It can be overwhelming to think about Buying or Selling. Please know you don’t take the journey by yourself … we’re here to assist you in providing resources and a strategic plan. Below is the Arizona Real Estate Market statistics by The Cromford Associates & Tina Tambour who specialize in the latest news Valleywide.
Please reach out anytime if you have questions about this information, would like to know how much your home is valued at or how much you can afford to purchase a home. 🦋
For Buyers:
According to RealData the median cost of a 3-bedroom apartment at a 50+ unit complex in Q2 2023 was $2,100 per month in Maricopa County.
The past 30 days of sales show the median sale price of a 1,200-1,500 square foot, 3+ bedroom single family starter home to be $370,000 in Greater Phoenix.
Many first-time home buyers put down 3.5% on an FHA loan ($13,000 on $370K), and last month nearly 70% in this price range had a seller or builder agree to contribute to closing costs with a rate buydown, a median contribution of $10,000 from the sellers.
On February 1st, the average FHA rate was 6.0% according to Mortgage News Daily. With a 2/1 buydown from the seller, the first year estimated payment would be $2,159 per month, including taxes, insurance, and PMI. A permanent 1% buydown would equate to $2,375 per month.
For Sellers:
It’s an election year! The main influence on the housing market comes from policies, not the elections themselves.
There is one market that can be affected by an election, and that’s the stock market. After the last 4 elections, the stock market has responded positively afterwards, which affects both luxury buyers and retirees with a high percentage of cash purchases.
If a cash buyer expects their investment portfolio to be worth more after an election, they may simply put off their home purchase until the Spring. This can cause contract activity to stagnate for a couple months, but not enough to affect prices, and this mild affect can be offset by other mitigating factors, like seasonality, that would make the impact unnoticeable.
So far in 2024, listings under contract over $1M are higher than 2022, which is the #1 record year for this price range.
Active listings over $1M are also at record highs, which is offsetting the increased demand and keeping price appreciation stable.
Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report
©2024 Cromford Associates LLC and Tamboer Consulting LLC
