What's Up Southeast Valley? February 2019
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Welcome back for What's Up Southeast Valley?
We love that you're back for another month of real estate and community content!
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📈 Market Update
💬 What the Market Says
New listings arrived in stronger numbers during early February than they did last year (supply remains low overall)
- Monthly Median Sales Price: $262,000 versus $245,000 last year - up 6.9%
- Active Listings (including those under contract): Up 6.8% compared to February 2018
- Chandler and Gilbert both saw Cromford® Market Index drops, indicating more favorable conditions for buyers
👉 What It Means For You
The Valley remains a seller's market...for now.
January is always a slow month for closings and this year it was even slower than normal. The market is more favorable for buyers than it was last year, but not enough to achieve balance. The Cromford® Market Index stood at 128.5 at the beginning of February compared with 158.1 at the same point in 2018. We have experienced many years of a seller's market, so a move in this direction can prompt fears of a buyer's market. We are still a long way from that point. This is why sales prices continue to rise. We are seeing a high level of list reductions, but these are not translating into falls in average closing prices and are unlikely to do so without substantial additional supply.
Demand picked up during the last 2 weeks of January, with listings under contract almost 37% higher than at the start of the year. This is an encouraging trend for those hoping for a strong spring. There were slightly more new listings added during January so buyers have some fresher choices. Plus, with higher FHA loan limits and lower interest rates than late 2018, there are several good reasons for demand to pick up.
Appreciation is slowly moderating so sellers need to be realistic in setting their selling prices. Homes that are in good condition and well presented and priced should have no difficulty in finding a buyer, at least for those priced up to $1 million.
👩🏻💼 What You Can Do
If you're looking to buy a home, don't wait for the spring rush. 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 continues its trend into a buyer's market, you'll want to hire a team of experts who have top negotiating skills, cutting-edge marketing, and extensive market knowledge.
🙈 In Case You Missed It...
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We'd love to help you or someone you love if we haven't already - or help you again!
Here are the buyers and sellers who made big moves last month...
🚪 Amy Jones Group Open Houses