The Cromford Report: Phoenix Metro Market Update as of 4/8/18

MLS Sales Outperform non-MLS Sales in Frenzy Market
Supply Under $200K Down 36% Over Last Year

For Buyers:
Greater Phoenix ended the 1st Quarter 13% lower in supply, which was not helped
by a 2% decline in new listings entering the market. All price ranges are below last
year’s level of supply with the exception of the $1M+ market, which is up 1.5%. On
the opposite end of the spectrum, supply under $200K is down 36% from last year
and all prices in between are down 10%. Buyer competition is typically at its strongest
at this time of year and is expected to begin tapering off seasonally in May or
June.

For Sellers:
Despite the highly competitive, fast appreciating environment in the $100K-$200K
market, more sellers decided not to list their home on the MLS and many chose to
sell to an investor instead. This is ironic considering MLS sales in that price range sell
for 12% more per square foot on average compared to normal non-MLS sales, which
could equate to a $12,000-$22,000 gap. Additionally, the annual average sales price
per square foot rose faster for MLS sales in this range at 7.9% while non-MLS sales
rose only 6.0% over the last year.

Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report
©2018 Cromford Associates LLC and Tamboer Consulting LLC

 

Cromford Phoenix April 8 2018.jpg

About Farhat and Associates Real Estate - Broker/Owners, CRS, EPro, CDPE

Full-time REALTOR/Brokerage serving the Phoenix Valley since 2004 Professional - Our backgrounds were in Accounting, Property Management, and Technology fields. Both Aziz and I found our passion for real estate as we started in the industry as Investors. Since 2004, we have devoted ourselves to this business on a full-time basis and have sold 100s of homes for our clients. Certifications - Certified Residential Specialist (CRS), ePro, CDPE Personal - Our passions are our family, our furry child, outdoor activities, reading, photography, golfing, travel, and discovering new foods/restaurants.
This entry was posted in Buyer Advice, Homeowner Advice, Investor-Landlord, Market Updates, Seller Advice. Bookmark the permalink.

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