Click to enlarge supply price range

The April Market Report, with the help of our friends at the Cromford Report, is here for your viewing pleasure.

First, the supply price range:

When they examine the number of active single family listings by price range, they can clearly see the long term shortage of affordable homes, the adequate supply in the mid-range and the glut of luxury homes for sale.

To put that another way, from $400,000 upwards we have more active listings than we have seen in the last 6 years, so buyers have plenty of choice and therefore negotiating power.

However, below $200,000 we have a chronic shortage of homes available for purchase, and there is precious little to rent too. Here sellers have most of the negotiating power.

Click to enlarge demand price range.

Now, let’s look at the demand price range:

From $225,000 to $600,000 we have far more listings under contract that at this time last year. We also see very strong growth for the sector from $800,000 to $1 million.

From $175,000 to $225,000 and from $1.5 million to $2 million we have moderate increases in listings under contract of between 10% and 15%. For the sector from $1.5 to $2 million this goes a little way to mitigating the increase in supply.

In plain English, th shortage of supply means the market under $175,000 is much smaller than last year, showing there is no lack of buyer interest. Below $125,000 there is not much for sale and buyer interest is lower than last year too.

So, what does the April Market Report mean for you?

1. If you are looking for a home between $200,000 and $600,000 expect languid growth in the number of listings compared to last year, yet a strong increase in the number of those homes that are pending or under contract.
2. If you are looking to sell a home between $200,000 and $600,000, expect to sell quickly if you price right.

To build the right strategy for you, call us at 602-456-9388 and we can help.

Phoenix’s Historic Downtown Baptist Church is getting the long overdue resurrection is so desperately needs. The church, affectionately dubbed “The Monroe Abbey”, is transforming into a new hub of bustling active space for downtowners and visitors to enjoy.

“This was finished in 1929, just before the depression. It was a big church; 1,400 or more were here for services. It was designed for chorale singing and mass choirs,” former Arizona Attorney General and First Baptist Church advocate, Terry Goddard, explains.

In 1968 The First Baptist Congregation held its final church service at the 3^rd Avenue Church, and relocated to its new facilities on Glendale Avenue, leaving the building vacant.

In 1982 the Church is added to the National Register of Historic Places.

In 1984,the sanctuary went up in flames and burned for two days, causing the roof to collapse completely.

In 1992 the Church is declared a hazard and was set for demolition.  Saved from the wrecking ball by Terry Goddard and other local heroes.

Although the fire left the church in disrepair, the open-air cathedral has had a renaissance of nature over the last twenty years with an unruly “secret garden”, zillions of birds, and about thousands bees making the space their home.

Architects at Jones Studio along with Patry Building Co are taking on the heavy lifting to transform the Abbey into a multi-tenant, mixed-use space while keeping both the integrity of the structure and working the majestic beauty of the natural growth into the development.

The new four-story space will be activated with a black box theatre, restaurant, office space, gallery and even a speakeasy. There’s even enough space in the center courtyard for performances and events.

Join us on April 21^st for tours inside the palatial property with Katherine Patry as well as a special update on the Welnick Bros. development just down the street.

As always, please RSVP below.

Date: Thursday, April 21^st
Time: 5:30PM – 7:30PM
Location: Monroe Street Abbey: 302 W. Monroe St.
RSVP: Click Here
Click here to follow us on Facebook!