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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.

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

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

2020-06 Market Snapshot

By Matthew Hoedt - June 12, 2020
    Frenzy Is Back - 23% of Sales Close Over Asking Price Luxury Rebound - Contracts Over $500K Up 159%   For Buyers: Greater Phoenix is officially back to a frenzy market with more properties under contract than available for sale.  Over the past 4 weeks the number of contracts accepted weekly has jumped another 20% since last month’s report, bringing the total rec

2020-05 Market Snapshot

By Matthew Hoedt - May 15, 2020
    Pandemic Effect: Closed MLS Sales Down 31% Look Who’s Back: Weekly Contracts Up 40% in 4 Weeks   For Buyers: Greater Phoenix contract activity dropped 39% over the course of 6 weeks  between March and mid-April.  The effects of those declines are now being reported over a month later as a 31% decline in closed sales.  This is not surprising, you can&rs

2020-04 Market Snapshot

By Matthew Hoedt - April 17, 2020
  Pandemic Puts Housing in a “Pinch” COVID-19 Aftermath: Good News for Normal Buyers   For Buyers: The kickoff of 2020 was developing into a nightmare for normal buyers who just wanted to find a place to live.  Extreme competition for homes between wholesalers, cash buyers, vacation rental investors and traditional buyers depleted supply and created an environment c

2020-03 Market Snapshot

By Matthew Hoedt - March 16, 2020
  Officially a Frenzy: 11% More Contracts Than Listings For Sale Contracts Over $1M up 60% Over Last Year   For Buyers: Not even the COVID-19 corona virus can slow down the Greater Phoenix housing market.  For every 100 active listings in the Arizona Regional MLS there are 111 that are already under contract.  Greater Phoenix is officially a frenzy and it’s only Marc

2020-02 Market Snapshot

By Matthew Hoedt - February 14, 2020
  MLS Luxury Sales Over $1M Up 52% in January Supply Between $200K-$250K Down 60%   For Buyers: Supply continues to drop as the market heats up with the seasonal rush of Buyers. Typically we would see supply rising at this time of year as January is a strong month for new listings to hit the market. However this year new listings year-to-date are down 17% from last year and January

2020-01 Market Snapshot

By Matthew Hoedt - January 17, 2020
  Active Supply is Down 32% Median Sale Price up 11% and Expected to Rise   For Buyers: The urgency for buyers cannot be stressed enough; real estate prices are not projected to decline in the Greater Phoenix area in 2020. There is not one measure from any angle that supports that theory. Not only will they not decline, they will not stop rising this year at the current levels of su

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