What's Up Southeast Valley? March 2019
Spring Is In The Air
Welcome back for What's Up Southeast Valley?
Spring in Arizona - It's your lucky month of real estate and community content!
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📈 Market Update
💬 What the Market Says
Sales increased by over 18% between January and February. This compares favorably with last year which gave us a 14.4% increase.
- Monthly Median Sales Price: $264,000 versus $252,000 last year - up 4.8% - and up 0.8% from $262,000 last month.
- Active Listings (including UCB): 23,197 versus 21,474 last year - up 8.0% - and up 2.4% compared with 22,655 last month.
- Under contract listings grew over 20% since last month, Again this is better than in 2018 when the increase was 16.6%.
- Chandler and Gilbert both saw Cromford® Market Index increases, indicating more favorable conditions for Sellers.
👉 What It Means For You
Supply without a contract is up 8% from a year ago. However, it has already declined between February 1 and March 1, something which usually only occurs in years when the market is doing rather well. That is just one of several good omens that suggest the weakness in demand that started in September is now dissipating.
Sales increased by over 18% between January and February. This compares favorably with last year which gave us a 14.4% sales increase. Also, under contract listings grew over 20% since last month. Again, this is better than in 2018 when the increase was 16.6%.
Home prices aren't going to start decreasing quite yet! Yes, asking prices are being cut at quite a high rate, but asking prices are often overly optimistic anyway, especially for homes that have just been listed. Actual closed prices are looking very strong. The mix is changing in favor of higher end homes too, since the low end below $200,000 remains chronically under-supplied. The usual upward cycle in average price per sq. ft. during the spring looks like it has turned up as usual in 2019.
👩🏻💼 What You Can Do
If you're looking to buy a home, don't wait for the summer, Contact us today and we can help you create a realistic timeline for purchasing a home and put you in touch with one of our trusted lenders who can show you many different options to help finance your dream home purchase.
If you're looking to sell your home, make sure you receive an accurate and up-to-date home valuation. As the market trends towards a Seller's market, you'll want to hire a team of experts who have top negotiating skills, cutting-edge marketing, and extensive market knowledge.
🙌 Vendor Spotlight
Fidelity National Home Warranty
Calee Parker is our Home Warranty expert! Whether you are a first time home buyer, seller or existing homeowner,
A home warranty is a very affordable way to preserve peace of mind and to protect your most valuable asset.
It is the type of investment that pays for itself … there is simply no substitute!
🙈 In Case You Missed It...
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Here are the buyers and sellers who made big moves last month...
🚪 Amy Jones Group Open Houses