By Mike Bodeen · 20 July 2015
Sales Climbing + Prices Rising + Inventory Sliding
= Buyer and Seller Gulf Widening
June Sales Report
The Phoenix Metro communities continue a solid and progressive home sales trend that on the one hand places us in the enviable position nationally of balance and strength, but on the other hand a sales market that may be approaching an even stronger price acceleration period than we witnessed this past year, which was double digits.
First, the June 2015 numbers:
Home Sales: 8674 (20.2% one year increase; 4.3% one month increase)
Homes For Sale (listings): 19,596 (20% less than one year ago)
Months of Inventory Available: 2.69 (4.00 this time last year)
Median Sales Price Increase: $214,900 (Up 10.2% over 2014)
Average Sales Price Increase: $271,000 (up 5.8%f over 2014)
Foreclosures Pending: 5048 (22% Drop from one year ago)
The interesting and continuing saga of steady demand but decreasing inventory is what is fueling price acceleration especially in the sub $200,000 market. The market continues to amaze me for its longevity in price stabilization (until recently) and decreasing distressed properties, such as foreclosures, which are now among the lowest in the country.
It’s important to point out, however, that there are still solid numbers of inventory available in the higher price ranges, though we’re seeing that change changing downward also. (With thanks from the Arizona Regional Multiple Listing Service Information Market)
The Full Report with charts can be accessed at: http://www.armls.com/docs/stat-2015/stat-july-2015.pdf
Bad Pics Didn’t Matter – this time!
90% of homebuyers begin their house hunting by searching online according to Realtor.com and other large real estate portals. Therefore, it’s of highest import that the visual presentation of the home, along with well-crafted content remarks be the best they can be. It absolutely will make a difference between the number of folks who choose to view or not to view a home with their professional Realtor.
This weekend Jonathan was showing homes to his clients because their previous home sale had fallen through a few days before due to financing. It was a bummer for all concerned. Yesterday however, Jon’s clients were back out looking again. And they came walking out of a home they had just viewed and there was a home for sale across the street. They recalled that they had seen that home online and didn’t like it so they had not asked Jonathan to show it to them. They said however, “Well, since we’re here, maybe we can go inside.” Jon checked with the listing Realtor, the house was vacant, they went in, and voila, they loved the home!!! They made an offer, which is pending at this hour.
According to the buyers, the homes (online and in reality) did not look like the same home. The pictures did not at all fairly represent how nice the home was.
In this instance, these sellers were fortunate that Jon and the buyers decided to go into the house, despite the poor online image quality. How many other buyers however may have also liked the home, but decided against seeing it? This is why Jon and I hire staging consultants and professional home photographers for ALL of our listings regardless of price. Believe us, it’s worth every penny!