Phoenix Market Update – December 2018 – Week 2
Phoenix Real Estate Market Update
December 2018 – Week 2
Negative news about the real estate market is becoming a common occurrence. Continue reading for insight into the Phoenix Metro real estate market and why our local market is different.The real estate outlook for 2019 is not as grim as the national media might imply.
New Listings – 3268
- 6% lower than 2017 (3478)
- Second lowest since 2014
Closed Listings – 2949
- Slightly higher than 2017 (2937)
Accepted Offers – 3340
- 7% lower than 2017 (3607)
At 6% the drop in new listings is not as severe as for the first week of December which was down 11%. However, it indicates we still see subdued flows of new supply in December, well below the average over the past 18 years.
Closings are running at a good pace, but new contracts are now down 7%, having been down 4% after the first week. Buyer enthusiasm is low partly because of higher cost of ownership, but also because there is a shortage of attractive inventory for them to choose from.
- In 2018, home loan delinquencies are at an extremely low level while home equity is at a high level.
- Consequently, the fall in demand is merely causing sales rates to drop and allowing buyers a little more negotiation.
- Keep in mind that Phoenix is the second fastest growing city in the nation. Buckeye comes in third.
- Also, Phoenix Metro Area has not had astronomical home price increases like many coastal cities.
News from NAR - National Association of Realtors
Locations Close to Public Transit Boost Residential, Commercial Real Estate Values
on October 14, 2019 at 2:03 pm
A new report highlights the critical role public transportation plays in determining real estate values.
The Real Estate Mantra: Locate Near Public Transportation
on October 14, 2019 at 2:00 pm
This study compares residential and commercial property sales near fixed-guideway stations with those in areas without public transit access.
Top Vacation Home Counties
on October 10, 2019 at 4:59 pm
NAR has identified vacation home counties, the least expensive and most expensive areas, and the income profile of buyers who can afford to purchase a vacation home.
Top 5 Vacation Home Destinations
on October 10, 2019 at 2:04 pm
Top vacation home counties are those where the vacant housing for seasonal, recreational, or occasional use made up 20% or more of the county’s total housing stock.