South Scottsdale Homes: Real Estate Market Update Week Ending 4/9/18

by Administrator 11. April 2018 13:19

 

Week Ending 4/9/18      
  85257 85251 85250
Median List Price $365,000 $505,000 $499,450
Price/Foot (Active) $230.00 $280.00 $239.00
Average Days on Market 59 95 91
% of Properties with Price Decrease 45% 42% 53%
% Relisted 9% 0% 2%
% Price Increase (Flip) 9% 6% 2%
Median House Size 1,628 1,980 2,148
Median Lot Size <4,500 8,000-10,000 <4,500
Medium Bedrooms 3 3 3
Medium Bathrooms 2 2 2
Market Action Index** 53.9 33.6 39
       
       
** NOTE: The Market Action Index measures the current rate of sale versus the amount of inventory. An Index above 30 implies a Seller's Market and below favors Buyers.

 

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South Scottsdale Homes: Real Estate Market Update Week Ending 4/6/18

by Administrator 4. April 2018 12:31

 

  85257 85251 85250
Median List Price $368,000 $498,900 $498,250
Price/Foot (Active) $227.00 $277.00 $238.00
Average Days on Market 59 93 92
% of Properties with Price Decrease 48% 45% 53%
% Relisted 10% 1% 2%
% Price Increase (Flip) 12% 5% 2%
Median House Size 1,659 1,940 2,156
Median Lot Size <4,500 8,000-10,000 4,500-6,500
Medium Bedrooms 3 3 3
Medium Bathrooms 2 2 2
Market Action Index** 53.8 32.9 38.5
       
       
** NOTE: The Market Action Index measures the current rate of sale versus the amount of inventory. An Index above 30 implies a Seller's Market and below favors Buyers.

 

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March 2017 Compared to March 2018: Phoenix Real Estate Statistics

by Administrator 14. March 2018 07:48

 In the Phoenix Metro Real Estate Market area:

For Buyers:

The percentage of seller concessions awarded to buyers has dropped down to 24% in the first quarter of 2018 after 2.5 years of consistently landing between 26%-28%, yet another indicator of dwindling buyer negotiating power in a prolonged supply shortage. The highest percentage of closings with seller concessions in the last 30 days were sale prices between $150K-$250K at 30-36%. Buyers were most likely to get closing costs in Youngtown at 54%, followed by Buckeye at 52%. Cities with the smallest percentage of closing costs were in affluent and retirement areas such as Paradise Valley, Sun City West and Sun Lakes at 2-3%.

For Sellers:

The percentage of successful sales over asking price is increasing. So far in March, 17% of sales closed over list price, last March it was 14%. Properties sold between $100K-$200K had the highest percentage at 24%, followed by the $200K-$300K range at 18%. The market between $300K-$1M is the most improved with 12% sold over list compared to only 7% last March. There were zero sales over list in the market over $1M. Areas with the highest percentage are El Mirage and Youngtown, both at 50%, followed by Tolleson with 45.5% of sales closing over asking price. 

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What Has Happening in Real Estate over the Last Year?

by Administrator 28. February 2018 11:59

 

In the Phoenix Metro Area:

 

For Buyers:

Buyers continue to have a tough time finding inventory on the low end of the market.  New listings overall are down 9% year-to-date thus far, which doesn’t help matters.  Compared to February last year inventory under $150K is down 62% and down another 43% between $150K and $200K.  Mid-priced inventory between $200K and $500K is down 11% and down 7% between $500K and $1M.  Only inventory over $1M is up nearly 2% over last year.  Seller concessions are also down so far this year.  After hovering around 27% for the past 2.5 years, closings with seller concessions dropped down to 23% as the seller market has strengthened in the new year.  Homes sold between $150K and $200K had the highest percentage of seller concessions at 34%. 

 

For Sellers:

Buyer season is ramping up as expected during this time of year.  So far listings under contract are nearly dead even with 2017 levels at this time and are expected to continue rising through May.  2018 year-to-date sales are also very close to 2017 counts, only up 2% in the first 6 weeks.  Not surprisingly, MLS sales under $200K are down 21% due to low inventory.  However, sales between $200K and $300K are up 14%, $300K and $500K are up 21%, $500K and $1M are up 20% and sales over $1M are up 36%.  

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Nice 4 Bedroom Home Across from Park for Rent

by Administrator 25. February 2018 16:07


18330 West Westfall Way
Surprise, AZ 85374
Nice 4 Bedroom Home Across from Park
Price : $1,100
Bedrooms : 4
Bathrooms : 3.00
Square Foot : 1,991
County : Maricopa County
Property Type : Single Family
Year Built : 2006



click for more information and pictures

Property Description
WOW! Nice! Almost 2,000 square feet with a great layout. Formal living/dining area upon entry which opens to an expansive family/great room. Plenty of kitchen cabinets and an island! Ceiling fans in all bedrooms and upgraded carpet. Master bedroom boasts a separate shower/tub, dual sinks, and a huge walk in closet! Wood-like blinds throughout and located right across the street from a park and children's play area (with playground)! Easy care desert landscaping in front and back. Two car garage and a large separate laundry room area. Don't miss out, will go fast!

This Plogging® (property blogging) is brought to you by an Agent Marketing Plogger®

Equal Housing Opportunity.

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Long Term Furnished DC Ranch Rental

by Administrator 21. February 2018 16:47


20801 N 90th Pl #115
Scottsdale, AZ 85255
Remodeled Long Term Furnished Rental in DC Ranch
Price : $2,500
Bedrooms : 3
Bathrooms : 2.00
Square Foot : 1,576
Property Type : Rental
Year Built : 2000
MLS Number : 5725359



click for more information and pictures

Property Description
6 MONTH MIN! Remodeled! Fantastic corner unit with mountain views from two patio areas, walk to DC Ranch Market Street, Desert Camp, & walking paths throughout community. Tastefully decorated with designer touches. Great room floorplan, bar area perfect for entertaining. Upgraded kitchen with travertine, granite, & stainless steel GE Profile appliances. HD TV's in living and master. Wood flooring in main areas, berber carpet in bedrooms. Freshly remodeled baths with natural stone and granite. Light and bright. Plantation shutters. 3rd bedroom can be office or has pull out. Separate laundry room, large 2 car garage with epoxy flooring. Steps from the community pool and spa. Great workout room and clubhouse. Quiet upscale community minutes from the 101. 6 Month minimum lease per HOA.

This Plogging® (property blogging) is brought to you by an Agent Marketing Plogger®

Equal Housing Opportunity.

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South Scottsdale Homes: Real Estate Market Update Week Ending 2/5/18

by Administrator 7. February 2018 07:03
Week Ending 2/5/18      
  85257 85251 85250
Median List Price $373,999 $498,500 $494,500
Price/Foot (Active) $219.00 $264.00 $246.00
Average Days on Market 74 101 109
% of Properties with Price Decrease 59% 52% 46%
% Relisted 10% 4% 11%
% Price Increase (Flip) 6% 2% 4%
Median House Size 1,730 2,006 2,053
Median Lot Size <4,500 8,000-10,000 <4,500
Medium Bedrooms 3 3.5 3
Medium Bathrooms 2 2 2
Market Action Index** 48.5 32.5 42.5
       
       
** NOTE: The Market Action Index measures the current rate of sale versus the amount of inventory. An Index above 30 implies a Seller's Market and below favors Buyers.

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South Scottsdale Homes: Real Estate Market Update Week Ending 1/29/18

by Administrator 31. January 2018 10:10

 

Week Ending 1/29/18      
  85257 85251 85250
Median List Price $368,900 $495,000 $525,000
Price/Foot (Active) $222.00 $266.00 $248.00
Average Days on Market 75 104 107
% of Properties with Price Decrease 51% 51% 37%
% Relisted 8% 3% 10%
% Price Increase (Flip) 6% 3% 4%
Median House Size 1,723 1,996 2,149
Median Lot Size <4,500 8,000-10,000 <4,500
Medium Bedrooms 3 3 3
Medium Bathrooms 2 2 2
Market Action Index** 43.8 32.8 42.7
       
       
** NOTE: The Market Action Index measures the current rate of sale versus the amount of inventory. An Index above 30 implies a Seller's Market and below favors Buyers.

 

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Conflicting Signals for 2018 Real Estate Market

by Administrator 25. January 2018 12:45

The housing market in 2018 will benefit from strong economic fundamentals as job and wage growth stay solid and interest rates, although inching up, stay low. However, the upper-end housing market in high-tax states will be hit hard as a result of the tax overhaul recently signed by President Donald Trump.

Look for existing-home sales to remain the same, at about 5.5 million unit sales, NAR Chief Economist Lawrence Yun says. Home price growth will stay positive, but in a change from the last few years, prices are expected to rise only 1 to 3 percent, a significant downward shift from the annual increases of 6 percent or more over the last half-dozen years or so.

Tax reform is part of the reason behind dampening prices, Yun says, especially in expensive markets in New Jersey, New York, and California. Homeowners who had been able to deduct all of their property taxes will be able to deduct a maximum of $10,000 due to the tax changes Congress enacted at the end of 2017. “Households must now consider this limitation as they decide how much house they want to buy,” Yun says. In New Jersey, for example, almost a third of homeowners pay more than $10,000 in property taxes.

Price softening at the high end of the market will spill over into the next tier of homes to a lesser degree, but the low-end market will continue to see solid demand. “Given that the upper-end market competes with the near–upper-end market, there could be a chain reaction downward,” Yun says. “The next tier price points will see some price reductions to remain competitive as upper-end prices buckle.”

Mortgage interest rates are expected to rise, too, as the already tight labor market constricts further and as federal budget deficits grow, further dampening the market.

 By Robert Freedman, REALTOR Magazine

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Home Sales Continue to Rise Above Forecasts

by Administrator 26. December 2017 12:33

Housing data was very strong in the last week with Housing Starts and Building Permits both rising more than forecast during November.  Furthermore, Existing and New Home Sales both increased to levels not seen in over a decade.  Existing Home Sales jumped 5.6% month-over-month in November to a seasonally adjusted annual rate of 5.81 million, exceeding the consensus forecast of 5.56 million, and up from an upwardly revised 5.50 million in October.  The median existing home price for all housing types increased 5.8% to $248,000 while the median existing single-family home price was $248,800 – 5.4% higher from a year ago.  The inventory of homes for sale at the end of November fell 7.2% to 1.67 million with unsold inventory at a 3.4-month supply at the current sales rate, the lowest on record and far below the 6.0-month supply typically associated with a balanced market.

New Home Sales also surged higher in November, increasing 17.5% month-over-month to a seasonally adjusted annual rate of 733,000, the strongest sales rate since July 2007.  This was significantly higher than the consensus forecast of 652,000 and October’s downwardly revised 624,000.  The average sales price increased 3.8% to $377,100 with the median sales price climbing 1.2% year-over-year to $318,700.  New home inventory dropped to a 4.6-months' supply at the current sales pace versus 5.4 months in October. 

  

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About the author

Alyssa Samuelson is a licensed Arizona Realtor practicing since March, 2004. She is also the Designated Broker of Success Real Estate Group and its subsidiary, Apartment Source. Her team consists of two licensed agents, a licensed assistant and one unlicensed assistant. Together the Success Real Estate Group team has over 20 years of residential real estate experience in the Valley area. In addition to regular continuing educational classes required by the state, she has pursued a number of Realtor Designations in order to stay ahead of the market. Included among these Designations are: Certified Residential Specialist (CRS), Accredited Buyer Representative (ABR), Certified Distressed Property Expert (CDPE), Graduate Realtor Institute (GRI) and Short Sales and Foreclosures Certification (SFR). She works with buyers and sellers in both distressed and non-distressed transactions as well as specializes in assisting Sellers with short sale services. Success Real Estate Group also provides Landlord Rental Listing services.

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