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2020-12 Market Snapshot

By Matthew Hoedt - December 11, 2020
Supply Down 48%, Contracts Up 35% CARES Act and Eviction Moratorium Due to Expire December 31st     For Buyers: Existing protections in place for homeowners during times of financial hardship have come to the forefront in 2020.  While both renters and homeowners alike were struck with unemployment and loss of income this year, homeowners in particular were provided with more im
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2020-11 Market Snapshot

By Matthew Hoedt - November 13, 2020
  Demand for Homes Up 36% Rents up 17% Since April   For Buyers: The Rent vs. Buy scenario has become heavily in favor of buying over the last 5 months.  Eviction moratoriums due to the pandemic have greatly reduced turnover rates in a rental market that is already short of supply.  Lease rates on listings through the Arizona Regional MLS have increased 17% since April ove
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2020-10 Market Snapshot

By Matthew Hoedt - October 09, 2020
Homes Under Contract Up 36% / Sales Up 23% Median Sale Price Up 18%      For Buyers: A common complaint in the resale market is “there’s nothing for sale”.  However from July through September, the Realtor® community added 30,340 brand new listings to the Arizona Regional MLS and sold 27,746, leaving just 8,203 remaining listings for sale.  That
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2020-09 Market Snapshot

By Matthew Hoedt - September 11, 2020
Wow! 17% Spike in Contracts over $600K in August, 34% of Homes Closed Over Asking Price     For Buyers: The first few weeks of August saw a surprising 17% spike in listings under contract over $600K. This is highly unusual as typically contract activity declines in the 2nd half of the year, especially on the high end; but this is the year 2020 and it’s been full of surprises.
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PHX Market Update 08-28-2020

By Matthew Hoedt - August 28, 2020
It's not just the weather that's hot, the Phoenix real estate market is breaking all previous records! Here are the latest statistics for July.    
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PHX Market Update 08-21-2020

By Matthew Hoedt - August 21, 2020
A weekly update on what's happening in the Phoenix real estate market. This week: Phoenix leads the nation in job recovery, low supply and high demand are pushing the Cromford Market Index to record highs.    
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2020-08 Market Snapshot

By Matthew Hoedt - August 09, 2020
July Breaks Records in 2020,  65% of Homes Affordable in Greater Phoenix     For Buyers: It’s a jungle out there for buyers, but despite recent appreciation rates the HOI* measure for Greater Phoenix increased to 64.8 for the 2nd Quarter 2020; the previous measure was 63.0. This means that a household making the current median family income of $72,300 per year could affor
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PHX Market Update 07-24-2020

By Matthew Hoedt - July 24, 2020
Demand remains high but the inventory of new listings is more than 60% below normal levels. We are officially in a "frenzy." Good news for sellers, challenging times for buyers, especially under $300,000.    
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2020-07 Market Snapshot

By Matthew Hoedt - July 10, 2020
Top 5 Cities Selling Over Asking Price Contracts Accepted in 8 Days or Less Under $400K     For Buyers: Greater Phoenix has a population of approximately 4.8 million people and 1.4 million single family homes, condos and townhomes in total inventory.  As of July 8th, only 8,579 of these units were available for sale through the Arizona Regional MLS.  If that number doesn&r
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PHX Market Update 06-26-2020

By Matthew Hoedt - June 26, 2020
  Home prices keep rising, but interest rates are falling to historic lows. This combination means your monthly mortgage payment is almost the same as it was 15 years ago for a similar home!    
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