Friday, February 23, 2018 / by Darren Tackett
It’s February, Spring Training has begun and so has selling season! Last year March, April, May and June accounted for nearly 40% of sales. With the low inventory of homes for sale (17,330) and the steady demand for homes, prices should be increasing.
As our new year starts to unfold, ARMLS is entertaining two divergent theories as to what 2018 holds in its card. There are two lines of thought:
1) Low inventory numbers will lead to higher prices and the higher prices, coupled with rising interest rates, will restrict demand and 2018 will see fewer sales than 2017.
2) Millennials, the driving force behind our market, are one year older and their appetites and ability to purchase is increasing. That, coupled with an improving economy, will lead to increased sales in 2018.
Lets also look at some other positives that started off 2018:
· New inventory is up +69.5% month-overmonth while the yearover-year comparison shows an ...
Friday, February 16, 2018 / by Darren Tackett
According to the Phoenix Business Journal’s annual wealthiest zip codes list, Paradise Valley 85253 is number 1 AGAIN. When put onto the national wealthiest zip code list, 85253 falls at number 52 out of 18,316 zip codes with populations of 2,000 or more.
Here are the 5 wealthiest zip codes in Maricopa County:
5. 85259 | Scottsdale | ACBJ Wealth Index Score: 20.39
4. 85266 | Scottsdale | ACBJ Wealth Index Score: 21.48
3. 85255 | Scottsdale | ACBJ Wealth Index Score: 23.44
2. 85262 | Scottsdale | ACBJ Wealth Index Score: 23.52
1. 85253 | Scottsdale | ACBJ Wealth Index Score: 28.13
Sourced and Cited | American City Business Journals
Friday, January 05, 2018 / by Darren Tackett
Construction of new U.S homes rose 3.3% in November of 2017, largely powered by single-family houses being built at the strongest pace in more than a decade, the U.S. Commerce Department said. Home builders broke ground on new houses at a seasonally adjusted annual rate of 1.3 million units, marking the fastest building pace for new homes since September 2007, shortly before the start of the Great Recession.
Source | USA Today, December 2017
Monday, October 16, 2017 / by Darren Tackett
Let's take a look at the ARMLS STATs from September 2017!
• September UCB listings percent of total inventory was +15.4% with September CCBS listings at +2.1% of total inventory.+6.7
• Months supply of inventory for August was 2.65 with September at 2.98.
• Average new list prices are up +3.2% year-over year. The year-over-year median is up +3.9%.
• The average sales price is up +4.1% year-over year while the year-over year median sales price is also up +5.1%.
Like the NAR report, we too are reporting year-over-year pending home sale declines for the fifth time in six months. However, our conclusions are slightly different. In early 2017 we began seeing a new trend emerging in our data. I believe there is a new dynamic inside the data and that something has changed as to how the agents are reporting their pending contracts. There used to be a strong relationship between the under-contract count and the monthly sales count the following mont ...
Monday, September 25, 2017 / by Darren Tackett
Home sales (and values) have been on a strong uptick nationwide thanks to low interest rates, freer lending standards and a drop in the foreclosure rate. Sellers everywhere are breathing a giant, collective sigh of relief! But for all of the buyer activity, it seems like most houses sit on one end of two extremes: they either get snatched up the moment they hit the market (with multiple offers and an above-asking sale price) or seem to languish on the market without an offer in sight.
All sellers aspire to be on the multiple-offer end of the spectrum. Fortunately, there are steps you can take to make that happen. Here are five tips to move your listing in to the multiple offers zone.
1. Price it aggressively. Homes that get multiple offers are often sold in an "auction" atmosphere. If you think back to the last auction you saw on TV or participated in online, you'll remember this basic element of Auctions 101: the starting price is lower – sometimes quite a bit lower &nda ...