🚨 Market Update 🚨

The spring market has brought both relief and uncertainty. Relief for sellers from the downward plunge in home prices but uncertainty for buyers with the rocky interest rates. Here’s a recap of the real estate market in May.

👉 The median sales price in the Metro Phoenix Area has risen for the 3rd month in a row.

👉 Average Days on Market has decreased for the 3rd month in a row.

👉 Inventory continues to shrink. The active listing count is above the record lows we had in 2021-2022 but still well below the “normal” levels we had in 2019. Low inventory will likely cause prices to continue to rise or at least plateau.

👉 Due to the low inventory the Metro Phoenix area remains in a seller’s market. Only two of the 17 largest cities are in balance and the other 15 are in seller’s markets. Both Chandler and Gilbert show up in the top 4 strongest seller’s markets in the valley.

👉 The listing success rate is the strongest it’s been in a year at 84%.

👉 Price reductions are the lowest we’ve seen in a year.

👉 Interest rates were around 6.5% at the end of May and rose to nearly 6.8% in June before having a slight decrease this past week to 6.71%.

If you are considering making a move, reach out and I’d be happy to review the specific market in the area you are moving to or from. Gilbert may be in a hot seller’s market right now but there are other areas of the valley that haven’t quite caught up yet.

🚨MARKET UPDATE🚨

While prices are still down compared to March of 2022, the free fall in price decline seems to have hit bottom. March was the first month since May of 2022 there was an increase in the median sales price in Gilbert. It was also the first month since July of 2022 when Gilbert dropped below 2 months’ worth of inventory.

We all know that pricing in almost all commodities comes down to supply and demand. If inventory continues to shrink, it is possible we will see prices continue to rise, despite the higher interest rates.

Out of the 17 largest cities in the Metro Phoenix area only three cities remain in buyer’s markets, Queen Creek, Maricopa & Buckeye. Queen Creek is making a comeback and is very close to becoming a balanced market once again.

The top five hottest cities for sellers right now are Chandler, Fountain Hills, Glendale, Phoenix & Gilbert.

The Listing Success Rate in Gilbert jumped from just 62% in December to a healthy 84% in March.

YPN 40 UNDER 40 AWARD WINNER

Click here to read the full article.

Each year, the WeSERV Young Professionals Network (YPN) has the honor of announcing the top 40 Under 40 Real Estate Teams, Mega Teams, Teams, and Individuals.

These incredible REALTORS® are among the elite real estate professionals in the state. They have dedicated countless hours to bettering their business and meeting their clients' needs before and after closings. In addition to their drive and determination for real estate, these agents have a passion for serving their communities. They understand the importance of lending a helping hand to those in need and prioritize their time toward volunteerism.

WeSERV is proud to congratulate all of the 2023 Young Professionals Network 40 Under 40 Award recipients.

🚨MARKET UPDATE🚨

On March 1^st the Cromford Market Report made the bold statement that the real estate market in the Metro Phoenix area hit bottom in December saying,

“The contract ratio for all areas & types has risen above 60. This means we are officially in a hot market again. You should therefore anticipate house price rises over the coming months, no matter what you read in the media, which tends to base their reports and projections on housing data that is one to several months out of date, such as the S&P Case-Shiller® Home Price Index®. The opportunity to buy at the bottom of the correction occurred in the fourth quarter of 2022. Congratulations if you bought when everyone else was fearful. That was good market timing.”

Let’s review some of the reasons the Cromford Report may be saying we have passed the bottom of the market:

While prices in Gilbert have dropped significantly since the peak of the market in the summer of 2022, February was the first month since June where the average sales price did not fall. 

Active Listing counts have been shrinking since October and are at similar levels to the last "normal" market we had back in 2019. 

More homes in Gilbert were successfully sold in February, with the highest Listing Success Rate we've seen since June of last year. In February 75% of homes in Gilbert were successfully sold compared to just 62% in December.

List Price Per Square Foot in Gilbert has been steady so far this year and is right on par with what we saw in the beginning of last year, not less as you might expect. 

Sellers in Gilbert are now getting an average of 97.7% of asking price. This is down from 101.5% in February of 2022 but an increase over what we saw in January. 

This is just one month of data and it doesn't prove a trend or give us the ability to predict what we'll see over the next few months, but there are plenty of signs that the free fall in home prices in Gilbert may be coming to an end. 

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Watch the video above for a full tour!

How To Deal With Higher Construction Costs

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As home values have risen, so have the cost of construction and home improvement projects. This increase in construction cost makes it important to plan for during the home buying process.

If you want a home with a pool for example, in some cases it may make more sense to buy a home that already has one installed.

My personal experience with this was a pre-pandemic quote to have a small pool installed for around $25,000. Fast forward to a year later and that same exact pool cost $45,000 to install.

Another project that significantly increased in price was replacing flooring, which also nearly doubled in price. When asking the contractors for the reason for these significant price increases, the answers varied from scarcity of supplies, labor shortages, and inflation in general.

The rise in home values coupled with the hefty increase in construction cost have made a big impact on how home buyers go about choosing their home.

Now, they must be more careful in deciding if they are willing to take on fixer-uppers or homes that just need a little TLC because that little TLC can end up having a big price tag.

Your Colleagues' Best and Worst Social Media Posts

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My most-successful social media posts are satirical or those that have an element of humor. These sorts of posts bring a bit of joy and playfulness to an otherwise saturated, boring, and somewhat copy-and-paste industry. My highest-performing social media posts are typically on TikTok or YouTube.

The least successful social media posts are always the ones where there’s a sell or an ask. I think the posts that say something to the effect of, “Everything I touch turns to sold,” “I’d love to help your family and friends; please refer me,” or “I have buyers lined up to buy your house” are ick-inducing and cause an immediate eye roll.

Imagine leaving your home and just walking a few steps before arriving in Downtown Gilbert. All the shopping, dining, entertainment, and nightlife without having to Uber there. Today’s home tour is conveniently located right inside Gilbert’s Heritage District.

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Offered at $695,000

Contact me for more information or to schedule a private tour.