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July 2019 Housing Market Update! 

If you're not recieving our monthly housing update, your missing out!


The month of June shows itself to be an exceptional month for our housing market, setting a new record. Dollar volume for June was $3.315 billion.  This is the highest total for any June in history, which is amazing!  There was another record also set in the rental market.  In June, the average monthly rent per sq. ft. was $1.01 for listings closed through ARMLS. This the first time we have recorded a figure over $1.
In June 2006 the average monthly rent was only 71 cents per sq. ft., so rents have increased by 42% since then. In comparison the average purchase price per sq. ft. has moved from $188.53 to $172.02 since June 2006, a fall of 9%.
So average rent has increased 42%, while purchase prices have fallen 9% since June 2006 on a cost per sq. ft. basis. Check out the rental chart here. 
The housing market in Greater Phoenix is now setting up to be the hottest it has been since 2005. As an example we have just 1.9 months of supply across all areas & types as of July 1, 2019. This is the lowest number at the start of any month since October 2005.
1.9 months is a very low reading (4.5 months is normal) and what makes it even more surprising is that this supply includes listings in UCB or CCBS status, since they are theoretically open to new offers. If we exclude those UCB and CCBS listings, then the months of supply number drops to 1.6. This is a shockingly low number for a city our size.  

Rents Hit New Record High! 

 

View Interactive Chart

In June, the average monthly rent per sq. ft. was $1.01 for listings closed through ARMLS. This the first time we have recorded a figure over $1.

In June 2006 the average monthly rent was only 71 cents per sq. ft., so rents have increased by 42% since then. In comparison the average purchase price per sq. ft. has moved from $188.53 to $172.02 since June 2006, a fall of 9%.

So average rent has increased 42% while purchase prices have fallen 9% since June 2006 on a cost per sq. ft. basis.

No wonder most investors are feeling pleased with themselves. Tenants are not doing so well. Buying in 2006 or 2007 was obviously a bad idea, but since 2009 purchasing a home in Greater Phoenix has generally proven to be an excellent investment compared with renting.

 

Just Closed in Stetson Valley @ Harmony

 

Housing inventory is decreasing, interest rates have dropped and buyer demand is up!  This makes for a very competitive market and the simple forces of economic supply and demand are in full effect.  Why does this matter to you?

If you’re selling, there a good chance you’ll get a quick offer and your terms.  If you’re buying, expect competition and the best homes to sell fast with multiple offers, so have a strategy.

We just closed this home for our clients, it was only on the market 3 days and we secured it and closed escrow in only 12 days!  The best part is we still got our buyers offer accepted and were $5,000 under list price with $1,000 in seller paid concessions.

We’ve been helping home buyers and sellers navigate the Phoenix market for over 17 years.  Give me a call today with your real estate questions and put our experience to work for you.

Contact Us Today!

Under Contract / 1916 W. Morningside Dr. Phoenix, AZ 85023

Finding and securing our clients great deals is what we do! Not only is demand continuing to strengthen compared with seasonal norms, supply is dropping faster than usual for the time of year, so the competition for quality homes is at an all-time high.  There are still a few indicators that have not overtaken last year, but these tend to be the long term non-volatile measurements.

  • Days Inventory 82 versus 79
  • Listing Success Rate - 83.2% versus 83.6%
  • Days on Market for Monthly Sales - 65 versus 61

Prices are higher by 5 to 7% and dollar volume is at record levels. Looking to start your home search before rates and prices move higher? Contact us today or call me direct at (623) 363-3012

Just Sold/ 16632 N. 153rd Ct Surprise, AZ 85374

 

Getting our buyers a great deal on a house is what we pride ourselves on!  When it comes to price, repairs and terms, we work hard to get our buyers the best scenario! 

The number of active listings on the market have been falling since mid-February.  It has also been falling at a much faster rate than it did in 2018.  The decline is not primarily due to a shortage of new listings.  As of June 11 we had seen 0.45% more new listings than at the same point last year. The primary reason is the higher rate at which they have been going under contract, with the result that fewer homes are left for other people to buy.  This means buyers have a higher level of competition…sorry but Aunt Mary won’t be able to get you the best deal or secure that hot house!  This market is where professionals thrive and amateurs depart.

  • Change in active listings without a contract, Feb 16 to Jun 15, 2019 = Down 19.5%
  • Change in active listings without a contract, Feb 16 to Jun 15, 2018 = Down 9.5% 

Need help in finding the right home and securing the purchases with terms that make you happy?  Give us a call today! There are a lot of agents in the market today, but only a few with the experience and track records of a true professional.

 

Client Reviews 

 

Just Sold / Springs on Yorkshire 

 

Top value, quick results and huge savings is what we deliver!  We're so happy to have made this process smooth and successful for our client.  We’re also happy for the buyer, who got an awesome property just steps from the pool. This is going to be a great property and investment for them.

Our 1.5% listing program is designed to offer you the most value while delivering you savings and over the top marketing.  If you’re thinking of selling your home, we haven’t seen a better home selling program.  No cost up front, cancel anytime and the opportunity to sell your home yourself, to name a few benefits. 

Give us a call today with questions and make sure to download our information packet here. 

 

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