Housing Market Update / August 2019 

  

Welcome to this month's Housing Market Update. The Phoenix housing market has broken another record; Dollar volume for July was $3.1995 billion. This is the highest total for any July in history.

The market is hot and becoming very unbalanced in favor of sellers. Demand recovered suddenly during the second quarter and has stabilized at a level significantly above normal. The last 2 months have seen supply drop sharply from its already low level, so we now have a wholly inadequate number of homes for sale to keep the market functioning normally. Inventory is the biggest concern at this moment, especially in the market price ranges under $300,000.
At the half-way mark, 2019 has produced 12,028 single-family permits across Maricopa and Pinal counties, according to the US Census Bureau. This is slightly ahead of 2018 when they reported 11,753. In fact it exceeds all years since 2007, but is nowhere near the quantities seen between 1996 and 2007. It is no wonder we are experiencing a shortage of housing supply. There was no sign of acceleration during the second quarter with 6,438 permits, down from 6,604 last year.
It seems likely that permit counts will start growing again during the second half of 2019 given the surge in demand. With resale homes in very short supply, more buyers are turning their attention to new homes.
If you own Real Estate, thinking of buying Real Estate or Selling Real Estate make sure to check out our full market update. 

 

Just Listed: 15852 W. Ventura St Surprise, AZ 85379

 

Just Listed: 15852 W. Ventura St Surprise, AZ 85379

Looking for a home that has been cared for, well maintained and shows true pride of ownership? This is one of the best values currently available in Surprise, featuring 4 bedrooms, private pool and a 3 car garage. The owners in the last 3 years, have upgraded and replaced the A/C unit, painted the Exterior and Interior, upgraded the flooring and added numerous more premium updates/upgrades. The kitchen features stainless steel appliances, upgraded hood and granite countertops. The master shower has corian surrounds, double sinks and the master bedroom is very spacious with a large walk-in closet. The backyard is beautiful & ready for entertaining with an extended patio, pavers, hardscape and hammocks. Enjoy the privacy of your pebble tec pool with water feature and no neighbors behind you. Property is situated with a North/South exposure and only minutes to the 303 freeway and nearby shopping.

Contact us today!!

Get Results with Less Fess & More Value! 

The Phoenix area housing inventory just hit a new low and we have buyers looking to purchase homes! The Greater Phoenix reading for active inventory stands at 1.4 months of supply. The last time we had reading this low was in the second quarter of 2012. We also know supply is much tighter in the lower price ranges than for luxury homes. Below $500,000 we have just 1.1 months supply. For homes priced above $500,000 and above we have 3.8 months supply. However, this is also unusually low-the lowest reading since 2005

If you’re thinking of selling your property, we have a program that will help in getting you top dollar and save thousands in selling fees. Our average client saves $4,335.00 in selling fees! You can download our 1.5% listing program and we’re available to answer any questions.

“A home is where the Bad investment is” – San Francisco Examiner 1996

 

“A home is where the Bad investment is” – San Francisco Examiner 1996

-In 1996 medium price of a San Francisco home was $288,240. Today it’s 1.65 million dollars

Phoenix has been setting records when it comes to closed dollar volume, average rental amounts and now our record low inventory.  The most unusual change during June was the 8.5% drop in active listings, which lurched from 5.3% higher than 2018 on June 1 to 4.1% below 2018 on July 1. Much of this decline was due to the low number of listings activated during June - 8,731 is our current count, the second lowest number for June since 2001 and down 11% from June 2018. On top of a very busy month for contracts and closings this has caused the supply to tighten dramatically.

We’re still fighting hard to get our clients the best deal and work as a team with only the best in the industry. We’re excited for our clients on their new condo unit located in amazing North Phoenix gated community.  If you’re ready to find your next home or investment property, call us today. We still see opportunity in this market and if we look to the past we can see the future is full of opportunity, we just need to remember real estate is a long term investment. Interest rates are at an unbelieve level, making it a great time for many homeowners to refinancing and actually lowing their cost of living in an environment of rising housing costs. 

Looking at the history of what “Expert’s” Say about Housing Prices

“Houses cost too much for the mass market/ Today’s average price is out of reach for two-thirds of all buyers” 

 -Science Digest 1948 (Average price at the time: $8,000)

 

“The goal of owning a home seems to be getting beyond the reach of more and more Americans”

-Business Week 1969 (Average price at the time: $28,000)

 

Check out our recent reviews!!

Just Listed: For Lease in Surprise 

 

Contact Isaac Diaz with questions @ Isaac@MyHomeSellersTeam.com  

This home is move –in ready and fully upgraded with luxury features. Property has 4 bedrooms / 2.5 baths, Den, Formal Dining Rooms, Dramatic Soaring Ceilings, Fireplace, Travertine Flooring, Granite Kitchen Counter-tops, Pebbletec Pool with fully landscaped backyard, Spa, Custom Crown Molding though-out and so much more. This home is an absolute must see. Property is not Section 8 approved. Pool & landscape service is included with monthly lease term. Applicants must earn 3x monthly rent amount with verifiable income and have no evictions or BK's within the last 3 years to qualify. Min Fico of 620 required. Owner prefers NO CATS/ Max 30 lb dog (1) for pets. Property is not Section 8 Approved. 

Download APPLICATION 

Just Closed! 12721 W. Boca Raton Rd El Mirage, AZ 85335 

 

If buying a home is your goal, we’ll do everything possible to make it happen.  We just had the pleasure of helping this home buyer complete that goal.  Their last agent said; "what they needed to buy a home couldn’t be done in this market", so we took the challenge, got them a great home and an amazing deal!  We love a challenge!

Here’s the breakdown and what they got to make homeownership a reality.

$9,224 in Seller Paid Concessions

$8,715 in Down-Payment Assistance

All requested repairs completed before COE

This was a tough deal to make happen, but we put in 110% and got it done.  Everyone from the lender to the title company put in over the top efforts to make this home buyers goal a reality.  Don’t stop pursuing your goals, even if someone says it’s not possible.  Find the right team and you’ll make it happen.  This home buyer received over $17,930 in Closing Costs & Down-payment!  If you’re interested in buying a home with little to zero down, we have loan programs and can make it happen.  Give us a call today, rates are down and rents are rising! 

Contact Us Today!!

  

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