What's Up Southeast Valley? June 2019
The Arizona Heat is Here!
Welcome back for What's Up Southeast Valley!
Happy Father's Day to All You Fathers out there - And Welcome to the Arizona Summer!
👀 Watch Our LIVE!
Happy Father's Day from
Our Family to Yours
With so much going on this month from summer camps to market updates to pool days and MORE - we just want to take a moment to wish all of you fathers out there a very happy Father's Day (June 16)! We know that dads come in all shapes and sizes, some by choice and others by birth, some by blood relation and others by geographic location, some are in our lives for a short period of time but ALL of them are in our hearts forever. Here's a few of our favorite family pics with the fathers at the Amy Jones Group - Lots of love to you!
📈 Market Update
💬 What the Market Says
The month of June 2019 was a monster. New all-time records were set for sales units and dollar volumes through ARMLS, surpassing not only 2018 but the bubble year of 2005.
But let us start with the basics - the ARMLS numbers for June 1, 2019 compared with June 1, 2018 for all areas & types:
- Active Listings (excluding UCB): 16,869 versus 16,018 last year - up 5.3% - but down 3.7% from 17,513 last month
- Active Listings (including UCB): 21,799 versus 20,809 last year - up 4.8% - but down 7.8% compared with 23,650 last month
- Pending Listings: 7,015 versus 6,608 last year - up 6.2% - but down 4.2% from 7,326 last month
- Under Contract Listings (including Pending, CCBS & UCB): 11,945 versus 11,399 last year - up 4.8% - but down 4.2% from 12,463 last month
- Monthly Sales: 10,466 versus 10,104 last year - up 3.6% - and up 8.3% from 9,667 last month
- Monthly Average Sales Price per Sq. Ft.: $172.11 versus $164.23 last year - up 4.8% - but down 0.01% from $172.20 last month
- Monthly Median Sales Price: $278,000 versus $265,000 last year - up 4.9% - and up 3.0% from $270,000 last month
👉 What It Means For You
10,466 is the largest unit sales count we have ever measured for a calendar month. The previous record high was 10,345 which was set in June 2011 at the height of the REO feeding frenzy. Dollar volume for May was $3.647 billion. The previous high was $3.354 billion which was set in May last year. The previous high was $3.245 billion set in June 2005 at the height of the real estate bubble.
These were not the only new records. The monthly median sales price of $278,000 is a new record high. The annual median sales price is also at a new record high at $265,900. Average price per sq. ft. is nowhere near setting a new record, because the homes being sold today are much larger than those being sold at the last peak. The monthly average $/SF record is $190.05 set in May 2006.
May 2019 contained 22 working days, the same as May 2018 and April 2019, so no mental adjustments need to be made to these numbers to account for any difference in working days. Supply is still higher than last year, but it is dropping faster than it did at this point a year ago. New listings are arriving at roughly the same rate as 2018 so the reason supply is falling is that homes are going under contract faster than last year.
May is usually the strongest month in each year, so we can expect monthly volumes to decline for the rest of 2019. We are also reaching the point where prices go a little soft for 3 or 4 months. This is mostly caused by the mix of homes sold because the high end is much weaker during the 100 degree weather. Wealthy people can afford to be somewhere other than Phoenix during the Summer. It is unlikely that anyone would have predicted a May like this back in January. June looks pretty good too, but it has almost no chance of beating May. June 2019 starts and ends with a weekend and has only 20 working days, so we should expect a 9% fall in sales and dollar volume during June compared with May. It also starts with 4.2% fewer homes under contract. Set your expectations accordingly.
👩🏻💼 What You Can Do
The market continues to strengthen and the likelihood of falling prices in the near term is minimal. We have extremely low levels of distress, chronic low supply and the best buyers can hope for is that the appreciation rate will trend lower. We think that is a reasonable expectation, but it it shows no sign of turning negative. It would take a very different set of numbers from the ones above for that to be a possibility.
All in all, the market is more vibrant now than almost anyone expected it to be. This is good news for sellers, agents, title companies, lenders and developers. If interest rates start to rise again then we may see another mild slowdown, like we experience from September 2018 to February 2019, but at the moment the market engine is firing on all cylinders once more.
If you're looking to buy a home, 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. Since we're in a Seller's market and getting more competitive, you'll want to hire a team of experts who have top negotiating skills, cutting-edge marketing, and extensive market knowledge.
📰 In the News
Our New Location!
This week we went live from our new (and currently under construction) Keller Williams Integrity First location off of Higley and Warner in Gilbert. It's not ready yet, but we are so excited to have tons of square footage for our amazing agents, parties, activities, places for our clients to come. The new location will be open this upcoming fall and our anticipation is building everyday! We will keep you posted with all of the updates, but this week we just wanted to give you a quick sneak peek of where we are going to be.
So if you're our clients, we hope to see you out here when the weather is a little bit cooler! And if you are a real estate agent looking to be in business with our incredible real estate team, definitely give us a call. We would love to find you a home at Keller Williams Integrity First with the Amy Jones Group! We are at 480-250-3857 or you can visit us here on our website!
Mindy Jones & The Amy Jones Group
Featured in - Top Agent Magazine
Mindy Jones & The Amy Jones Group
Featured in - Gilbert Sun News
🙌 Vendor Spotlight
Raphael McClain with ADT
I’m Raphael McClain, a home security expert for 8 plus years.
Throughout my 8 years of working in the home security/ home automation field, I have assisted more than 1600 families with securing and automating their homes and lives.
It’s been such an amazing feeling knowing that the service I provide creates peace of mind and in some cases re-establishes piece of mind. Receiving phone calls from my clients saying "Thank you, your alarm system helped prevent a break-in" keeps me looking forward to helping the next family.
As a home security expert, I look forward to assisting you and your family like mine. How I would advise you on different solutions is how I expect my security provider to protect my home for my wife and kids while I’m home or away.
Please, let me educate you on home security and help you create your own piece of mind.
👏 Upcoming Events
SAVE THE DATE: Summer Client Appreciation Event
We are so excited to announce that we've picked the movie for our Summer Client Appreciation Event! Every year, we rent out a theater, throw in some popcorn, 200 of our favorite clients and check out a new release together. It's a chance for us to SEE you, THANK YOU, and hang out with you - our clients!
This year the Amy Jones Group Summer Client Appreciation Event will be held Saturday July 20th, 2019 and we'll be seeing The Lion King in live action! We can't wait for this movie to hit theaters and hope you guys are just as excited as we are. Be sure to mark your calendars and save the date. More details to come!
🙈 In Case You Missed It...
🔥 HOT on the Market! Don't Miss out!
👏 Congratulations! Mazel Tov! ¡Felicidades!
None of this is possible without our amazing clients.
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...