Market Update - February 2018

We wanted to talk about the market and what is doing by price range and we're also to talk about what it means to you as a buyer or a seller [Music] hi there this week in real estate we're going to talk about the real estate market and what it's doing in Maricopa County by price range and what it means to you as a buyer or a seller so in Maricopa County we have fourteen thousand one hundred forty-eight listings versus last year we had over 16,000 16,000 four hundred and thirty three that means our supply has gone down fourteen percent as far as the demand demand is up six percent we had eighty two thousand two hundred twenty one homes that sold over the past year versus the previous year there are only 77,000 means that appreciation is gonna be going up when you have your supply down and demand off so we're at six point eight percent but I could tell you since November we've seen appreciation start going up more it's been over seven percent monthly so if that continues in that same trend which all indicators seen that it will we're gonna start seeing the annualized appreciation go up above the seven percent range so how does this impact you as a buyer or seller well let's look at it by price range because that's really where it's gonna make a difference how's the market well it really varies by price range.

This chart shows supply which is the blue bar demand which is the orange bar and appreciation which is the grey line so you can see that supply overall is down but it's more severe below the $300,000 price point and it's flat at the million dollar and above price point demand is up except below the two hundred thousand dollar mark and that's being that's because as we've talked about before there's just not enough supply so that's why that's keeping demand down demand is measured by how many how many Helms have sold so and all other price ranges of demand is off the higher the price the home we see more significant increase in demand so you can see that it kind of goes up very nicely those orange bars are going up as we get higher prices and it's really good news for the people that have been waiting for for the and people to be looking at offer to buy their their homes appreciation is positive and all price points however you can see that at the lower price point the below two hundred thousand you're at seven percent 200 to 299 new at five percent and at the three hundred your s three percent so and then by sama gets to the million dollar we're only seeing prices have gone up about 1 percent since last year so all in all it's a really very good picture especially for sellers so we'll talk about that in a few minutes so how long does it take to sell a home well again the answer is it varies by price range it's taking more time to sell a home the higher the price range this chart shows us the number of days it takes on average to sell a home for each price range we have seen a decrease in all price range which is very good for sellers so sellers are not having to wait as long to sell their home and this is comparing to last year at the same time the largest change is in the 500 to 1 million dollar price range which has decreased 13 percent in the last 12 months that's really good news for the people especially like if you're in areas there are a lot of homes in this price range in Scottsdale so they're they're very happy but we have those price ranges across the valley 

So one of the takeaways if you are a buyer or a seller in the below $500,000 range if you're a buyer you know you're gonna need to act quickly because the inventory moves very very fast we're seeing homes fly off the market and so therefore you're gonna want to put in your best offer that you can when you because many times you're gonna be in multiple offer situations the other thing is make is talk to your Realtor because they may be able to connect you with a hidden market sometimes there are homes that are coming on that are going to come on the market but they're not quite there yet and you might be able to get there before the other buyers get there if you're a homeowner you should expect a quick sale but that is if you've prepared your house well and you've priced it well otherwise they are there are homes that will still sit.  but my biggest advice for you is make sure you know where you're gonna move after because you may have you know a lot of times you're asking for 30 to 45 day it closes so you're gonna want to know where you're going if you're above the $500,000 mark it is starting to heat up there so if you're a buyer you're gonna want to make sure that you are getting to the homes quick more quickly and that if they're priced well they're gonna move fast you you don't have as much time as you had a test and if you're a homeowner in that above $500,000 mark you're gonna want to make sure that you prep your home really well and that you priced really well you want your house to shine above all the rest because there is still there is getting to be a lot of just a lot of competition out there but you also want to get the buyer to want your home 


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