Something big happened in June!

ARMLS tracks sales volume of Phoenix Metro home sales on a monthly basis. While the total dollar sales volume in the earlier months of 2019 were not as strong as 2018, May and June were exceptionally strong.

The total dollar sales volume in June was $3,265,463,755, which is the highest total for any June in ARMLS history. In addition, the year to date total sales volume is the highest year on record with $16,753,752,060.

 

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This post was written by : Melissa O'Connell

News from NAR - National Association of Realtors

  • REALTORS® Confidence Index Survey: July 2019 Highlights
    on August 23, 2019 at 7:10 pm

    Eighty percent of respondents reported that home prices remained constant or rose in July 2019 compared to levels one year ago (86 percent in July 2018).

  • July 2019 Existing-Home Sales
    on August 22, 2019 at 7:30 pm

    Housing market activity this July rose 2.5% from June 2019, and the existing-home sales rate reached a seasonally adjusted annual rate of 5.42 million.

  • Homeownership and the American Economy
    on August 22, 2019 at 3:26 pm

    The U.S. Black homeownership rate today is lower than it was in 1968 when the Fair Housing Act, part of the landmark Civil Rights Act, was signed into law.

  • Existing-Home Sales Climb 2.5% in July
    on August 21, 2019 at 12:45 pm

    Although Northeast transactions declined, the other three major U.S. regions recorded sales increases, including vast growth in the West last month.

Where are the most affordable homes and the expensive homes in the Phoenix Scottsdale Metro area?

These 13 images show the distribution of home prices from $1 to $10,000,000+ throughout the Phoenix Scottsdale Metro area. The only criteria used in this search of single family homes in the ARMLS database is price range. While the screenshots were taken on July 11, 2019, the associated home searches are updated in real time by ARMLS (Arizona Regional Multiple Listing Service).

The ARMLS database, while focusing on the Phoenix Scottsdale Metro area, allows home listings from all Arizona cities, so homes within the searches are not exclusive to the metro area.

 

This post was written by : Melissa O'Connell

Keep in Mind While Viewing Searches

  • Listings are sorted by most recent listings first.
  • You can sort all columns by clicking on column header.
  • You can edit any search to view different price ranges and specific cities.
  • You can save the search if you log in to or create a portal account.
  • View Menu on top right of search to view photos and details.
Click on each map image to view associated real-time MLS home search matching the price criteria.

News from NAR - National Association of Realtors

  • REALTORS® Confidence Index Survey: July 2019 Highlights
    on August 23, 2019 at 7:10 pm

    Eighty percent of respondents reported that home prices remained constant or rose in July 2019 compared to levels one year ago (86 percent in July 2018).

  • July 2019 Existing-Home Sales
    on August 22, 2019 at 7:30 pm

    Housing market activity this July rose 2.5% from June 2019, and the existing-home sales rate reached a seasonally adjusted annual rate of 5.42 million.

  • Homeownership and the American Economy
    on August 22, 2019 at 3:26 pm

    The U.S. Black homeownership rate today is lower than it was in 1968 when the Fair Housing Act, part of the landmark Civil Rights Act, was signed into law.

  • Existing-Home Sales Climb 2.5% in July
    on August 21, 2019 at 12:45 pm

    Although Northeast transactions declined, the other three major U.S. regions recorded sales increases, including vast growth in the West last month.

Is Phoenix/Scottsdale transitioning to a Buyer’s Market?

We have become accustomed to a hot, growing market that strongly favors sellers. Now that it is cooler, contracting in volume and moderately favoring buyers, there is some talk that we are entering a Buyer’s market. But this perspective is not agreed upon by all because a decline in demand does not necessarily constitute a Buyer’s market.

A Buyer’s market is indicated by supply that is higher than demand and decreasing closed sales prices. In Phoenix and Scottsdale, the supply is still very low, and there is little indication that the supply will increase.

Most indicators that impact the housing market are in normal to good ranges. Compared with California and other west coast metro areas, Phoenix/Scottsdale is still very affordable. There has been no decrease in loan approval rates and population growth is increasing faster than the number of homes. Owning a home still makes better financial sense than renting (unless you expect to own the home for less than 3 years). None of the conditions for closed prices to fall are currently in effect.

The numbers are more reliable than emotion, and the numbers indicate more of a cooling down rather than a downturn – perhaps a return to a balanced market.

———–

*Every Tuesday, we participate in a conference call with our broker and fellow colleagues to discuss the local real estate market, the current real estate news and the latest statistics. Our market update is based on this group discussion and information provided by The Cromford Report, a company dedicated to local real estate market statistics.

News from NAR - National Association of Realtors

  • REALTORS® Confidence Index Survey: July 2019 Highlights
    on August 23, 2019 at 7:10 pm

    Eighty percent of respondents reported that home prices remained constant or rose in July 2019 compared to levels one year ago (86 percent in July 2018).

  • July 2019 Existing-Home Sales
    on August 22, 2019 at 7:30 pm

    Housing market activity this July rose 2.5% from June 2019, and the existing-home sales rate reached a seasonally adjusted annual rate of 5.42 million.

  • Homeownership and the American Economy
    on August 22, 2019 at 3:26 pm

    The U.S. Black homeownership rate today is lower than it was in 1968 when the Fair Housing Act, part of the landmark Civil Rights Act, was signed into law.

  • Existing-Home Sales Climb 2.5% in July
    on August 21, 2019 at 12:45 pm

    Although Northeast transactions declined, the other three major U.S. regions recorded sales increases, including vast growth in the West last month.

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.

View Weekly Takeaway

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.

Weekly Takeaway:

  • 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.

This post was written by : Melissa O'Connell

News from NAR - National Association of Realtors

  • REALTORS® Confidence Index Survey: July 2019 Highlights
    on August 23, 2019 at 7:10 pm

    Eighty percent of respondents reported that home prices remained constant or rose in July 2019 compared to levels one year ago (86 percent in July 2018).

  • July 2019 Existing-Home Sales
    on August 22, 2019 at 7:30 pm

    Housing market activity this July rose 2.5% from June 2019, and the existing-home sales rate reached a seasonally adjusted annual rate of 5.42 million.

  • Homeownership and the American Economy
    on August 22, 2019 at 3:26 pm

    The U.S. Black homeownership rate today is lower than it was in 1968 when the Fair Housing Act, part of the landmark Civil Rights Act, was signed into law.

  • Existing-Home Sales Climb 2.5% in July
    on August 21, 2019 at 12:45 pm

    Although Northeast transactions declined, the other three major U.S. regions recorded sales increases, including vast growth in the West last month.

Real Estate Statistics Released for Scottsdale and Phoenix Real Estate Markets

ARMLS (Arizona Regional Multiple Listing Service) releases two monthly reports that are released mid month for the previous month. These reports were released on Sept 18 2018.

  • STAT – a market wide residential report released mid-month with data from the previous month. Hence this September report is for the August 2018 real estate statistics.
  • Rent Check – monthly publication showcasing the Valley’s residential single family leasing market.

<img src=/wp-content/uploads//sold-sign.jpeg alt=”sold house sign”.

Keep in mind these two definitions while reading these statistical reports.

 

  1. Median Sales Price – This means exactly half the homes are listed above this price and exactly half are listed below this price.
  2. Average Sales PriceThe average sales price is arrived at by dividing the sales volume by the number of sales. The difficulty with this figure is that it is easily skewed by exorbitantly high or low prices. This is evidenced by the lowest single family sale in Phoenix for the month of August which was $195 – clearly a typo.

Takeaways From The Commentary

In spite of the negative national headlines, Phoenix Metro real estate market is faring better than the rest of the nation. Here are the real estate takeaway gems for August:

  • Sales volume has increased year over year since January 2015.
  • The decrease in sales is SEASONAL and happens every year.
  • 2018 sales are 2.53% ahead of 2017.

STAT Commentary – Phoenix Metro Real Estate Market – August 20182018-august-stat-commentary

STAT Report – Phoenix Metro Real Estate Market – August 20182018-august-stat-with-commentary

Rent Check – Phoenix Metro Real Estate Market – August 20182018-august-rent-check

News from NAR - National Association of Realtors

  • REALTORS® Confidence Index Survey: July 2019 Highlights
    on August 23, 2019 at 7:10 pm

    Eighty percent of respondents reported that home prices remained constant or rose in July 2019 compared to levels one year ago (86 percent in July 2018).

  • July 2019 Existing-Home Sales
    on August 22, 2019 at 7:30 pm

    Housing market activity this July rose 2.5% from June 2019, and the existing-home sales rate reached a seasonally adjusted annual rate of 5.42 million.

  • Homeownership and the American Economy
    on August 22, 2019 at 3:26 pm

    The U.S. Black homeownership rate today is lower than it was in 1968 when the Fair Housing Act, part of the landmark Civil Rights Act, was signed into law.

  • Existing-Home Sales Climb 2.5% in July
    on August 21, 2019 at 12:45 pm

    Although Northeast transactions declined, the other three major U.S. regions recorded sales increases, including vast growth in the West last month.

City Permit Information for Scottsdale Neighborhoods

Scottsdale neighborhood permit legendClients often ask,  “What is being built on that vacant lot down the street?”. Many people do not know this information is readily available. The City of Scottsdale makes it easy to find out what is happening in your Scottsdale neighborhood and I am a huge Scottsdale fan after living in Scottsdale neighborhoods for 24 years.

Click on this map of Scottsdale and look for the search box in the upper right of the page.  

Find your neighborhood

You can enter an address, intersection, or a parcel number. If you can’t see the legend icons, zoom in more.  Click on the legend icons and the details will post to the right.  Available information includes:  

 
  • Building permits
  • Plan Reviews
  • Encroachment Permits
  • Public Hearings
  • Code Enforcement Complaints

 

This post was written by : Melissa O'Connell