http://melanietaylorproperties.com/news3 daily 0.75 2016-01-15 http://melanietaylorproperties.com/news3/2016/1/15/arizona-adds-nearly-100000-residents-in-2015 monthly 0.5 2016-01-15 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1452878700244-P7MLUPN1YXME7DG0K8G1/image-asset.jpeg News - Arizona adds nearly 100,000 residents in 2015 http://melanietaylorproperties.com/news3/2016/1/15/luxury-hotel-condos-planned-on-scottsdale-waterfront monthly 0.5 2016-01-15 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1452877394039-YG5HWOXXU8SMC11YOGGB/635846781543419768-waterview-scottsdale-2.jpg News - Luxury hotel, condos planned on Scottsdale waterfront https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1452877138280-ZY2EJDXQ86CKFY4BH88N/image-asset.jpeg News - Luxury hotel, condos planned on Scottsdale waterfront WaterView Scottsdale includes a luxury hotel and high-end condos or apartments along the Arizona Canal in downtown Scottsdale. (Photo: Scottsdale) https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1452877114004-43161N1CJJSNR9YIY9CW/635846809304265721-waterview-scottsdale-1.jpg News - Luxury hotel, condos planned on Scottsdale waterfront WaterView Scottsdale would include a five-story luxury hotel with a rooftop pool and sundeck and ground floor shops and restaurants near Camelback and Scottsdale roads. (Photo: Scottsdale) https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1452877084937-1I8N3UYKA53MWKDNT5U0/635846819753056700-waterview-scottsdale-4.jpg News - Luxury hotel, condos planned on Scottsdale waterfront WaterView Scottsdale includes four-story condo or apartment buildings with outdoor amenities like a pool, spa and bocce ball court. (Photo: Scottsdale) http://melanietaylorproperties.com/news3/2016/1/15/new-us-census-data-people-really-want-to-move-to-arizona monthly 0.5 2016-01-15 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1452876820549-PR7PDKUBQFZ09W25P5MN/image-asset.jpeg News - New US Census data: People really want to move to Arizona http://melanietaylorproperties.com/previous-homes daily 0.75 2022-07-12 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1641867125249-6LDWAW1C9AXS36NVHJ50/IMG_2587.jpeg Previous Homes https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1641867125249-6LDWAW1C9AXS36NVHJ50/IMG_2587.jpeg Previous Homes https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1468703319947-ALIDJXON1O3C3SXYBSDS/911+Desert+Inn+2.jpg Previous Homes https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1468701977741-29QGCVUHFH5XCIHNML1H/1-Bent+Tree+A+Very+Special+Home_sm.jpg Previous Homes 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HOME SALES FALL BELOW 4 MILLION FOR THE FIRST TIME IN 13 YEARS - Make it stand out Whatever it is, the way you tell your story online can make all the difference. http://melanietaylorproperties.com/articles/2023/10/14/greater-nashville-tn-buyer-demand-persists-in-housing-market-despite-continued-rate-hikes monthly 0.5 2023-10-14 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/2daf6826-66be-45fe-a40a-22a1148a19a5/Title_Page.png Articles - GREATER NASHVILLE, TN BUYER DEMAND PERSISTS IN HOUSING MARKET DESPITE CONTINUED RATE HIKES - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/aa4b2a2b-b155-4a52-828d-d7ad7890082d/Market_data_%26_news.png Articles - GREATER NASHVILLE, TN BUYER DEMAND PERSISTS IN HOUSING MARKET DESPITE CONTINUED RATE HIKES - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/22dc432a-3916-4451-8a49-49b0e0a7a842/Closings_with_Lead.png Articles - 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Rising Interest Rates Increase the Appeal of The Adjustable ARM Rate & The Risk - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/fe9090eb-fa43-4ab6-8c15-cd43312fd01e/th-885289661.jpeg Articles - Rising Interest Rates Increase the Appeal of The Adjustable ARM Rate & The Risk - Make it stand out Whatever it is, the way you tell your story online can make all the difference. http://melanietaylorproperties.com/articles/2022/6/13/the-real-estate-battle-millennials-vs-boomers monthly 0.5 2022-06-13 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/f604f871-e1af-479a-9e9d-cdb32e509bda/th-3670280826.jpeg Articles - THE REAL ESTATE BATTLE: MILLENNIALS vs BOOMERS - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/629ea233-955e-48a6-8d93-83eddaa286c3/th-1899985402.jpeg Articles - 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AZ APRIL MARKET REPORT WHERE HAS ALL THE AFFORDABLE PROPERTIES GONE??? - Make it stand out For Buyers: Supply is still the top concern for buyers these days and we continue to look to new construction to add new homes and ease the pressure on price. The top areas for new single-family home sales are the West Valley, with 44% market share, and Pinal County, with 27% market share. The Southeast Valley comes in 3rd with 17%. If you’re looking to the West Valley for a new home, your best bets are Laveen, just east of the new 202 freeway loop, and cities just west of the 303 freeway such as Peoria, Surprise, Waddell, Goodyear, and Buckeye. In the Southeast Valley, new home subdivisions are concentrated in East Mesa, Queen Creek, South Gilbert, and South Chandler. Pinal County, Casa Grande, and Maricopa have the most new home sales. As of February 2022, the median cost of a new home closed was $447,000 overall with a median size of 2,197sqft. That was just under the resale median of $450,000 in the same month, which had a median size of 1,783sqft. In the West Valley, the new home median is $443,000 with 2,237sqft. In the Southeast Valley, the median is $579,000 and 2,456sqft, and in Pinal County, it is $385,000 with 1,888sqft. New home developers continue to struggle with a labor shortage and supply chain issues. It’s not uncommon for builders to estimate 14-16 months before the completion of a home. Because prices have been rising sharply, this means that by the time a home is built, the costs to complete it have gone up and it’s already worth significantly more than the negotiated purchase price. For this reason, some builders are including escalation clauses in their contracts that allow them to raise the price prior to close of escrow to accommodate the higher costs to build to closer reflect the current market value. In addition to escalation clauses, a handful of builders are including restrictions on when a homeowner can sell or rent the home after close. It’s important to read builder contracts closely and ensure you understand every section before moving forward. For Sellers: The market continues to heavily favor sellers. Supply is still 76% below normal for this time of year and demand is 6% above normal. However, demand is declining in response to recent increases in interest rates. Just 30 days ago, demand was 12% above normal, and 30 days prior to that it was 21% above normal. Buyers across the nation are in the best financial shape seen in decades with an average credit score of 714 last year, according to Experian, and Maricopa County has the lowest percentage of consumers with credit scores below 660 in at least 22 years. However, in just a few short months, the average interest rate increased from 3.1% in December to 4.7% by April. This resulted in a $500 increase in the estimated payment on a 1,500-2,000sqft home, pushing the cost to buy significantly higher than the cost to rent in Greater Phoenix. This does not mean the market is at its peak, or at the precipice of a price decline. The only response we are seeing at this time is a sharp increase in supply between $500K-$1M over the past 2 weeks, a price range that happens to have less interest from investors and 2nd homeowners, and a higher market share of owner-occupants. Despite this increase in supply, the median days on market prior to contract is still only 7 days, and there aren’t any bold movements in price reductions or seller concessions. Until we see an upward shift in price reductions and seller concessions, we will not see a flattening out or decline in sale prices. Currently, April closings to date have seen 57% of closings over asking price and a 22% appreciation rate compared to April 2021 thus far. While it’s reasonable to expect price appreciation to slow down at some point, there is little evidence at this stage to show prices declining in the near future. 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MESETO AVENUE, MESA, AZ 85210 = CALL FOR PURCHASE PRICE https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1766347670025-2AAAINMFQIE3OWSUV7H4/20241016220027122592000000-o.jpg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1766347651179-4V75HUQYJI4ZJ896QVJU/20241016215926751460000000-o.jpg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1766347660808-EZ4TOFNC8LI2ETSKXOA5/20241016220026289533000000-o.jpg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1766347676203-MQ41EXHQXDRS3163ELTJ/20241016220030515175000000-o.jpg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1766349547091-APCZ2JE37ZB5HW6Z0M8K/IMG_4248_600x600.jpg.webp Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1766349533258-DWSBLF2LEPZ79Y6CC3E7/fullsizeoutput_8660_600x600.jpg.webp Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1766349540455-4VLKTRY78DZJYV8Z4YCU/IMG_2905_600x600.jpg.webp Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1766349560682-87KMRPFLZCNTSKO1LQL2/IMG_7066_600x600.jpg.webp Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1714150922505-J4DG6K7WBQ1BYI23DS6X/ocupix-274NBS-VTC-2.jpg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1714151018027-XA6XXS8Y3QCB94M6JOPY/ocupix-274NBS-9.jpg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1714151023790-2AQ10KPHVQCPC4JQTZ1L/ocupix-274NBS-12.jpg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1714150947775-1P33EWT90DH1CI09C2RG/Dining+View+to+Kitchen.jpg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1714151145215-BO6OFND37394JRO1S5YN/Parks+%26+Basketball.jpeg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1714150952260-Y14KKVZ1JL3HQEQPQLNY/ocupix-274NBS-1.jpg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1714151135474-9LY3W6KJJDAAD5Q8SWY9/Welcome+to+Santa+Maria%21.jpeg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1697313287983-D81W5NYRFF8C8SAKZ7DH/IMG_9983.jpeg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1697313250868-F6LI8V34F9HBYA7PW2ZF/Resized_20221201_161012.jpeg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1697313260627-NVJ67KVGJC298XI1YXYO/IMG_228216Green-scaled.jpeg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1697313275186-VSBYJ2B07V6EVLSQ8MA4/IMG_9997.jpeg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1697313404119-T8XVA0DJJNS4E1TFQV66/IMG_9969.jpeg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1697313452040-NIQTWYI3FHEPD7N71Z3P/IMG_9951.jpeg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1697313511491-VCDKZBHRBBE4BJF8BT65/IMG_9951.jpeg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1697313561927-XJSLUXVOEIR75DM37OXN/IMG_9945.jpeg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/5968973a-22d9-4ee3-993f-9d1a7193c26b/EXP+Desert+Shot.png Home - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1589935546922-MR1O8VS5C9NCJM7O90RF/WebsiteBanner_MobileBanner.jpg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1746299967563-BJY8I5JXPUFVW99F83M1/1+WELCOME+HOME+1ST+TWILIGHT+PHOTO+PAGE+AVE.jpeg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1657662398105-AWU4XKPRHOEC4Q9985V9/IMG_4455.jpeg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1657661821888-YGQ1G1RISFZOH0RO5NRL/WELCOME%21+La+Contessa+%231023.jpg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1746301127917-ZYYE3X3SS1D3NEKP7ZZG/IMG_8366.jpg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1708811366506-YFGTN33Q56UFAYK0631K/ocupix-274NBS-VTC-1.jpg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1697314510389-NQKSCWRW4925Y8RJYBC6/5790+W+Windrose+Place+Glendale+AZ+-+MLS+Sized+-+007+-+10+Kitchen.jpg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1657662135245-6ZQHM4U90FSEZX4V7RUO/IMG_4784.jpeg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1697314639174-8PA9H69PQSXMZZIZZQXT/Reflection+Spots+%40+Renaissance+Condos.jpg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1657662398235-PM3SC8DVVMFCQ8WEWLDV/IMG_3969.jpeg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1657662390077-CTQLZXMTB81YHR0BL5LZ/IMG_4015.jpeg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1746300167525-Y8BYV3RUQS1J8N0TLA6K/29-1094WPA-ocupix.jpg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1697314866145-6V9SKO240G2NTQOL8R46/IMG_0969.jpg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1697315156718-A1SSCITFLZMUAWSDOV40/IMG_9979.jpeg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1697315259647-XLBFC4E39MESDPK8DJ18/Resized_20221201_161012.jpeg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1697315270630-EY45DYDKAEMS2H6YEBEL/IMG_9997.jpeg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1657662384265-C2WH011WYVRLNI3AP8OA/IMG_3968.jpeg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1657661701371-P48C4UHFEG8TOLIOQERQ/IMG_5681.jpeg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1746301083847-EFIMTR54KQD4SPQJXN2Z/IMG_8362.jpg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1697314912643-LFDZHCMCMVKYLQJJD63L/IMG_9840.jpeg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1697314934268-GT59MMGV9N9UEVM63TCU/IMG_9863.jpeg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1697314953164-D3R06PH4AL131U7GMGOK/IMG_9863.jpeg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1697315024857-GACQF639JXJ4BXAL5ZVG/IMG_9863.jpeg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1697315039967-0B0CRV1AOM5XXL5X2RRB/IMG_9863.jpeg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1697315046426-7HQRTSM92P8L051TXZB3/IMG_9863.jpeg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1697315060795-JXK7R5YPJMG5AZ2R8Q9N/IMG_9863.jpeg Home https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1585287279152-GA5THLF2HETAT74R31XB/IMG_0036.jpeg Home http://melanietaylorproperties.com/new-page-1-1 daily 0.75 2016-01-22 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1453422672493-1YU739BGG3ZMBMSTT5LO/image-asset.jpeg Luxury hotel, condos planned on Scottsdale waterfront https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1453422728101-K6GAU5HZX9BJ97A45OBV/image-asset.jpeg Luxury hotel, condos planned on Scottsdale waterfront WaterView Scottsdale includes a luxury hotel and high-end condos or apartments along the Arizona Canal in downtown Scottsdale. (Photo: Scottsdale) https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1453422774491-M8QH0UPZ3UYD43R6PQ03/image-asset.jpeg Luxury hotel, condos planned on Scottsdale waterfront WaterView Scottsdale would include a five-story luxury hotel with a rooftop pool and sundeck and ground floor shops and restaurants near Camelback and Scottsdale roads. (Photo: Scottsdale) https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1453422833730-H6Y5XQ6VPTSKMMJRH7V8/image-asset.jpeg Luxury hotel, condos planned on Scottsdale waterfront WaterView Scottsdale includes four-story condo or apartment buildings with outdoor amenities like a pool, spa and bocce ball court. (Photo: Scottsdale) http://melanietaylorproperties.com/newsletter daily 0.75 2018-07-03 http://melanietaylorproperties.com/market-watch daily 0.75 2018-07-03 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1537830912720-5BR0KX115H90KWXNUI10/92de2f70-9a04-46f8-826b-eb3088df0f51.jpg Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1527019610272-X6LTJWLNGYIS5JZ0QNAL/MAY.jpg Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1525543952668-KC2XQFCV7SMHU4LR1RHT/5a711221-1a05-4c14-ab21-553e40f466c5.png Market Watch For Buyers: Greater Phoenix ended the 1st Quarter 13% lower in supply, which was not helped by a 2% decline in new listings entering the market. All price ranges are below last year’s level of supply with the exception of the $1M+ market, which is up 1.5%. On the opposite end of the spectrum, supply under $200K is down 36% from last year and all prices in between are down 10%. Buyer competition is typically at its strongest at this time of year and is expected to begin tapering off seasonally in May or June. For Sellers: Despite the highly competitive, fast appreciating environment in the $100K-$200K market, more sellers decided not to list their home on the MLS and many chose to sell to an investor instead. This is ironic considering MLS sales in that price range sell for 12% more per square foot on average compared to normal non-MLS sales, which could equate to a $12,000-$22,000 gap. Additionally, the annual average sales price per square foot rose faster for MLS sales in this range at 7.9% while non-MLS sales rose only 6.0% over the last year. Commentary written by Tina Tamboer, Senior Real Estate Analyst with The Cromford Report ©2017 Cromford Associates LLC and Tamboer Consulting LLC https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1525544109217-ZR6GTNF4KUKNZUAOX72Z/ddf44fcb-42fe-41e5-b1fa-c891c4e7f3fb.jpg Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1519519024347-RQ6PW53R59YA8BLJUVST/f75ec875-6ff7-49dd-b22a-00678623c6e5.png Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1516828226761-VVFBEIR3UXLMA8AHVLQJ/64fe598d-2213-4606-8509-cc5deb52195f.png Market Watch http://melanietaylorproperties.com/idxtest daily 0.75 2016-01-26 http://melanietaylorproperties.com/4700-e-sierra-vista-drive daily 0.75 2016-01-26 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1453783192439-1R5ENFGHZL3V70ZBS3M2/BA4Af2D8D8654c6-5380857.jpg 4700 E Sierra Vista Drive 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https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1453783219613-YHDKAL5E59OYYB3YQHVG/0A71822206C9405-5380857.jpg 4700 E Sierra Vista Drive http://melanietaylorproperties.com/our-team daily 0.75 2023-10-14 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1574488866922-7KOKF544NAFZ1SFLALXC/Adjustments.jpeg About Me Kristine Vowles eXp Realtor & Melanie Taylor at I Community Outreach. We LOVE to GIVE! https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1574488523761-M1A7MBNO4N861BA53W80/Adjustments.jpeg About Me Giving of our resources & volunteering at Feed My Starving Children by packing meals monthly is a joy! eXp Realtors collaborate & give generously https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1557537532532-AS383MHPQSH6X8T3UWJS/nar_certification_mrp_horiz_cmyk_flat.jpg About Me https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1572201307575-SWMZZVSYFBBMVA4MHIWY/RESA-CSA.jpg About Me http://melanietaylorproperties.com/tools daily 0.75 2016-01-26 http://melanietaylorproperties.com/10-home-decor-trends daily 0.75 2016-01-28 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1453423058366-SJP2DU8Z5E1DKMY5QHI1/image-asset.jpeg 10 Home Decor Trends that will be Huge in 2016 http://melanietaylorproperties.com/911-e-desert-inn-drive daily 0.75 2016-02-12 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https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1456718914332-HL10L2ZA4ZA5M3EW91RB/image-asset.jpeg Carlisle Companies Corporate Headquarters Moving to Phoenix http://melanietaylorproperties.com/hey-homeowners-these-littleknown-tax-deductions-can-save-you-thousands daily 0.75 2016-03-05 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1457218654195-SB577FPP6ZHZK0BJS4Y9/image-asset.jpeg Hey, Homeowners! These Little-Known Tax Deductions Can Save You Thousands http://melanietaylorproperties.com/scottsdale-airpark-booming-with-urban-life-55000-jobs daily 0.75 2016-04-01 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1459550302533-KNPM9VD7MEHPPODUGUIU/image-asset.jpeg Scottsdale Airpark booming with urban life, 55,000 jobs https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1459550330397-NLD2X2NHYHUFID2CPZUP/image-asset.jpeg Scottsdale Airpark booming with urban life, 55,000 jobs https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1459550286235-MD3A0AD1JXHGCMSS26PW/image-asset.jpeg Scottsdale Airpark booming with urban life, 55,000 jobs https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1459550458808-067TC2A0V3O7MFFG0I2B/image-asset.jpeg Scottsdale Airpark booming with urban life, 55,000 jobs This rendering shows Optima Kierland, a 12-story luxury condominium development going up at Scottsdale Road and Kierland Boulevard. (Photo: Optima Kierland) http://melanietaylorproperties.com/4-things-you-should-do-now-to-prep-for-tax-day daily 0.75 2016-04-01 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1459550791677-TEWMYU05S12GKPWX9D1Z/image-asset.jpeg 4 Things You Should Do NOW To Prep For Tax Day http://melanietaylorproperties.com/credit-crackdown-how-one-woman-paid-off-67000-in-20-months daily 0.75 2016-04-01 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1459551800034-7K28YRCAR58ZZFVF0GHS/image-asset.jpeg Credit Crackdown: How One Woman Paid Off $67,000 In 20 Months http://melanietaylorproperties.com/at-dc-ranch-country-club-9270-e-thompson-peak-parkway-323 daily 0.75 2016-04-22 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1461344688411-LSG4HFQLVHA61KF0S2U2/%231+Flyer-R-LOt+%23323+-+Thompson+Peak+Parkway%290107.jpg 9270 E Thompson Peak Parkway #323 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The headlines these days are full of projections and reflections for the Phoenix Metropolitan Area residential real estate market. To complement our monthly measures here are some year-end numbers to reflect on. 2016 MLS Sales – Up 7.0% overall compared to 2015 · 72.9% of sales were under $300,000 (# of sales up 3.4%) · 19.6% of sales were between $300,000 and $500,000 (# of sales up 20.2%) · 6.1% of sales were between $500,000 and $1,000,000 (# of sales up 15.4%) · 1.4% of sales were over $1,000,000 (# of sales up 8.1%) 2016 New Listings – up 4.6% overall compared to 2015 · 65.8% of new listings were under $300,000 (# of new listings up 0.8%) · 22.0% of new listings were between $300,000 and $500,000 (# of new listings up 13.5%) · 9.2% of new listings were between $500,000 and $1,000,000 (# of new listings up 13.6%) · 3.0% of new listings were over $1,000,000 (# of new listings up 5.7%) 2016 Appreciation based on Annual Sales Price per Square Foot – up 5.4% from 2015 · Under $300,000 – up 7.6% · $300,000 - $500,000 – up 2.0% · $500,000 - $1,000,000 – Less than 1% change · Over $1,000,000 – Less than 1% change It’s been a good news/bad news year for sellers over $500,000. The good news is that more buyers purchased in the higher price ranges in 2016 than in 2015. The bad news is the neighbors also noticed increased demand and listed their homes too, increasing the number of new listings on the market simultaneously. This increased supply, combined with builders getting in on the action over $250,000, created a more competitive and balanced market and put price increases in check. It’s been good news/bad news for buyers under $300,000. The good news is their homes have appreciated nicely over the past year. The bad news, finding move-in ready homes and winning the bid was more stressful and competitive than many expected, especially for single family homes under $200,000. (Yes, they do exist.) Looking forward in the short term, the market can expect more buyers emerging with improved credit scores as we move farther away in time from the foreclosure and short sale crisis. Recent announcements regarding FHA loan limit increases and lower mortgage insurance premium fees signify a loosening up in lending that will contribute to more demand for listings under $300,000. Higher interest rates will cause some buyers to purchase smaller homes than they anticipated, putting even more pressure on the market under $300,000; which is already short of supply for existing demand. With nearly 73% of all sales in this price point, it’s reasonable to expect appreciation to continue to be positive for the Phoenix Metropolitan Area overall. START TO A GREAT 2017!! Please feel free to reach out to me anytime. Direct 480-331-2088 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1484763972787-FWJXDXQ1IDHW3IXM4UKV/cc3ad533-91eb-4531-8970-650424e05a4f.png Jan 17 Market Watch For Buyers: There’s both good and bad news for first-time home buyers this month. The good news is that there’s been a 22% increase in single family active listings asking between $175,000-$200,000 over the last 10 weeks, going from 1,065 to 1,295. Current inventory is 10% higher than where it was in week 49 of last year, adding some much needed choice to a high demand price range. The added supply is not universal across the valley; increases have been marked specifically in Buckeye, Surprise, Sun City, Peoria and Mesa. The bad news for home buyers is that supply overall is down 3.7% while the level of competing buyers is remaining seasonally consistent. The Southeast Valley specifically has not seen the typical increase in supply that happens this time of year. This indicates that the area will kick off 2017 with low supply just before the expected increase in buyer activity come February. In this case, the cost of waiting to purchase will be a lack of choice and possibly having to compromise on the condition or location of the property they choose to buy. For Sellers: Bad news for buyers usually translates into good news for sellers, especially after positive news reports of Realtor.com ranking Phoenix as the #1 projected real estate market in the country for 2017. However, it’s still not a market to be overpriced regardless of the strong demand for homes. Some price ranges have more competing listings than others, especially in areas such as North Phoenix, Mesa, Gilbert and Peoria where there is competition from new home subdivisions. Permits for single family homes have been on the rise to accommodate the demand. This provides more choice for buyers in those areas, balances out the market and keeps annual appreciation in check. The areas projected to have the highest appreciation rates are those where there is a high level of fix and flip activity along with a more affordable price range under $175,000. https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1484764204997-VH9UL9U79INGFQLQPR8P/image-asset.jpeg Jan 17 Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1480437835583-3J5U3K38JJRGJOA87RVC/image-asset.png Jan 17 Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1475957829375-HGFO7K2ED68MHI26VXBU/image-asset.jpeg Jan 17 Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1473279830723-W0WZ13O7NQ88XUDIU2BO/image-asset.jpeg Jan 17 Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1469805558168-GGKRQE913NAPWSP2M98I/image-asset.jpeg Jan 17 Market Watch 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https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1484763972787-FWJXDXQ1IDHW3IXM4UKV/cc3ad533-91eb-4531-8970-650424e05a4f.png Dec 16 Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1484764204997-VH9UL9U79INGFQLQPR8P/image-asset.jpeg Dec 16 Market Watch http://melanietaylorproperties.com/feb-16-market-watch daily 0.75 2017-03-16 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1467751104093-FYFLWV2FTGZKNA1P0ODM/image-asset.jpeg Feb 16 Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1456719662918-6E19HJ00QQ5UBHOPAIZM/image-asset.png Feb 16 Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1456719759447-24WKOXJZC72HL3GZ6L6T/image-asset.png Feb 16 Market Watch http://melanietaylorproperties.com/dec-16-market-watch daily 0.75 2017-03-16 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1467751104093-FYFLWV2FTGZKNA1P0ODM/image-asset.jpeg July 16 Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1469805558168-GGKRQE913NAPWSP2M98I/image-asset.jpeg July 16 Market Watch http://melanietaylorproperties.com/old-market-watch daily 0.75 2017-02-04 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1467751104093-FYFLWV2FTGZKNA1P0ODM/image-asset.jpeg OLD - Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1486252276657-ARYQ94XMMZXHQPDFEAKX/WELCOME+TO+2017%21 OLD - Market Watch Welcome 2017! The headlines these days are full of projections and reflections for the Phoenix Metropolitan Area residential real estate market. To complement our monthly measures here are some year-end numbers to reflect on. 2016 MLS Sales – Up 7.0% overall compared to 2015 · 72.9% of sales were under $300,000 (# of sales up 3.4%) · 19.6% of sales were between $300,000 and $500,000 (# of sales up 20.2%) · 6.1% of sales were between $500,000 and $1,000,000 (# of sales up 15.4%) · 1.4% of sales were over $1,000,000 (# of sales up 8.1%) 2016 New Listings – up 4.6% overall compared to 2015 · 65.8% of new listings were under $300,000 (# of new listings up 0.8%) · 22.0% of new listings were between $300,000 and $500,000 (# of new listings up 13.5%) · 9.2% of new listings were between $500,000 and $1,000,000 (# of new listings up 13.6%) · 3.0% of new listings were over $1,000,000 (# of new listings up 5.7%) 2016 Appreciation based on Annual Sales Price per Square Foot – up 5.4% from 2015 · Under $300,000 – up 7.6% · $300,000 - $500,000 – up 2.0% · $500,000 - $1,000,000 – Less than 1% change · Over $1,000,000 – Less than 1% change It’s been a good news/bad news year for sellers over $500,000. The good news is that more buyers purchased in the higher price ranges in 2016 than in 2015. The bad news is the neighbors also noticed increased demand and listed their homes too, increasing the number of new listings on the market simultaneously. This increased supply, combined with builders getting in on the action over $250,000, created a more competitive and balanced market and put price increases in check. It’s been good news/bad news for buyers under $300,000. The good news is their homes have appreciated nicely over the past year. The bad news, finding move-in ready homes and winning the bid was more stressful and competitive than many expected, especially for single family homes under $200,000. (Yes, they do exist.) Looking forward in the short term, the market can expect more buyers emerging with improved credit scores as we move farther away in time from the foreclosure and short sale crisis. Recent announcements regarding FHA loan limit increases and lower mortgage insurance premium fees signify a loosening up in lending that will contribute to more demand for listings under $300,000. Higher interest rates will cause some buyers to purchase smaller homes than they anticipated, putting even more pressure on the market under $300,000; which is already short of supply for existing demand. With nearly 73% of all sales in this price point, it’s reasonable to expect appreciation to continue to be positive for the Phoenix Metropolitan Area overall. START TO A GREAT 2017!! Please feel free to reach out to me anytime. Direct 480-331-2088 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1484763972787-FWJXDXQ1IDHW3IXM4UKV/cc3ad533-91eb-4531-8970-650424e05a4f.png OLD - Market Watch For Buyers: There’s both good and bad news for first-time home buyers this month. The good news is that there’s been a 22% increase in single family active listings asking between $175,000-$200,000 over the last 10 weeks, going from 1,065 to 1,295. Current inventory is 10% higher than where it was in week 49 of last year, adding some much needed choice to a high demand price range. The added supply is not universal across the valley; increases have been marked specifically in Buckeye, Surprise, Sun City, Peoria and Mesa. The bad news for home buyers is that supply overall is down 3.7% while the level of competing buyers is remaining seasonally consistent. The Southeast Valley specifically has not seen the typical increase in supply that happens this time of year. This indicates that the area will kick off 2017 with low supply just before the expected increase in buyer activity come February. In this case, the cost of waiting to purchase will be a lack of choice and possibly having to compromise on the condition or location of the property they choose to buy. For Sellers: Bad news for buyers usually translates into good news for sellers, especially after positive news reports of Realtor.com ranking Phoenix as the #1 projected real estate market in the country for 2017. However, it’s still not a market to be overpriced regardless of the strong demand for homes. Some price ranges have more competing listings than others, especially in areas such as North Phoenix, Mesa, Gilbert and Peoria where there is competition from new home subdivisions. Permits for single family homes have been on the rise to accommodate the demand. This provides more choice for buyers in those areas, balances out the market and keeps annual appreciation in check. The areas projected to have the highest appreciation rates are those where there is a high level of fix and flip activity along with a more affordable price range under $175,000. https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1484764204997-VH9UL9U79INGFQLQPR8P/image-asset.jpeg OLD - Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1480437835583-3J5U3K38JJRGJOA87RVC/image-asset.png OLD - Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1475957829375-HGFO7K2ED68MHI26VXBU/image-asset.jpeg OLD - Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1473279830723-W0WZ13O7NQ88XUDIU2BO/image-asset.jpeg OLD - Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1469805558168-GGKRQE913NAPWSP2M98I/image-asset.jpeg OLD - Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1468699860825-YLK9WHZZTPWGRTEY7CDF/image-asset.jpeg OLD - Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1468471511849-OFVQ6THWU33A38MH2TH5/image-asset.png OLD - Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1468699945799-WNAQW4OETD68IRGF3CSS/image-asset.png OLD - Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1459530337740-XRGMO64SVW9D33CY8V1I/image-asset.png OLD - Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1459530476079-P9FTE9Z8OZMDNWPTVXWX/image-asset.jpeg OLD - Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1456719662918-6E19HJ00QQ5UBHOPAIZM/image-asset.png OLD - Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1456719759447-24WKOXJZC72HL3GZ6L6T/image-asset.png OLD - Market Watch http://melanietaylorproperties.com/jan-17-market-watch2 daily 0.75 2018-05-23 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1467751104093-FYFLWV2FTGZKNA1P0ODM/image-asset.jpeg Jan 17 Market Watch2 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1486252276657-ARYQ94XMMZXHQPDFEAKX/WELCOME+TO+2017%21 Jan 17 Market Watch2 Welcome 2017! The headlines these days are full of projections and reflections for the Phoenix Metropolitan Area residential real estate market. To complement our monthly measures here are some year-end numbers to reflect on. 2016 MLS Sales – Up 7.0% overall compared to 2015 · 72.9% of sales were under $300,000 (# of sales up 3.4%) · 19.6% of sales were between $300,000 and $500,000 (# of sales up 20.2%) · 6.1% of sales were between $500,000 and $1,000,000 (# of sales up 15.4%) · 1.4% of sales were over $1,000,000 (# of sales up 8.1%) 2016 New Listings – up 4.6% overall compared to 2015 · 65.8% of new listings were under $300,000 (# of new listings up 0.8%) · 22.0% of new listings were between $300,000 and $500,000 (# of new listings up 13.5%) · 9.2% of new listings were between $500,000 and $1,000,000 (# of new listings up 13.6%) · 3.0% of new listings were over $1,000,000 (# of new listings up 5.7%) 2016 Appreciation based on Annual Sales Price per Square Foot – up 5.4% from 2015 · Under $300,000 – up 7.6% · $300,000 - $500,000 – up 2.0% · $500,000 - $1,000,000 – Less than 1% change · Over $1,000,000 – Less than 1% change It’s been a good news/bad news year for sellers over $500,000. The good news is that more buyers purchased in the higher price ranges in 2016 than in 2015. The bad news is the neighbors also noticed increased demand and listed their homes too, increasing the number of new listings on the market simultaneously. This increased supply, combined with builders getting in on the action over $250,000, created a more competitive and balanced market and put price increases in check. It’s been good news/bad news for buyers under $300,000. The good news is their homes have appreciated nicely over the past year. The bad news, finding move-in ready homes and winning the bid was more stressful and competitive than many expected, especially for single family homes under $200,000. (Yes, they do exist.) Looking forward in the short term, the market can expect more buyers emerging with improved credit scores as we move farther away in time from the foreclosure and short sale crisis. Recent announcements regarding FHA loan limit increases and lower mortgage insurance premium fees signify a loosening up in lending that will contribute to more demand for listings under $300,000. Higher interest rates will cause some buyers to purchase smaller homes than they anticipated, putting even more pressure on the market under $300,000; which is already short of supply for existing demand. With nearly 73% of all sales in this price point, it’s reasonable to expect appreciation to continue to be positive for the Phoenix Metropolitan Area overall. START TO A GREAT 2017!! Please feel free to reach out to me anytime. Direct 480-331-2088 http://melanietaylorproperties.com/jul-17-market-watch daily 0.75 2018-05-23 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1467751104093-FYFLWV2FTGZKNA1P0ODM/image-asset.jpeg Jul 17 Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1501267590027-0K0EZXN940S9ABUJ71BI/image-asset.png Jul 17 Market Watch For Buyers: Good news for buyers, listings for sale between $150K and $300K stopped declining over the past 4 weeks. This is good news because as the summer progresses, there are fewer buyers to compete with in the marketplace which offers a seasonal relief for those still willing to brave high temperatures and scalding door knobs to view homes. Supply is still extremely low, but this slight improvement gives as much relief as a hot breeze on a July afternoon. It’s not much, but it’s something. Meanwhile, luxury buyers may notice fewer properties to look at this summer as demand was higher during the Spring season and overall inventory has been dropping due to a higher number of closings and seasonal cancellations/expirations. Expect inventory in price ranges above $500K to continue declining seasonally until settling into a stagnant level in August and early-September. For Sellers: There has been a lot of talk about the increased production of luxury apartments and what impact they will have on the residential real estate market. One segment that is starting to see their influence is apartment-style condominium rentals leased through the Arizona Regional MLS. While rents on single family homes and townhouses continue to rise, successful leases of apartment-style condominiums have dropped 11% in average rates from a high of $1.26/sf in January 2017 to $1.12/sf by June. The drop is consistent across all lease price ranges for this type of rental and is not seasonal. Areas that have been particularly affected are Tempe, Old Town Scottsdale and the Central Corridor including Downtown Phoenix. Considering the lack of supply for sale in affordable price ranges and the added competition from brand new apartment complexes, this may be a good time for landlords of apartment-style rentals to consider selling if they’re unwilling or unable to reduce their rental rate. Commentary written by Tina Tamboer, Senior Real Estate Analyst with The Cromford Report ©2017 Cromford Associates LLC and Tamboer Consulting LLC Commentary written by Tina Tamboer, Senior Real Estate Analyst with The Cromford Report ©2017 Cromford Associates LLC and Tamboer Consulting LLC Please contact us with any questions! We're here to assist you; mt@melanietaylorproperties.com. http://melanietaylorproperties.com/mar-17-market-watch daily 0.75 2018-05-23 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1467751104093-FYFLWV2FTGZKNA1P0ODM/image-asset.jpeg Mar 17 Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1491003219516-LD86RNPCCWM9OGOFKKON/image-asset.png Mar 17 Market Watch http://melanietaylorproperties.com/apr-17-market-watch daily 0.75 2018-05-23 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1467751104093-FYFLWV2FTGZKNA1P0ODM/image-asset.jpeg Apr 17 Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1493266769211-QYO85XWNVYDKYCT3E3HS/image-asset.png Apr 17 Market Watch http://melanietaylorproperties.com/oct-17-market-watch daily 0.75 2018-05-23 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1467751104093-FYFLWV2FTGZKNA1P0ODM/image-asset.jpeg Oct 17 Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1511025110121-KWHW286LBQZ1DVYG9QPL/c2006fa2-6f0b-4b70-bbf4-a6096ef2dafe.png Oct 17 Market Watch http://melanietaylorproperties.com/aug-17-market-watch daily 0.75 2018-05-23 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1467751104093-FYFLWV2FTGZKNA1P0ODM/image-asset.jpeg Aug 17 Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1502472583411-LYMNZDR32RMCW6BMUFKH/8b18ef64-0296-4845-9762-76afae7ecf1b.jpg Aug 17 Market Watch http://melanietaylorproperties.com/jun-17-market-watch daily 0.75 2018-05-23 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1467751104093-FYFLWV2FTGZKNA1P0ODM/image-asset.jpeg Jun 17 Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1498677425072-9CINXYXK49U3OXYOSO2I/image-asset.png Jun 17 Market Watch For Buyers: More buyers have turned to new homes so far this year. Overall year-to-date new home sales are up 26% compared to last year as builders continue to add much-needed supply to the marketplace. All price ranges over $225K have seen large increases in year-to-date sales, with builders focusing heavily on adding inventory between $275K and $500K. While the median price for new homes is significantly higher than MLS resales ($311K vs. $242K), by the square foot they’re actually quite competitive when compared by price range across a broad territory. Example, for new single family homes sold in Maricopa County between $225K and $250K, the annual average sales price per square foot* is $122, compare that to $132 for MLS resales and $133 for renovated homes sold by flip investors. This pattern repeats itself the higher you go in price. It does not ring true for buyers looking to live in a specific area, however, when compared by zip code new homes typically are more expensive than their neighbors. For Sellers: The continued lack of supply in the market means that existing homeowners are seeing increased solicitations to sell their home outside of the local MLS. Normal, non-distressed sales that were sold non-MLS (often called “For Sale By Owner” or “FSBOs”) have risen nearly 13% year-to-date compared to last year. However, based on the annual average sales price per square foot, these non-MLS sales have sold for nearly 15% less than their MLS competitors. While the gap may vary, this trend holds true across all price points and cities with MLS competition. Commentary written by Tina Tamboer, Senior Real Estate Analyst with The Cromford Report ©2017 Cromford Associates LLC and Tamboer Consulting LLC *The average sales price per square foot for sales occurring over the most recent 12-month period http://melanietaylorproperties.com/feb-17-market-watch daily 0.75 2018-05-23 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1467751104093-FYFLWV2FTGZKNA1P0ODM/image-asset.jpeg Feb 17 Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1489705835884-ODPRHLOK118T2U7E1BN3/image-asset.jpeg Feb 17 Market Watch http://melanietaylorproperties.com/sept-17-market-watch daily 0.75 2018-05-23 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1467751104093-FYFLWV2FTGZKNA1P0ODM/image-asset.jpeg Sept 17 Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1511025861061-UYM70U8HFG7APUJB7XQA/c66fd53f-9743-462d-824e-b299d0551bef.png Sept 17 Market Watch http://melanietaylorproperties.com/nov-17-market-watch daily 0.75 2018-05-23 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1467751104093-FYFLWV2FTGZKNA1P0ODM/image-asset.jpeg Nov 17 Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1511025005928-U9QF9ZXQGX9RVYT28SQA/22f692df-0dc2-47ba-89b7-e1f28a82088c.png Nov 17 Market Watch For Buyers: Supply between $150K-$200k continued rising in August. However the $150K-$175K range had a more dramatic rise. While still 26% below last year, it rose 17% since the beginning of June, a strong departure from the weekly decline this market experienced in the first half of 2017. For buyers in the rest of the market over $200K, nearly all price ranges are running lower than last year with the exception of the top tiers. For those buyers who have seen every listing available and still haven’t found a match, late September usually sees an increase in new listings across the board. This makes the 4th quarter a good time to be a buyer. For Sellers: When do we know the Phoenix residential real estate market has “recovered”? Many people assume when prices have returned to 2006 peak levels then the market has recovered. However understandable, especially for those who purchased during that time frame, that’s not necessarily the case. Average sale prices per square foot are still 27% away from the peak of 2006. However, the market could arguably be considered recovered once prices reach the range that corresponds to the long term average rate of inflation, which from 2000-2016 in the United States is 2%. In 2000, the average sales price per square foot for MLS resales was $96. Had the bubble and crash never happened, and annual appreciation stayed between 2-3% per year as normal, then prices would land between $134-$158 per square foot today. Currently they’re running at $149, which equates to averaging nearly 2.6% annually and a 55% total gain since the year 2000. Commentary written by Tina Tamboer, Senior Real Estate Analyst with The Cromford Report ©2017 Cromford Associates LLC and Tamboer Consulting LLC http://melanietaylorproperties.com/may-17-market-watch daily 0.75 2018-05-23 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1467751104093-FYFLWV2FTGZKNA1P0ODM/image-asset.jpeg May 17 Market Watch https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1498677564363-HKQ74TWPUX0N4IDH9H30/image-asset.png May 17 Market Watch http://melanietaylorproperties.com/what-is-exp daily 0.75 2022-11-11 https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/c6620042-7f9d-4445-8234-72e9023022c4/790BEE93-86D6-4321-A249-86B486FD5F62.jpeg WHAT IS eXp REALTY? - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1612285081426-HWBIZ15QUMD55MG5FF8M/IMG_8723.jpeg WHAT IS eXp REALTY? 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https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1535511636063-T3MSLA4SNKBEK3KMQOEN/MelanieTaylor_WebsiteSmallButton_RevenueShareProgramlikeNoOther.jpg WHAT IS eXp REALTY? https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1535509250035-Y4JJRHEEYW6TFC3OTP8Y/MelanieTaylor_WebsiteButton_JoiningeXp.jpg WHAT IS eXp REALTY? https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1535509442080-4TAZBTE6SV789GCDFCS8/MelanieTaylor_WebsiteButton_WhoWeAre.jpg WHAT IS eXp REALTY? https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1535509289105-UKLFAUYSQQ6M2E9YMEXC/MelanieTaylor_WebsiteButton_USAgentQuickReference.jpg WHAT IS eXp REALTY? https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1535510272580-4VMOUG07ZZNRRSY1WAQN/MelanieTaylor_WebsiteButton_BusinessModel.jpg WHAT IS eXp REALTY? http://melanietaylorproperties.com/new-home daily 0.75 2018-08-28 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While this felt sudden, it wasn’t unusual by historical standards. In fact, rates were 7.2% just this past January and even higher (7.3%) last May—without the media panic. The reaction from buyers was swift and dramatic: • An 18% drop in weekly accepted contracts followed the tariff news. • Buyers hit pause, shocked by rate increases and online noise. • Early May saw a modest rebound as some buyers returned. The social media landscape didn’t help, with exaggerated claims—like a 20% home price drop in Greater Phoenix—spreading fast. Even Newsweek joined the chorus. While that kind of price cut would bring buyers rushing in, it’s highly unlikely. Here’s why: • Excluding the 2008 crash, past buyer’s markets have only seen 5% to 11% annual price declines. • That range has been enough to rebalance the market back to sellers’ favor each time. So are homes currently overvalued? Not really—if you look at the numbers: • A “typical” Maricopa County home has grown from 1,600 sqft in 2000 to 1,900 sqft in 2025. • Long-term appreciation from Q1 2000 to Q1 2025 has averaged 5.3% per year. • Applying a 4.65% historical appreciation rate over 25 years suggests a 3% correction could occur. • Others argue we’re on track or even slightly undervalued at today’s prices. Bottom line: A 20% drop is far-fetched, but a 3% decline over the next few months is reasonable. If mortgage rates drop closer to 6.5% or lower, the entire outlook will shift again. For Sellers Sellers, brace yourselves: some buyers have become emboldened in negotiations. It’s not just about repairs and closing costs anymore. Some are asking for upgrades—like remodeling kitchens or replacing working appliances—just because they aren’t “new.” Only six cities remain in a seller’s market: • El Mirage, Apache Junction, Tolleson, Chandler, Avondale, Fountain Hills Meanwhile, more cities have moved into balanced market territory: • Recently shifted: Glendale, Phoenix, Paradise Valley, Scottsdale, Gilbert • Already balanced: Mesa, Tempe, Cave Creek, Anthem, Laveen That leaves 13 cities in buyer’s markets—a growing trend. Luxury sales also took a hit in April, likely due to stock market instability in March and April. This shift in market activity: • Lowered both the average and median prices • Resulted in a 3.5% month-over-month decline • Saw a 1.1% drop year-over-year • Maintained a steady 315 closings per day in both March and April Looking ahead, April’s drop in contract activity means May will likely be softer in terms of sales. Still, there’s optimism for June, especially if rates settle and buyer confidence improves. Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report ©2025 Cromford Associates LLC and Tamboer Consulting LLC https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1535fd76-eb3d-4eeb-96df-d02e55d5746a/0c4af00e-e76f-4c72-670b-9376be241ddb.png + AZ MARKET REPORTS - Make it stand out For Buyers Volatility in the housing market has been nothing new over the last 5 years. From extremely low mortgage rates, high demand, and astronomical appreciation from 2020-2021, To extremely high mortgage rates, falling demand, and depreciation in 2022, To moderately high mortgage rates, low-but-stable demand, and flat appreciation from 2023-2025. Overall buyer demand in Greater Phoenix is holding steady, just about even with this time last year. Supply continues to rise, putting buyers in a good position during negotiations, and prices remain stable with the median up only 1.7% from last year. For Sellers 11 cities in Greater Phoenix are in very weak seller’s markets: Paradise Valley, Scottsdale, Fountain Hills, Phoenix, Anthem, El Mirage, Glendale, Avondale, Apache Junction, Chandler, Gilbert 4 cities are in balanced markets: Cave Creek, Tolleson, Tempe, Mesa 14 cities are in buyer’s markets: Peoria, Goodyear, Surprise, Buckeye, Laveen, Sun City, Sun City West, Litchfield Park, Queen Creek, Sun Lakes, Maricopa, Gold Canyon, Arizona City, Casa Grande A weak seller’s market will not look too different from a balanced market, it only means that price appreciation will be slightly higher than the rate of inflation, which is just 2.4% per the most recent CPI measure. As with any buyer’s market, condition is a top priority for sellers along with pricing. In some cases that may be as simple as neutralizing kid’s room paint or accent walls, or as complicated as a new roof or major repairs prior to list. https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/aeb2adb7-d55a-4764-9beb-8f41543b1f06/Feb+2025+Cromford+Report+Graphic.jpeg + AZ MARKET REPORTS - Make it stand out For Buyers Phoenix has been in a buyer’s market for 3 out of the last 4 months, and it’s continuing into March. This is only the 4th buyer’s market for Greater Phoenix over the past 25 years, the last one was from 2006 -2008. Most price ranges are currently averaging somewhere around 1-2% appreciation year-over-year, which is less than the rate of inflation. Any drop in mortgage rates will have significant impacts on a buyer’s purchasing power. For Sellers So far in this year, the Arizona Regional MLS has seen more new listings added to supply than it has in the last 4 years, and the highest total count of active listings since 2015. The average price negotiation for listings under $1M is running at 98.3% of the last list price, down from 98.6% last year. Negotiations over $1M are averaging 95.4% compared to 96.4% last year. On a $1M home, that’s a downward negotiation of $46,000 vs. $36,000. Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report ©2025 Cromford Associates LLC and Tamboer Consulting LLC https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/1f3fefe2-08cb-417b-bcd8-815ca5060757/7df56491-6e2e-794d-0729-14f43f10c9b6.png + AZ MARKET REPORTS - Make it stand out There are narratives that some people, and journalists, stubbornly hold to that are simply outdated or incorrect. Here are just a few: Myth #1 - Buyer demand is declining. This was true in 2022 and 2023 but is no longer true today. Myth #2 - There is very little to buy under $300K. This was definitely true a few years ago, but not today. Myth #3 - My income is too high to qualify for any homebuyer assistance programs. Some grant and down payment assistance programs correlate to an area, not income. Finding a qualified loan officer to explain these programs could save thousands of dollars. Myth #4 - I need to be a first-time homebuyer or renter to qualify for homebuyer assistance programs. In most cases, this is not true. They may “say” first-time home buyer, but if you haven’t owned a home in 3 years or more, you’re a first-time home buyer. Myth #5 - Mortgage rates are too high; there’s nothing to be done about it. 57% of January sales between $200,000-$600,000 involved seller-paid incentives, most went towards a temporary buydown of the mortgage rate, and many home builders are providing permanent rate buydowns. Myth #6 - Housing is in a bubble and home prices are on the precipice of a crash. Greater Phoenix may have already had a bubble and price crash in 2022 when prices rose to their peak by May and declined a whopping 12.3%. Since then, prices bounced and stabilized with most price ranges seeing less than 2% appreciation year over year today. Myth #7 - I’ll sell my home “as-is” and price it aggressively with buyer incentives. This worked in the mild seller’s market of 2023 and first part of 2024, but not now. In a buyer’s market, it’s okay to sell your home “as-is” so long as it “is” in excellent condition. Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report ©2025 Cromford Associates LLC and Tamboer Consulting LLC https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/c2f09b14-1cd2-4073-9a48-8c72f7107b92/204b8ca1-88fb-174b-98fc-cd9f4a82b9a4.png + AZ MARKET REPORTS - Make it stand out For Buyers: Buyer’s season has begun and new listings for January are the strongest Greater Phoenix has seen since 2020. New listings are rising and sellers continue to be open to incentives and negotiations. Hovering around 7.25%, mortgage rates continue to limit the general buyer pool. Currently, just over 5,600 listings are under contract in the MLS, but normally we expect to see at least 7,000-8,000 at this time of year. Supply is around 21,000, the highest entry point for January since 2016-2017, fostering an environment favorable towards qualified buyers. As crypto and stock investments spiked after the 2024 election, luxury sales over $1M over surged +37% over last December compared to just +11% for homes under $1M. For Sellers: The West Valley lights up in the first-time homebuyer price ranges between $250K-$400K, specifically Surprise, Waddell, Avondale, Tolleson, and Southwest Phoenix as high builder incentives combat affordability issues. Also lighting up with frenzy activity in this range is Mesa (85204), North Gilbert, and Chandler (85226). The Southeast Valley heats up in the $400K-$500K range, as does Tolleson and North Glendale. Luxury condo sales over $1.5M are insanely popular in Scottsdale 85251, 85255 and Paradise Valley. As the housing market enters its high season, sellers must continue to offer high incentives to buy down rates, keep their properties in top condition to compete, and resist the urge to press the market on price. Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report ©2025 Cromford Associates LLC and Tamboer Consulting LLC https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/2f69cf35-64d6-43ab-b4d6-18d24a73328a/8d722e76-4f73-de83-d8ee-992008677edb.png + AZ MARKET REPORTS - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/d73883ba-6809-44ac-a4d9-2c2bdf090564/8af7f0ab-967c-cc6a-359d-34eaec2f8d46.png + AZ MARKET REPORTS - Make it stand out For Buyers: Over 4 straight weeks in September, average conventional mortgage rates stabilized roughly between 6.1%-6.2%, and 5.6%-5.7% for FHA, which was the sweet spot for buyers to mobilize. Weekly accepted contracts increased 12% during that time frame, confirming expectations that conventional rates need to be sub-6.5% to see a meaningful shift in buyer demand. As the 4th quarter begins, the housing environment for buyers is the most favorable it’s been since December 2022, when there were more than 20,000 active listings in the MLS and a weekly average of 6,148 listings under contract. This October, mortgage rates are once again hanging in the mid-to-low 6% range, increasing buyer demand at a time when active listing counts are over 20,000 in the MLS. For Sellers: While conventional mortgage rates were in the low-6% range for 4 weeks, they popped up to the mid-6% range after the release of a positive employment report citing a decline in the unemployment rate and an increase in wages. It’s not uncommon for mortgage rates to bounce up a little after significant drops, so it may only be temporary as rates are expected to glide down over the next year. Properties listed between $275K-$500K should also budget for incentives to the buyer and longer marketing times over the holidays. More than 62% of sales in this price range close with $8,000-$10,000 in closing cost assistance from sellers that typically contribute to temporary mortgage rate relief. Seasonally, the first half of the year is the best time for sellers in Greater Phoenix as buyer demand rises in the 1st quarter and peaks in the 2nd, tourism is at its peak and marketing times decrease. If mortgage rates decline in 2025 as many lending outlets predict, the Spring season could outperform the last two years as suppressed demand returns. Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report ©2024 Cromford Associates LLC and Tamboer Consulting LLC https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/caf22146-a9df-458c-9a24-71f363543393/6dc20f75-dd1f-e5f1-d8e4-4c2470aa6dca.png + AZ MARKET REPORTS - Make it stand out For Buyers: It may be hard to believe, but recessions are historically the beginning of a turnaround for the housing market. After enduring more than 2 years of declining sales, sellers and buyers may start moving and transacting again. While recessions are negative for the economy (as they coincide with higher unemployment), two things typically occur that turn the housing market positive. The first is home value stabilization. In every recession since 1970 (except for one infamous recession in 2008) home values had minimal fluctuation and appreciation year-over-year. The second is mortgage rates. Every recession since 1970 saw mortgage rates decline while at least 90% of the labor force remained employed. According to the August employment report from the Arizona Dept of Economic Opportunity, private sector earnings rose 7.3% annually in June, and 5.3% in July. Both rates are higher than the rate of inflation, and higher than the rate of home price appreciation. The combination creates an environment for increased home sales as affordability improves due to higher incomes, lower rates, and flat home appreciation. Unfortunately, Mortgage News Daily showed zero improvement in purchase mortgage applications in August. The housing market simply doesn’t move as fast as the stock market, and it takes time for buyers to warm their engines and apply for mortgages after rates begin their decline. Partly because they wait to see if rates continue down or stabilize, but also because they don’t have an acceptable home in sight for motivation. As a result, application data often picks up after showings increase. Future buyers may have one other obstacle to overcome, and that’s selling their existing home. This is what Greater Phoenix is experiencing now. As expectations of sustained rate declines increase, it’s sellers who are getting off the fence first. Weekly new listings are up 11% since rates began their decline on August 1st. These sellers will most likely become buyers within 1-3 months. This creates a good opportunity for buyers who are ready today. An early boost in supply without an offsetting boost in competing buyers means the buying environment will remain relaxed and accommodating over the next few months until the new year begins. For Sellers: September and October are the last hurrahs for home sale activity as 2024 enters its last stretch. New listings activated during this time should be well priced and in competitive condition to the listings around them. The median marketing time before contract is currently 33 days, so most properties listed in September should expect a contract in October. However, sellers who wait to list until late October will run into holiday speed bumps that could tack on an extra 1-2 weeks before an acceptable contract. While lower mortgage rates are expected to boost demand in price ranges under $2M, they don’t have much effect on the high-end luxury market where 55% of sales over $2M are cash. Recessions are not good for luxury because they coincide with poor stock market performance and stagnate corporate profits, which are the primary drivers for demand in this segment. So far, multiple headlines warning of an approaching recession are not tanking the stock market, and luxury listings under contract for September are higher than any other year. Other good news for luxury sellers, high cancellation rates from May-July dropped supply counts and launched Paradise Valley back into a seller’s market. In fact, all luxury sellers in the Northeast Valley saw market improvements from lower supply counts. However, uncertainty can still stall luxury sales in the 4th quarter. If unemployment rates continue to rise and uncertainty grows over a recession and the November election, the hope of an October rally could fade and contract activity stagnate until the election and holiday seasons have run their course. Hope and optimism will return at the kickoff of 2025 along with perfect weather, tourism, and an increasing flow of contracts. Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report ©2024 Cromford Associates LLC and Tamboer Consulting LLC https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/7ca97ce9-5f54-41d4-b802-8241927456ed/3e93b58f-37d6-3cd6-681e-40f7f170f38f.png + AZ MARKET REPORTS - Make it stand out What does this mean for Greater Phoenix home buyers? Buyer demand has been more reactive to mortgage rates than normal, but that’s to be expected at the rate of increase we’ve seen this year. In terms of affordability in Greater Phoenix, a household making the median family income should normally be able to afford 60-75% of what’s sold. That measure for the 2nd and 3rd quarters of 2022 was only 22%. Some believe it would take years for affordability to return to a normal range unless sales prices drop dramatically, but that’s not necessarily true. As rising mortgage rates have quickly pushed affordability down, declining mortgage rates can quickly push it back up. Affordability is determined by 3 things: family income, 30-yr mortgage rates, and sales price. Price is not the only factor that needs to change in order to push affordability back to a normal state. For example, in order for the current median sales price of $418,000 to be considered affordable to a family making the median income of $88,800 in 2021, mortgage rates would have to drop to 3.35%. Or, the median income would have to increase to $119,000 per year. Both of those scenarios are too extreme to expect in a short amount of time. However, it’s reasonable to believe they will meet somewhere in the middle in 2023. HUD will not release updated income measures for 2022 until May 2023. However, according to the AZ Department of Economic Opportunity, year-over-year wage income has shown a 5-8% increase each month through October. If we estimate a total 7% increase in median family income, that results in a median of $95,000 per year. With 10% down, that puts a family’s budgeted purchase price of a home around: $335,000 at a 6.3% rate, $368,000 at 5.3%, and $406,000 at 4.3%. From this example, we can see that mortgage rates have a stronger chance of reversing affordability issues faster than any other factor and can mean the difference between a 20% drop in prices and a mere 3% drop. The only experts who can accurately predict the direction of sales prices are those who can accurately predict mortgage rates. However, at this stage, mortgage rates are still volatile and most predictions have been flat-out wrong. If rates rise, prices will have to drop more to reach optimum affordability. If they drop, prices will not have to drop nearly as much. The best advice for buyers is to stay engaged with where rates are on a daily basis and be fully educated on lender programs and seller incentives available so that they can be the first to act when the property and the payment are right for them. What does this mean for Greater Phoenix home sellers? Welcome to an official Buyer Market in Greater Phoenix, albeit a weak one, for the first time since 2010. As expected, the city of Phoenix finally succumbed to a Buyer Market in mid-November, thus classifying the entire market as such. (The northeast cities of Paradise Valley, Scottsdale, Fountain Hills, and Cave Creek are all still either Balanced Markets or mild Seller Markets.) While market indicators were plummeting from an extreme Seller Market to Balanced between March and June, the trip from Balanced to a Buyer Market from July to December has been more like a gentle glide. Price responses didn’t wait for the official calling; median sale prices began showing a decline after May and as of this date are down 12%, essentially erasing appreciation gained since November 2021 and resulting in a 1.6% negative year-over-year median change. From here on out, expect reports of negative annual appreciation rates every month as each measure will now be compared to the first half of 2022 price measures. Moving into 2023, even if mortgage rates stay the same, it is expected that contract activity will increase seasonally as it does every year. Rate buy-downs will remain a key factor in buyer incentives unless rates decline. However, after a long 4th quarter sellers should be able to enjoy more traffic, fewer days on market, and serious buyers in the first half of 2023. Conclusion Whether you’re a buyer, seller, or investor, The Hill Group has the experience and strategies to help you reach your real estate goals this year. Let us know how we can help! If you’d like to receive these monthly market updates as soon as they are posted, subscribe to our email newsletter. For a free home value estimate prepared by our team, simply type in your address here. Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report ©2022 Cromford Associates LLC and Tamboer Consulting LLC https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/52b9cffb-1374-4329-9cc2-88c3e4d72d78/610634d4-2730-a5ff-bfd1-1e2a79d68582.png + AZ MARKET REPORTS - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/ea8d648b-306f-4dc5-8831-37b7866d6b95/2b5f48ba-1c13-37f8-1c20-75acfad810ed.png + AZ MARKET REPORTS - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/89e552cc-23a7-4154-9832-fb847d80824b/e3afcb94-03fa-4920-b348-66bca073796f.png + AZ MARKET REPORTS - Make it stand out For Buyers: “That is one good thing about this world… there are always sure to be more Springs.” ~Lucy Maude Montgomery Spring is peak home buying season in Greater Phoenix. March is the 2nd most popular month for new listings historically (the most popular is January), and the beginning of a 4-month long closing season that lasts until June. Supply is up 14% over last year, still 31% below normal, but 16,886 active listings feels like an avalanche compared to 2 years ago when there were only 4,400 to choose from. Higher mortgage rates continue to keep buyer competition lower than normal, but even mild declines in the rate have resulted in a boost in weekly accepted contracts. Closings over asking price have edged up seasonally to 17% of March sales so far, but the majority of sales are negotiated down by an average of 2.1% below list. Builders have been ramping up new single family home permits over the past 7 months, up 32% since June 2023. Over the last 3 months, 73% of new home sales closed have involved builder incentives paid to the buyer, with at least 50% paying $11,500 or more. These incentives typically go towards buying down the mortgage rate and saving the buyer $100’s on their monthly payments. Those who have been keeping these updates over the past year have probably noticed that the median sales price has barely moved for 10 months. Starting at $440,000 from June-July 2023, stagnating at $435,000 from September-December, dropping to $430,000 from January-February 2024, and now back up to $441,000 in March. While the current appreciation rate from last March measures +5.8%, over the next 2 months this will start to move closer to 3%, which is in line with the rate of inflation. This 10-month stagnation in price, which has endured erratic mortgage rates ranging from 7-8%, has allowed some breathing room for annual incomes to catch up to prices. While low affordability rates are leading negative headlines this month, they are largely based on 2021 median family income from the U.S. Census, which doesn’t reflect the influx of higher paying jobs, inbound migration fueled by the “work from home movement”, and private sector income growth experienced in Greater Phoenix in 2022 and 2023. Updated income reports combined with an expected mild decline in rates this year provide a reasonable expectation that affordability is set to improve. In short, don’t listen to affordability reports that say the majority of homes are not affordable to the masses. You only need to find the one home that’s affordable to you. Don’t give up. For Sellers: Spring is statistically the best time to be a seller in Greater Phoenix as buyer activity closes in on its seasonal peak from April through May before slowing down from June through December. This season some areas and price points have been heating up more than others compared to last year, but heat is not all about demand because it’s difficult to increase sales without supply for sale. For example, areas with the highest percentage increase in contracts over the past 2 months happen to be on the edges of the Valley, such as Black Canyon City, Carefree/Cave Creek, Rio Verde, Sun Lakes, Wittmann, El Mirage, and Avondale. However, with the exception of Avondale, none of these areas feel particularly hot to active sellers because there’s more competing inventory to accommodate the increase in demand. When supply is taken into account, the hottest areas of Greater Phoenix where supply isn’t quite sufficient for Spring demand gravitate to the south. Namely Avondale, Tolleson, South Phoenix, Ahwatukee, Chandler, Gilbert, and San Tan Valley. While median prices in these areas are still flat, reasonably priced sellers are selling 1- 2 weeks faster than the current 4-week median time frame. 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However, as 18 cities are still in seller’s markets, there are 11 that are either already in balance or in buyer’s markets. • Over the past 2 months, as mortgage rates peaked at 8%, weekly price reductions increased in number by 33%. • Meanwhile, the median seller incentive to buyers increased from $8,000 to a new high of $9,900 so far this November, the previous high was recorded last January at $9,700. • Increases in the dollar amount and percentage of sales with incentives were most noticeable in the first-time homebuyer price range of $300K-$400K and also in cities with a significant number of competing new home communities. For Sellers: • As of November 9th, the following cities are in buyer’s markets: Surprise, Litchfield Park, Goodyear, Buckeye, Maricopa, Casa Grande, Gold Canyon, and Queen Creek. • Balanced markets are Cave Creek, Peoria, and Sun City. All others are still seller’s markets but weakening fast. • The determining factor that could change the course of the current market trend is mortgage rates, which have been unpredictable and volatile this year. • For those who are in need of selling, you may get your asking price, but at a higher expense as long as rates are elevated. https://images.squarespace-cdn.com/content/v1/568adff1e0327caaedd4aa2f/d61faef7-680b-469e-835a-87a298acb9a5/2023+AZ+Sept+9th+-+2022+9%3A22.png + AZ MARKET REPORTS - Make it stand out For Buyers: September is historically the best time to be a buyer in Arizona. As buyer competition heats up, the number of closed transactions wherein the seller assisted the buyer with closing costs begins to decline. Since January, transactions that included closing costs assistance from the seller decreased from 51% to 41%. The median amount decreased from $9,700 to $7,500. There is no perfect time to purchase a home. You may not love today’s interest rates, but when rates decline, the prices will shoot up. Buyers who are waffling about purchasing now may look back with regret if they don’t get off the fence soon. For Sellers: Median Days on Market is 21 days. Add two to four days to get an accepted contract as we head into the 4th quarter. Work with your Realtor to set an attractive list price from the get-go. Listings that sell in the first week on the market see the highest percentage of full-price or over-asking-price contracts. This first-week stat currently applies to 68% of sellers in Maricopa and Pinal Counties. By the second week, only 53% of sellers get a full-price offer. Price-reductions have ticked up recently but are a fraction of what they were at this time last year. The market still favors sellers. Prices have increased 6-7% in the past 8 months with 12 fewer days on market than this time last year. 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