I am in weekly Zoom meetings with our local Real Estate Stats Expert Tina Tamboer with The Cromford Report to keep up on our Real Estate Market. Here are a few takeaways from this week’s update.
- Lean into the Data that we currently know and stay in the present. Don’t get overwhelmed by the other “guys” trying to predict the future.
- A Normal Market (where it is not a buyer or seller side but is balanced) is 100. We are currently at 155 which is still a Very Strong Sellers Market.
- We are still appreciating 8-9% and prices are projected to continue to rise. But sellers are offering more concessions to buyers and they have less competition so it is a better time for buyers than it has been the past 2 years.
- We decreased in sales heavily in mid March but last week we fell less than the past month so we think we might be back onto an upward trend.
- We are still in a better market as of April 29, 2020 than we were this exact time last year.
- Average Days on Market in February were 38. Average Days on Market in April were 21. So even with the stay at home order and a pandemic, homes sold quicker than earlier this year.
- Homes currently under contract are selling at $190/sq. ft. Last year at this time they were selling for $180/sq. ft.
- Sales Volume will go down but Sales Prices Seem to be holding steady.
- More Expensive Homes ($1 Million +) have suffered the most. Less Expensive areas such as Pinal County have suffered the least.
If you would like more detailed information on your specific zip code or subdivision, please contact me and I will give you the stats for your home and area. It is amazing how some sections of the Valley tend to have different trends. Betsie Melter Realty ONE Group 480.734.3644 realtorbetsie@gmail.com
