{"id":5780,"date":"2020-06-11T12:06:11","date_gmt":"2020-06-11T19:06:11","guid":{"rendered":"https:\/\/www.finditinlaveen.com\/?p=5780"},"modified":"2020-06-11T12:06:11","modified_gmt":"2020-06-11T19:06:11","slug":"red-bus-realtor-shares-update-on-phoenix-housing-market","status":"publish","type":"post","link":"https:\/\/finditinlaveen.com\/red-bus-realtor-shares-update-on-phoenix-housing-market\/","title":{"rendered":"Red Bus Realtor shares update on Phoenix housing market"},"content":{"rendered":"<p><em>Shared by Rob Olson<\/em><br \/>\n<em>Red Bus Realtor<\/em><\/p>\n<p><strong class=\"\"><u class=\"\">For Buyers<\/u><\/strong><strong class=\"\">:<\/strong><br class=\"\" \/><br class=\"\" \/>Greater Phoenix is officially back to a frenzy market with more properties under contract than what\u2019s available for sale.\u00a0 Over the past four weeks the number of contracts accepted weekly has jumped another 20% since last month\u2019s report, bringing the total recovery since April 5th to 68% and 2.5% higher than it was in late February; before the stock market crashed and the stay home orders were imposed due to COVID-19.\u00a0<br class=\"\" \/>\u00a0<br class=\"\" \/>The most frenzied areas are those with average sale prices between $200K-$400K.\u00a0 That includes just about all of Southeast Valley and West Valley, North and South Phoenix.\u00a0 At last count, there were 2,061 properties for sale between $200K-$300K and 4,333 under contract already.\u00a0 Between $300K-$400K, there were 2,006 available for sale and 3,017 under contract (24% higher than this time last year).\u00a0<br class=\"\" \/>\u00a0<br class=\"\" \/>While all price ranges have rebounded in contract activity, May saw the largest comeback between $500K-$1M where the number of accepted contracts soared 167% from a low of 148 contracts the first week of April to 395 the first week of June.\u00a0 That\u2019s 58% higher than last year\u2019s count in the same week of 250 contracts. Even more dramatic, contracts over $1M are now up 85% compared to this week last year.<br class=\"\" \/>\u00a0<br class=\"\" \/>The result for buyers is an inventory that\u2019s back to a pre-pandemic low. In our March update, inventory was at a historic low of 11,087 listings before vacation rentals began flooding the market for sale.\u00a0 Inventory rose 35% over the course of 4-5 weeks and peaked in mid-April. Since then, inventory has consistently dropped week over week and now lies at 11,232; just 145 more listings than before this whole situation began.<br class=\"\" \/>\u00a0<br class=\"\" \/>Low interest rates and positive affordability indicators continue to fuel demand and cause prices to rise.\u00a0 The big question buyers ask, \u201cIs it still a good time to buy?\u201d. The answer is yes, for now.\u00a0 Affordability is still within normal range, which is a good reason as to why there\u2019s so much demand. However, if affordability drops below the normal range for those making the median family income, then the market will begin to cool.\u00a0 We are not there yet. It\u2019s best to get in while it\u2019s affordable.<br class=\"\" \/><br class=\"\" \/><strong class=\"\"><u class=\"\">For Sellers<\/u><\/strong><strong class=\"\">:<\/strong><br class=\"\" \/><br class=\"\" \/>Not surprisingly, there is an increasing percentage of closings over asking price.\u00a0 23% of all closings so far in June have recorded over asking price, up from 17% recorded in January and 19% recorded in February.\u00a0 That percentage increases to 38% for closings between $200K-$250K and 27% between $250K-$300K.\u00a0 It\u2019s not uncommon for sellers to experience multiple offers, escalation clauses and appraisal waivers in today\u2019s environment. In fact, there have been reports of 70 competing offers or more on homes under $300K.<br class=\"\" \/>\u00a0<br class=\"\" \/>Sellers who have been on the fence about listing their home lately should seriously consider it now and take advantage while the market is hot.\u00a0 This spurt in buyer activity may peak very soon and then fall into the typical seasonal decline the Greater Phoenix market experiences every year from July to December.\u00a0 Pent up demand from the pandemic is now being released, but there\u2019s no guarantee that it will continue at this level for long.\u00a0 If you planned to sell your home this year, now is the time to list it.<br class=\"\" \/>\u00a0<br class=\"\" \/><em class=\"\">Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report<\/em><br class=\"\" \/><em class=\"\">\u00a92020 Cromford Associates LLC and Tamboer Consulting LLC<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shared by Rob Olson Red Bus Realtor For Buyers:Greater Phoenix is officially back to a frenzy market with more properties under contract than what\u2019s available for sale.\u00a0 Over the past four weeks the number of contracts accepted weekly has jumped another 20% since last month\u2019s report, bringing the total recovery since April 5th to 68% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5781,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[368],"tags":[1030,1029,1032,1031],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - 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