June 2016 Real Estate Market Update

June Infographic branded

Monthly Sales Up 3.4%

Monthly Median Sales Price Up 6.5% to $226,900

For Buyers Welcome to the HEAT! The weather is heating up and Realtors are using oven mitts on lava-hot lockboxes and keys to show property. If you’re planning to continue your search into the summer, you may find some relief in the competition for that perfect property. While other potential buyers are distracted by graduations, vacations and weekend getaways, that leaves a slightly longer window of opportunity for snagging up those new properties that hit the market. Don’t expect current price trends to change anytime soon. There is still more demand than supply in many areas under $500,000 so expect sales prices to continue rising through the summer, especially for properties under $200,000.

For Sellers This month we’ve introduced the Listing Success Rate into our graphic. This measure counts all of the listings that closed, canceled or expired over the last month and takes a percentage of those that closed. The current measure is 76.7%, which is very positive considering it was 66% at the end of 2014. The price ranges with the highest success rates are $100,000-$200,000 with 85% of listings successfully closing and only 15% cancelling or expiring followed by the $200,000-$300,000 price range with an 81% success rate. The higher price ranges over $500,000 are seeing lower success rates with those over $1M seeing more properties cancel or expire in a month than close. This is actually typical as many sellers in these price ranges choose to cancel their listings once temperatures reach over 100 degrees and relist when things cool off in October, causing a higher than normal cancellation rate for June.

Commentary written by Tina Tamboer-Glatfelter, Senior Real Estate Analyst with The Cromford Report ©2016 Cromford Associates LLC and Tamboer Consulting LLC

Monday Market Update 7/11/16

It’s that time again…Monday Market Update is here…Today we are checking out the beautiful city of Scottsdale.
 
Scottsdale:
Average sales price has been increasing since June to: $782,458
Active listings are down from last month which is good for sellers (think supply and demand)
Listings under contract are also down from last month
Home sales are up from last month (more homes are selling and less homes are coming on the market)
Average days on market for a home to sell and close is 115 days and that is the same as June.
Average days on market for homes that are active and NOT under contract is 161 days. These homes are probably over priced a little.
Scottsdale Avg Sales Price 7.11.16Scottsdale Dashboard 7.11.16

Monday Real Estate Market Update 6.27.16

Alright guys per Facebook demand here are the two cities that were requested for your Monday Market Updates!

Gilbert:
Average sales price has increased to $315,993
Active Listings are up over last month (only by a few homes but this does give buyers more to choose from)
Listings under contract are down from last month
Sales per month are up from May (more homes are selling and closing than last month)
Average days on market for a home to sell is up by 1 to 60 DOM (if your home is on the market for more than 60 days, your price could be the problem)

Tempe:
Average sales price is down to $260,189
Active listings are down (less homes are coming on the market from last month)
Listings under contract are down from last month
Sales per month are up (more homes are selling and coming off the market from last month)
Average days on market for a home to sell is down to 68 days from 78 days last month. (This is good for sellers as this means that less homes are coming on the market and homes are selling faster than last month)

‪#‎theGKgroup‬ ‪#‎knowyourshiz‬ ‪#‎whatsyourcity‬ ‪#‎mondaymarketupdate‬

  Gilbert Sales Price 6.27.16Gilbert Snapshot 6.27.16Tempe Snapshot 6.27.16Temps Sales Price 6.27.16

Smarts are HOT and so is the Market!

Smarts are HOT and so is the market!

Market Update May 2016:

The Gina Kent Group, Gilbert, Az:

 
Should you stay or Should you go?! 
 
Are you thinking about possibly buying or selling? Stay up to date and be in the know with what is happening in the Arizona Real Estate market.