Phoenix Market Update – December 2018 – Week 2
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A Joint Collaboration by Danielle & Melissa
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
Infographic: 2019 President's Day
on February 14, 2019 at 8:15 pm
In time for President’s Day, this infographic takes data from the 2018 Profile of Home Buyers and Sellers to look at how the typical home differs from the White House. […]
Infographic: Homebuyer Households for Valentine’s Day
on February 13, 2019 at 6:26 pm
For Valentine's Day, this infographic takes data from the 2018 Profile of Home Buyers and Sellers to break down household composition and the relationships it has on home purchasing choices. […]
Metro Home Prices Jump 4 Percent in 2018’s Fourth Quarter
on February 12, 2019 at 2:38 pm
Lawrence Yun, NAR chief economist, says in light of the various hurdles for 2018, the close of the fourth quarter was promising. […]
Video: Who are REALTORS®? A Look at NAR Members Through 2018 Member Surveys
on February 5, 2019 at 4:49 pm
This short video takes a look at the demographics of a typical REALTOR®, as well as specialties, sources of business, membership on real estate teams, and ways in which REALTORS® participate in and give back to their communities.&nbs […]