April Showers & Spring Festivities

Welcome back for What's Up Southeast Valley!

Spring in Arizona - It's your festive month of real estate and community content!

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📈 Market Update

💬 What the Market Says

Sales: 8,487 versus 9,645 last year - down 12.0% - but up 30.0% from 6,526 last month.

• Monthly Median Sales Price: $267,000 versus $254,283 last year - up 4.6% - and up 0.8% from $264,000 last month.
• Active Listings (including UCB): 23,399 versus 21,829 last year - up 7.2% - and up 0.9% compared with 23,197 last month.
• Under Contract Listings (including Pending, CCBS & UCB): 11,707 versus 11,985 last year - down 2.3% - but up 13.0% from 10,357 last month.
• 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 almost 10% from a year ago. However it is down 1.6% from last month and new listings were lower in March 2019 than in March 2018 or 2017. Supply has been chronically low for many years and very little has changed in that department. 

Buyers got a break last month as 30-year mortgage rates dropped significantly from an average of 4.41% to 4.08%, which is the lowest they have been since January 2018.  On a $267,000 home (the median sales price in Greater Phoenix) the drop equated to nearly $50 per month in savings on principal and interest, which was enough to get many buyers off the couch and looking for homes.  

This rate drop combined with an increased conventional loan limit up to $484K and a 32% increase in weekly seller price reductions meant that price ranges between $200K all the way up to $800K saw a combined 19% increase in contracts written over the last 5 weeks.  Contract activity is expected to increase at this time of year anyway due to seasonality, but last year over the same 5 weeks it only increased 8.6%.

The drop in mortgage rates could not have come at a better time for sellers.  Up until 6 weeks ago the negotiating advantage sellers have been enjoying for years in Greater Phoenix had weakened to the point where the market was on track to enter balance within a matter of months and price appreciation would have begun to slow even more.  However by April 4th the average 30-year mortgage rate (as reported by Freddie Mac) had dropped to a 15-month low.  This spurred buyer activity and resulted in Listings Under Contract, which were 10.2% below 2018 last month, to sharply increase and surpass 2018’s April count by 0.8%.

👩🏻‍💼 What You Can Do

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 in April, 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...

🔥 HOT on the Market! Don't Miss out!

🚪 Amy Jones Group Open Houses

😀 And The Winners Are...

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👏 Congratulations! Mazel Tov! ¡Felicidades!

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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...