By Mike Bodeen · 5 December 2017
Active Listings: 18,422 versus 20,928 last year – down 12.0% – and down 1.2% from 18,646 last month
Pending Listings: 5,579 versus 5,782 last year – down 3.5% – and down 1.2% from 5,646 last month
Under Contract Listings: 9,176 vs 9,368 last year – down 2.0% – and down 2.4% from 9,403 last month
Monthly Sales: 7,180 versus 6,875 last year – up 4.4% – but down 3.2% from 7,421 last month
Monthly Average Sales Price per Sq. Ft.: $154.62 vs $144.60 last year – up 6.9% – and up 2.7% from $150.53 last month
Monthly Median Sales Price: $244,900 vs $225,000 last year – up 8.8% – but down 0.04% from $245,000 last month
In a nutshell, listing supply remains substantially less than a year ago, except for the $1,000,000+ market. There was a large bump in the average sales price per square foot (psf) of 2.7% — in just one month, and 6.9% for the past year. The median sales price (psf) dipped slightly (.04%) last month, but was up 8.7% for the past year.
In related market news, the national Case-Shiller Home Price Index, which unlike our weekly reporting, lags behind and covers a three-month sales period, in this case ending in September. This report compares the 20 top Metro areas in the country and is showing that Phoenix is in the top 5 of sales price increases, notably ahead of places like San Francisco, Boston, Denver, Portland and Seattle. But who’s counting?!
Hey Sellers, Give it Up!
Well, we’re officially in the holidays! This year it seemed like Thanksgiving was a spring holiday, with temperatures in the envious 80’s, and cooling down at night. So, Sellers, yes, you who have your homes currently for sale, who haven’t been able to find a buyer, even though you meticulously clean your home, remove the pets and displace yourselves each (dwindling) time an agent shows your home, I think you should consider taking your home off the market thru the holidays, and instead, slow down and enjoy the season!
Sellers, yes, you who have your homes currently for sale, who haven’t been able to find a buyer, even though you meticulously clean your home, remove the pets and displace yourselves each (dwindling) time an agent shows your home, I think you should consider taking your home off the market…slow down and enjoy the season!
I have good reasons for this, assuming you’re living in your home. First off, we’re in the slowest sales part of the year. Showings of homes drop off significantly and your chances of nabbing a buyer at this time are greatly diminished. Also, if you’re a landlord and renting your home, give your renters a break over the holidays too. They will (should) appreciate you in a huge way.
Secondly, if you’re home’s been on the market for longer than a month with no offers and few showings, you could very well be priced too high. Putting your home in a “Temporarily Off Market” status with the MLS will not accrue days on the market. Bringing the home back on the market after the first of the year with a new price will show fresh for old and new buyers alike. If your home is listed through the end of the year, in fairness, you can extend your agent’s listing for the same amount of days (or more) that you took it off the market.
Third and perhaps most important, we only get so many Christmas’s and New Years in life. Enjoy the reason for the season.