Sellers! You can feel the paces to the peak season is getting onto the street. Pretty soon it will be knocking on your front doors…
Category Archives: Monthly Housing Market Snapshot
Monthly Housing Market Snapshot for the entire metro Phoenix area includes data such as active listings, pending listings, sales per month, sales $/sf, listing success rate and so on. Also included are the month-over-month and year-over-year comparisons showing the trend.
Metro Phoenix House Snapshot by Zip Code – Jan 2019
Mortgage Rates – Jan 30, 2018
30 Yr 4.375 to 4.5 APR 4.65
15 Yr 4.125 to 4.375 APR 4.41
5 Yr 4 to 4.25 APR 4.37
7 Yr 3.875 to 4 APR 4.124
30 Yr 3.75 APR 3.82
15 Yr 3.5 APR 3.61
2018 Loan limits have INCREASED
$453,100 Conventional and VA vs $417,000
$294,515 FHA vs $279,450
Housing Market Starts Strong for 2018
Here are some good indicators showing US housing market carries great momentum from 2017 to 2018:
- Home equity has hit a new record high, reported to be $5.5 trillion. Remodeling spending topped $152 billion in 2017 and is forecast to increase in 2018.
- Mortgage applications on newly constructed homes rose 18% in December from the previous month. The applications were 7.8% higher than December 2016.
- The implemented tax reform is already being credited for increased economic growth. Multiple companies are reported to be passing savings on to workers.
Metro Phoenix Housing Ends Strong!!!
ARMLS RENT Check™ – April, 2017
For the month of April 2017, all RENT Check indicators showed great momentum comparing to previous month, March 2017.
Median Lease: $1,350 – Healthily increased from $1,328 previous month.
Average Lease: $1,546 – Aggressively increased from $1,470 just previous month.
Avg. Days on Market: 27 – Decreased from 31 days of previous month.
Rent Check Quotient™: 2 : 10 – Rental supplies went low comparing to 3 : 10 last month.
Closed Rental: 1,991 – As a result of short supplies, much decreased from 2,291 homes previous month.
Rent Check Quotient™ (RCQ™) is the ratio of closed rentals and closed sales.
Cap rates are still around 4.0% – 5.0% to begin with for the first year. With the steadily increasing rent, consequently cap rate will improve year-over-year.
Absorption rate – March, 2017
Absorption rate is the percent of sales that are sold each month of the inventory. A higher percent means that inventory is moving at a faster rate, and thus is a Seller’s market. The total absorption rate for metro Phoenix is at 37% for the month of March, 2017.
Certain areas of the metro have higher performance of absorption rates, they are —
- South East Valley (Chandler-Mesa-Gilbert) 49.7%
- North West Valley (303 loop) 49.7%
- Apache Junction 49.6%
- Peoria and Glendale 47.0%
- Desert Ridge 44.0%
- South West Valley 44.0%
- Ahwatukee 38%
The luxury homes sector, $1 million and more, has the lowest absorption rate at 7% only.
Market Snap Shot – March, 2017
As of March 31, 2017, we sit at 19,397 active listings. Sales are at 8,943 for the month of March 2017, up by 2,053 units since January, 2017! Pending sales are 7,714 vs. a quarter ago at 4,935. We are currently at 2.2 months of supply. Traditionally, 3-4 months of supply indicate a balanced market.
March resale homes and new builds in Maricopa County were 10,818. In December, they were 8,685. It was 9,639 March, 2016. This is a 12% increase year over year.
1st quarter of 2017 was reported record unit sales since quarter 1, 2006!
Friday the 13th
According to the Stress Management Center and Phobia Institute in Asheville, North Carolina, an estimated 17 to 21 million people in the United States are affected by a fear of this day, making it the most feared day and date in history. Some people are so paralyzed by fear that they avoid their normal routines in doing business, taking flights or even getting out of bed.
The number of property transactions decline on Friday 13. Research by FindaProperty.com found that between 2005 and 2012, there were 43 per cent fewer transactions on Friday 13 compared to other Fridays in the month.
The worst day was May 13 2011, when there were 51 per cent fewer transactions. Ironically, these transactions are likely to run more smoothly given that the staff handling them, in solicitors firms and banks, will have more time on their hands.
Property bargains are more likely to relate to houses or flats numbered 13. Number 13 houses are not that common – property website Zoopla found only 28 per cent of streets have one.
Other than that, …
90% of US skyscrapers do away with floor number 13, according to reports by the Otis Elevator Company, the world’s largest elevator manufacturers.
The 32nd President of the United States, Franklin Roosevelt, never traveled on a 13th and refused to have a meal with 13 people at the table.
|Metro Phoenix Housing Market Snapshot|
|October 31, 2014|
|All Area||TODAY||LAST MONTH||LAST YEAR||2 YEARS AGO|
|Sales Per Month||5,686||↓||6,580||5,838||6,970|
|Monthly Sales $/SF||$127.77||↑||$126.13||$124.45||$103.65|
|Sale Price vs Listing Price||97.04%||↑||96.77%||97.08%||97.74%|
|Listing Success Rate||65.70%||↓||69.80%||70.10%||75.10%|
|Data Source: Arizona Regional Multiple Listing Service (ARMLS)|
|For other cities or area, please call (480)292-8281 or email firstname.lastname@example.org|
|Above data was compiled by Gary Chen, Associate Broker, ABR, CIAS, CNE, SFR|
|Some historical data would have been adjusted due to re-alignment with county recorder.|
|Original data complied by The Cromford Report|