Hi it’s Jeff Cameron your family Realtor at HomeSmart here Live from in north Scottsdale.
I know its been a while since my last report, I apologize. I have had a lot of personal stuff going on. I commit to being your eyes and ears for the Real Estate Market here in the Metro Phoenix area. When it comes to Real Estate, I want to be your choice for information, advise and action. Can you believe it is March already?
Have you seen all the building going on? I am amazed and it is exciting to see!
Let’s talk about the Real Estate market!
INVENTORY IS WEAK(LOW)
First, Inventory has not been this low since 2013, remember prices bounced in 2013. I am not calling for a bounce, I don’t predict future markets, I interpret today’s market. Today there are 13,789 SFR for sale valley wide. Let’s put that in perspective, in January 2011, there were over 30,000 homes for sale. Inventory is TIGHT! We have 2.4 month supply based on February’s closings, but only 1.9 month supply based on the number of homes sold in February.
ACTIVITY IS STRONG
There are 9,692 homes in the Pending Status. There is only a 1.4 month supply based on Pending home sales. 5,705 homes closed escrow in February. 7,253 homes went under contract last month. Compared to the closings you can see the jump as we moved into the selling season.
PRICES ARE STRONG
The Average Price Per Square Foot, APPSF, is $155 valley wide, $241 in Scottsdale and $261 in McDowell Mountain Ranch. The valley average is up 8% from last year and 1% from last month.
BUT WHAT IS HAPPENING OUT THERE?
First, the entry level market is on fire. Generally that is under $250,000, but could be different for your area. Unlike 2005, buyers are not just buying any home and running the price up. They are paying for upgrades, improvements and modern styles. Many of my home sellers are choosing to upgrade their home prior to selling. Let me point out there is a difference between upgrading and fixing differed maintenance! We are seeing large swings in prices of the same floor plan in the same neighborhood based on things such as White Shaker Cabinets verses some type of Maple; modern bathrooms verses dated tile or cultured marble; luxury backyards and a pool. I am shocked to see how many buyers do not want the Tuscan look of travertine and brown granites.
So what is happening in your neighborhood to your home? Does it make sense to remodel? What colors?
I am always here for YOU and ANY Questions you may have, wether your buying/selling or not!
Call me ….. text me …. or email me….
This was Just my opinion….
Jeff Cameron 480-652-2004.
HomeSmart
I want to be your Realtor… What can I do for you today?
Here is a look at the numbers…
As of March 1, 2018, the numbers are below for Single Family Home Sales.
| Area | Available Homes | % chg
Last year |
% chg
Last Month |
Pending | % chg
Last year |
% chg
Last Month |
Closed
Home Sales |
% chg
Last year |
% chg
Last Month |
PPSF | % chg
Last year |
% chg
Last Month |
New Sales | % chg
Last year |
% chg
Last Month |
Months Supply
Based on closed |
Months Supply
Based on new Sales |
| Metro Phoenix | 13789 | -17% | -1% | 9692 | -8% | 18% | 5,705 | -7% | 14% | $155 | 8% | 1% | 7253 | -7% | 14% | 2.4 | 1.9 |
| Scottsdale | 2008 | -17% | 1% | 706 | -5% | 17% | 416 | 17% | 10% | $241 | 4% | -2% | |||||
| McDowell Mtn Ranch | 58 | 9% | 2% | 41 | 58% | 41% | 19 | 27% | 58% | $261 | 4% | 3% | |||||
| Tatum & Bell | 11 | -27% | 57% | 12 | 20% | 9% | 8 | 14% | -11% | $187 | 13% | 8% | |||||
480-652-2004