Your February Market update indicates a continued strong market with sellers having the advantage as we go in to the busiest time of year.
Here’s what our friends at the Cromford Report have to say:
“New listings have been arriving at a slower rate than last year, adding to the problems faced by buyers. Although the overall number of active listings excluding UCB increased by 2.4% during the month, this is an unusually low growth for January and many areas have experienced an unexpected decline in listings over the past 31 days.
This imbalance between supply and demand is true throughout most of the low and mid price ranges, but is less of a factor in the higher price areas, particularly in the outer locations. While this imbalance persists, it is likely to lead to further price rises. We saw a substantial 1.1% rise in the average price per sq. ft. during last month, but the median sales price remained flat for the second month. The average price per sq. ft. is a better reflection of what is going on.”
Anecdotally in CenPho and the historic neighborhoods, we are continuing to see a strong seller’s market, as well as new listings. There is a little dip in prices in the chart below, but it is yet to be seen as to whether this is the hold-over from the end of the year. I would guess that it is more of a blip because the contract ratios are still moving upward, as we would expect this time of year.
In short, if you are looking purchase, you will want to either get on it now or wait for at least a year.
If you are thinking of selling, 2017 is definitely the time to do it.
By the way, we also work in other areas of town. We do this analysis for CenPho and the historic neighborhoods because we get most requests for that analysis.
If you would like us to analyze the market for you in any other area of Maricopa county, please give us a call at 602-456-9388.
Handy-dandy charts for your February Market Update are below:
The market analysis shows a small shift in prices, but probably not significant.
The seller’s advantage continues upward as the year begins.
The number of listings continues to climb. Will that eventually put a downward pressure on prices?
Contract Ratios -the ratio of homes that close in any given month, of all of those on the market of any status
