years Ago For Buyers: Interest rates have been increasing along with the inflation rate as of late, which has spawned a string of headlines about ...

Summer is a good time to List Luxury Properties over $500KSupply between $175K-$200K dropped 18% in 3 WeeksFor Buyers: Supply under $200K has continued to drop rapidly, but the $175K-$200K range has accelerated its decline over the past month ...

MLS Sales Outperform non-MLS Sales in Frenzy Market Supply Supply Under $200K Down 36% Over Last YearFor Buyers: Greater Phoenix ended the 1st Quarter 13% lower in supply, which was not helped by a 2% decline in new listings entering the ...