Spring is always an interesting and exciting time in real estate, so what are analysts expecting we can see this year?

Increasing Mortgage Rates
It appears, depending on how the economic recovery comes along, that mortgage rates could continue to increase. Rates have been on the rise for weeks, while earlier in the year, they were holding under 3%. Analysts believe that it would be a good time for borrowers to try and lock in low rates now, with the anticipation they’ll tick upward through the year.

The 30-year fixed-rate mortgage is anticipated to average 3.1% through the spring months, while it was averaging 2.9% during the first quarter of the year, according to Fannie Mae.

It’s almost universally agreed that as more Americans are vaccinated, there will be more economic recovery, and therefore an upward movement in mortgage rates.

While there may be a slowdown compared to the hot market of the past year, there’s an expectation there won’t be a major crash. Price appreciation could slow down, and new homes might build up a bit more.

Inventories Could Increase
Homebuyers or would-be homebuyers often felt frustration over the past year. It was difficult if not impossible, to find available properties, and when something went on the market, it would be scooped up in days or sometimes just hours.

Now, however, homeowners may be more likely to list properties because more people are vaccinated, so there will be less of a fear of catching COVID-19 from people coming into their homes.

While there is the expectation that inventories will increase, there may still remain limited options, particularly in some markets.

Millennial Movement
Another trend that could continue influencing the real estate market this spring and beyond is millennials. Nearly five million millennials are set to turn 30 this year, and they’re now making up the biggest segment of home buyers. In 2018, millennial homeownership was at record lows, but there’s evidence that’s changing.

Around 86% of younger millennials and 52% of older ones are buying first homes, and some are buying luxury properties that are well beyond what you think of as a starter home.

Millennials will likely drive the market throughout 2021. There was a survey from the National Association of Home Builders in the fourth quarter of 2020 that found 27% of millennial respondents said they planned to buy a home in the next 12 months, up from 19% in a previous survey.

The Online Trends Are Growing
Online real estate services are continuing to grow in popularity, and regardless of the state of the pandemic, that’s unlikely to change.

There are so many ways technology was accelerated in real estate over the past year. From virtual showings to the use of a fully virtual agent to mobile or online closings, there are a lot of ways that technology is facilitating a simpler home selling or buying experience. It’s becoming increasingly possible to buy or sell a home without ever leaving your current home.

Position Realty
Office: 480-213-5251

The number of new listing in the month October 2018 is 9,873 listings (up 650 from last month) which is slightly lower than last year at 9,974 listing in October 2017. The overall number of active listings is 19,230 which is 1,204 less listings than in October 2017. The whole year of 2018 there have been less listing on the market than in 2017. As for the number of sold transactions, we had fewer transactions in October 2018 of 7,358 transactions (down 66 from last year) but for most of the year of 2018 we’ve had more transaction than in 2017. This lower supply of listing and higher amount of transaction is causing real estate prices to continue to appreciate.

The Phoenix Housing Market ended 2017 with an overall annual appreciation rate of approximately +9.0%. As of January 2018 the Phoenix market has only appreciated 3.6% where this lack luster appreciated rate was hindered by a sharp drop in price from $333,392 in June 2018 to $320,710 in July 2018. Since July 2018 there has been a second uptick in the average sold price from $320,710 in July to $326,390 in October which is an increase of only +1.8%. We experienced a similar uptick in price in 2017 but this uptick did not begin until October 2017 to finish off the year at a +9.0% appreciation rate. Since November 2017 (12 months ago), the average days on market has decreased approximately -11.4% (down from last month) and the number of sold transaction has increased approximately +1.9% (up from last month).

Since January 2018 we have seen four sharp trends: The average days on market have decreased -20.0%, the number of sold transactions has increased +18.4%, months of inventory have decreased -33.1% and number of new listing has decreased -6.7%. These are all strong trends but the sold average price has not appreciated as much as last year which could be caused by the rise in interest rates. Historically, 19,230 homes for sale represent the lowest number of homes this market has seen for over a decade. This low number of homes for sale indicates we are in a seller’s market (low supply and increased demand). Property owners are not putting their homes on the market because they are holding off to accumulate additional equity from the market. Hopefully, this roller coaster will come to a slow end instead of everyone wanting to put their homes on the market at the same time like in 2008.

Real estate prices will continue to increase and interest rates are planned to increase in 2018 so if you are thinking about buying a home this year will be the time to buy before you get priced out of the market. Give us a call to discuss your best buying or selling strategy, TODAY!!

The number of new listing in the month September 2018 is 9,223 listings (down 780 from last month) which is lower than last year at 9,646 listing in September 2017. The overall number of active listings is 18,181 which is 1,588 less listings than in September 2017. The whole year of 2018 there have been less listing on the market than in 2017. As for the number of sold transactions, we had fewer transactions in September 2018 of 7,075 transactions (down 376 from last year) but for most of the year of 2018 we’ve had more transaction than in 2017. This lower supply of listing and higher amount of transaction is causing real estate prices to continue to appreciate.

The Phoenix Housing Market ended 2017 with an overall annual appreciation rate of approximately +9.0%. If inventory remain low throughout 2018 and a strong demand for housing continues we can expect the market to continue to appreciation above the national average. Historically, real estate prices don’t start to increase until March as the buying season begins and starts to slow down in August once kids go back to school. Since July 2018 there has been a second uptick in the average sold price from $320,710 in July to $326,019 in September which is an increase of +1.7%. We experienced a similar uptick in price in 2017 but this uptick did not begin until October 2017 to finish off the year at a +9.0% appreciation rate. Since October 2017 (12 months ago), the average days on market has decreased approximately -4.6% (up from last month) and the number of sold transaction has decreased approximately +4.7% (down from last month).

Since January 2018 we have seen four sharp trends: The average days on market have decreased -17.3%, the number of sold transactions has increased +13.9%, months of inventory have decreased -34.1% and number of new listing has decreased -12.9%. Should this trend continue throughout 2018 we can expect another year of appreciation above the national average in the Phoenix real estate market. Historically, 18,181 homes for sale represent the lowest number of homes this market has seen for over a decade. This low number of homes for sale indicates we are in a seller’s market (low supply and increased demand). Property owners are not putting their homes on the market because they are holding off to accumulate additional equity from the market. Hopefully, this roller coaster will come to a slow end instead of everyone wanting to put their homes on the market at the same time like in 2008.

Real estate prices will continue to increase and interest rates are planned to increase in 2018 so if you are thinking about buying a home this year will be the time to buy before you get priced out of the market. Give us a call to discuss your best buying or selling strategy, TODAY!!

Position Realty
Office: 480-213-5251

The number of new listing in the month July 2018 is 9,088 listings (down 1,149 from last month) where we saw a similar drop off in July 2017 which is the month just before kids go back to school. The overall number of active listings as compared to the total number in July 2017 of 19,874 listing is similar to the total number of listings this year at 19,834 listings which is only a difference of -40 listings. In the past months this difference has been a lot wider where the number of new listings coming on the market is helping with the lack of active listings on the market. As for the number of sold transactions, we had fewer transactions in July 2017 of 8,024 transactions than in July 2018 at 8,547 transactions which is only a difference of 523 transactions. This is good news which shows the market is continuing to follow its normal cyclical ups and downs.

The Phoenix Housing Market ended 2017 with an overall annual appreciation rate of approximately +9.0%. If inventory remain low throughout 2018 and a strong demand for housing continues we can expect the market to continue to appreciation above the national average. Historically, real estate prices don’t start to increase until March as the buying season begins ands starts to slow down in August once kids go back to school which we are starting to see signs in July. In July 2018 there was a slight drop in the average sold price from $333,396 in June 2018 to $320,710 in July 2018 which is a decrease of -3.8%. We experienced a similar drop in the average sold price from June 2017 to July 2017 of -2.6% which indicates this is normal for the market unless we continue to experience price decreases in the following months. Since August 2017 (12 months ago), the average days on market has decreased approximately -10.4% (down from last month) and the number of sold transaction has increased approximately +3.4% (down from last month).

Since January 2018 we have seen four sharp trends: The average days on market have decreased -20.0%, the number of sold transactions has increased +37.6%, months of inventory have decreased -46.9% and number of new listing has decreased -14.2%. Should this trend continue throughout 2018 we can expect another year of appreciation above the national average in the Phoenix real estate market. Historically, 19,834 homes for sale represent the lowest number of homes this market has seen for over a decade. This low number of homes for sale indicates we are in a seller’s market (low supply and increased demand). Property owners are not putting their homes on the market because they are holding off to accumulate additional equity from the market. Hopefully, this roller coaster will come to a slow end instead of everyone wanting to put their homes on the market at the same time.

Real estate prices will continue to increase and interest rates are planned to increase in 2018 so if you are thinking about buying a home this year will be the time to buy before you get priced out of the market. Give us a call to discuss your best buying or selling strategy, TODAY!!

The number of new listing in the month June is 10,237 listings which is back in line with the number of listing back in June 2017 of 10,234 listings. The overall number of active listing is still down as compared to 21,239 listings in June 2017 to 19,907 listing in June 2018 which is a decrease of -1,332 listing or -6.3% In the past months this difference has been a lot wider where the number of new listings coming on the market is helping with the total number of active listings. As for the number of sold transactions, we had more transactions in June 2017 of 9,623 transactions as compared to 9,232 transactions in June 2018. This increase in demand during the summer buying season is causing prices to appreciate at a faster rate than in 2017. Also the low amount of active listings and the high amount of transactions the months of inventory has gone from 3.9 months in January 2018 to 1.98 months in June 2018.

The Phoenix Housing Market ended 2017 with an overall annual appreciation rate of approximately +9.0%. If inventory remain low throughout 2018 and a strong demand for housing continues we can expect the market to continue to appreciation above the national average. Historically, real estate prices don’t start to increase until March as the buying season begins ands starts to slow down in August once kids go back to school. With the low inventory of homes the market has already appreciated 5.8% from an average sold price of $315,070 in January 2018 to $333,396 in June 2018. Another sign we are in a healthy market is the current percentage of foreclosures and short sales sold remains at only 1% of the total market. Since July 2017 (12 months ago), the average days on market has decreased approximately -6.2% (down from last month) and the number of sold transaction has increased approximately +15.1% (down from last month).

Since January 2018 we have seen four sharp trends: The average sold price has appreciated +5.8%, the average days on market have decreased -18.7%, the number of sold transactions has increased +48.6% and months of inventory have decreased -49.2%. Should this trend continue throughout 2018 we can expect another year of appreciation above the national average in the Phoenix real estate market. Historically, 20,808 homes for sale represent the lowest number of homes this market has seen for over a decade. This low number of homes for sale indicates we are in a seller’s market (low supply and increased demand). Property owners are not putting their homes on the market because they are holding off to accumulate additional equity from the market. Hopefully, this roller coaster will come to a slow end instead of everyone wanting to put their homes on the market at the same time.

Real estate prices will continue to increase and interest rates are planned to increase in 2018 so if you are thinking about buying a home this year will be the time to buy before you get priced out of the market. Give us a call to discuss your best buying or selling strategy, TODAY!!

Position Realty
Office: 480-213-5251

The number of new listing this month is 10,670 listings which is back in line with the number of listing back in May 2017 of 10,672 listings. The overall number of active listing is still down as compared to 21,230 listings in May 2017 and 20,808 listing in May 2018 which is a decrease of 422 listing or -2.0% In the past months this difference has been a lot wider where the number of new listings coming on the market is helping with the total number of active listings. As for the number of sold transactions, we had fewer transactions in May 2017 of 9,859 transactions as compared to 10,098 transactions in April 2018. This increase in demand during the summer buying season is causing prices to appreciate at a faster rate than in 2017. Also the low amount of active listings and the high amount of transactions the months of inventory has gone from 3.9 months in January 2018 to 1.81 months in May 2018.

The Phoenix Housing Market ended 2017 with an overall annual appreciation rate of approximately +9.0%. If inventory remain low throughout 2018 and a strong demand for housing continues we can expect the market to continue to appreciation above the national average. Historically, real estate prices don’t start to increase until March as the buying season begins and with the low inventory of homes the market has already appreciated 5.5% from an average sold price of $315,070 in January 2018 to $332,267 in May 2018. Another sign we are in a healthy market is the current percentage of foreclosures and short sales sold remains at only 1% of the total market. Since June 2017 (12 months ago), the average days on market has decreased approximately -7.5% (down from last month) and the number of sold transaction has increased approximately +4.9% (up from last month).

Since January 2018 we have seen four sharp trends: The average sold price has appreciated +5.5%, the average days on market have decreased -17.3%, the number of sold transactions has increased +62.6% and months of inventory have decreased -53.6%. Should this trend continue throughout 2018 we can expect another year of appreciation above the national average in the Phoenix real estate market. Historically, 20,808 homes for sale represent the lowest number of homes this market has seen for over a decade. This low number of homes for sale indicates we are in a seller’s market (low supply and increased demand). Property owners are not putting their homes on the market because they are holding off to accumulate additional equity from the market. Hopefully, this roller coaster will come to a slow end instead of everyone wanting to put their homes on the market at the same time.

Real estate prices will continue to increase and interest rates are planned to increase in 2018 so if you are thinking about buying a home this year will be the time to buy before you get priced out of the market. Give us a call to discuss your best buying or selling strategy, TODAY!!

Position Realty
Office: 480-213-5251

Back in April 2017 (same time last year), the number of new listings on the market was 10,518 listing as compared to 10,804 listing in March 2018 which is only an increase of 286 listings. More concerning is the number of active listings was 21,682 listing in April 2017 as compared to 18,928 listings in April 2018 which is a decrease of -2,754 listings or -12.7%. In April 2016 there were 25,169 listing, in April 2015 there were 24,965 listings and in April 2014 there were 29,308 listing. As for the number of sold transactions, we had fewer transactions in April 2017 of 8, 833 transactions as compared to 9,182 transactions in April 2018. Due to the lack of new listings and the high amount of transactions the months of inventory has gone from 3.9 months in January 2018 to 2.06 months in April 2018.

The Phoenix Housing Market ended 2017 with an overall annual appreciation rate of approximately +9.0%. If inventory remain low throughout 2018 and a strong demand for housing continues we can expect the market to continue to appreciation above the national average. Historically, real estate prices don’t start to increase until March as the buying season begins and with the low inventory of homes the market has already appreciated 4.7% from an average sold price of $308,715 in February 2018 to $323,306 in April 2018. Another sign we are in a healthy market is the current percentage of foreclosures and short sales sold remains at only 1% of the total market. Since April 2017 (12 months ago), the average days on market has decreased approximately -7.1% (down from last month) and the number of sold transaction has increased approximately +6.3% (up from last month).

Since January 2018 we have seen three sharp trends: The average days on market have decreased -13.3%, the number of sold transactions has increased +47.8% and months of inventory have decreased -47.2%. Should this trend continue throughout 2018 we can expect another year of appreciation above the national average in the Phoenix real estate market. Historically, 18,928 homes for sale represent the lowest number of homes this market has seen for over a decade. This low number of homes for sale indicates we are in a seller’s market (low supply and increased demand). Property owners are not putting their homes on the market because they are holding off to accumulate additional equity from the market. Hopefully, this roller coaster will come to a slow end instead of everyone wanting to put their homes on the market at the same time.

Real estate prices will continue to increase and interest rates are planned to increase in 2018 so if you are thinking about buying a home this year will be the time to buy before you get priced out of the market. Give us a call to discuss your best buying or selling strategy, TODAY!!

Position Realty
Office: 480-213-5251

Back in March 2017 (same time last year), the number of new listings on the market was 12,200 listing as compared to 11,559 listing in March 2018 which is a decrease of 641 listings or -5.3%. More concerning is the number of active listings was 22,246 listing in March 2017 as compared to 19,129 listings in March 2018 which is a decrease of 3,117 listings or -14.0%. In March 2016 there were 25,329 listing, in February 2015 there were 25,570 listings and in February 2014 there were 29,435 listing. As for the number of sold transactions, we had approximately the same number of transactions in March 2017 of 9,365 transactions as compared to 9,652 transactions in March 2018. Due to the lack of new listings and the high amount of transactions the months of inventory has gone from 3.9 months in January 2018 to 1.98 months in March 2018.

The Phoenix Housing Market ended 2017 with an overall annual appreciation rate of approximately +9.0%. If inventory remain low throughout 2018 and a strong demand for housing continues we can expect the market to continue to appreciation above the national average. Historically, real estate prices don’t start to increase until February or March as the buying season begins and with the low inventory of homes we can expect to continue to see the market appreciate. Another sign we are in a healthy market is the current percentage of foreclosures and short sales sold remains at only 1% of the total market. Since March 2017 (12 months ago), the average days on market has decreased approximately -4.1% (down from last month) and the number of sold transaction has increased approximately +9.3% (up from last month).

Since January 2018 we have seen three sharp trends: The average days on market have decreased -5.3%, the number of sold transactions has increased +55.4% and months of inventory have decreased -49.2%. Should this trend continue throughout 2018 we can expect another year of appreciation above the national average in the Phoenix market. Historically, 19,129 homes for sale represent the lowest number of homes this market has seen for over a decade. This low number of homes for sale indicates we are in a seller’s market (low supply and increased demand). Property owners are not putting their homes on the market because they are holding off to accumulate additional appreciation from the market. Hopefully, this roller coaster will come to a slow end instead of everyone wanting to put their homes on the market at the same time.

Real estate prices will continue to increase and interest rates are planned to increase in 2018 so if you are thinking about buying a home this year will be the time to buy before you get priced out of the market. Give us a call to discuss your best buying or selling strategy, TODAY!!

Position Realty
Office: 480-213-5251

Back in February 2017 (same time last year), the number of new listings on the market was 10,016 listing as compared to 9,940 listing in February 2018 which is a decrease of only 76 listings or -0.8%. More concerning is the number of active listings was 22,307 listing in February 2017 as compared to 19,278 listings in February 2018 which is a decrease of 3,029 listings or -13.6%. In February 2016 there were 24,916 listing, in February 2015 there were 26,174 listings and in February 2014 there were 28,778 listing. Every year since February 2014 the number of active listings has decreased approximately 2,500 listings. As for the number of sold transactions, we had a record high of 7,073 sold transactions in February 2018 as compared to 5,519 transactions in February 2014. As more new listing come on the market the number of sold transactions also increases but if the number of new listings decreases in 2018 there will be fewer transactions which will increase the appreciation rate for the Phoenix market.

The Phoenix Housing Market ended 2017 with an overall annual appreciation rate of approximately +9.0%. If inventory remain low throughout 2018 and a strong demand for housing continues we can expect the market to continue to appreciation above the national average. From December 2017 to January 2018, the average sold price increased from $309,327 to $315,070 but we saw a decrease from January 2018 to February 2018 to $308,715 which is a -2.0% decrease. Historically, the real estate prices don’t start to increase until February or March as the buying season begins and with the low inventory of homes we can expect to continue to see the market appreciate. Another sign we are in a healthy market is the current percentage of foreclosures and short sales sold remains at only 1% of the total market. Since March 2017 (12 months ago), the average days on market has decreased approximately -2.6% (down from last month) and the number of sold transaction has decreased approximately -24.5% (up from last month).

Since March 2017 (12 months ago), the number of homes for sale on the market have decrease approximately -13.3% or 22,246 homes for sale on the market to a gradual decrease of 19,278 homes (Down 2,968 homes). Historically, 19,278 homes for sale represent the lowest number of homes this market has seen for over a decade. Property owners are not putting their homes on the market because the overall macro economy remains strong and they are holding off to accumulate additional appreciation from the market. This low number of homes for sale indicates we are in a seller’s market (low supply and increased demand).

Real estate prices will continue to increase and interest rates are planned to increase in 2018 so if you are thinking about buyer a home this year will be the time to buy before you get priced out of the market. Give us a call to discuss your best buying or selling strategy, TODAY!!

Position Realty
Office: 480-213-5251

From December 2017 to January 2018, the number of new listings increased to approximately 10,587 (up 4,324 listings from last month) listings which is an increased of 69% from 6,263 listings in December. The number of sold transactions was approximately 6,212 sold transactions (down 992 transactions from last month). The decrease in number of transaction and the sharp increase in number of new listings has caused the months of inventory to increase from 2.73 months in December to 3.90 months which is an increase of +38.8%. This is normal to see a sharp increase in the number of new listings coming on the market after the holidays and it will take several months to see an increase in the number of sold transactions due to the time it takes to close a transaction. Overall, the inventory of homes on the market is still very low where in January 2018 there were 19,185 homes (down 503 listing from last month) on the market as compared to 27,050 listings on the market in January 2014.

The Phoenix Housing Market ended 2017 with an overall annual appreciation rate of approximately +9.0%. If inventory remain low throughout 2018 and a strong demand for housing continues we can expect the market to continue to appreciation above the national average. From December 2017 to January 2018, the average sold price increased from $309,327 to $315,070 in which is a +1.9% increase. Historically, the real estate prices don’t start to increase until February or March but this year price appreciation has started early. Since July 2017, the number of sold transactions has been decreasing from 8,024 sold transaction to 6,212 sold transactions in February 2017. Although the overall number of sold transaction have been decreasing the current percentage of foreclosures and short sales sold remains at only 1% of the market which indicates a healthy market. Since February 2017 (12 months ago), the average days on market has decreased approximately -7.4% (up from last month) and the number of sold transaction has decreased approximately -5.0% (up from last month).

Since February 2017 (12 months ago), the number of homes for sale on the market have decrease approximately -15.2% or 22,612 homes for sale on the market to a gradual decrease of 19,185 homes (Down 3,427 homes). Historically, 19,185 homes for sale represent the lowest number of homes this market has seen for over a decade. Property owners are not putting their homes on the market because the overall macro economy remains strong and they are holding off to accumulate additional appreciation from the market. This low number of homes for sale indicates we are in a seller’s market (low supply and increased demand).

Real estate prices will continue to increase and interest rates are planned to increase in 2018 so if you are thinking about buyer a home this year will be the time to buy before you get priced out of the market. Give us a call to discuss your best buying or selling strategy, TODAY!!

Position Realty
Office: 480-213-5251