You never know what you can find right under your nose. Well, in this case the cedar wood shingles on my neighbor’s roof, which now serve as a beautiful ground cover in my garden as wood chips.
First, do you know that cedar wood chips are not only helpful in keeping bugs away from your plants, but that they are really expensive? They are the Cadillac of ground cover for gardeners.
It so happened that my next door neighbors were renovating their guest house, which had an old cedar shake roof. It was not in great shape after probably 50 years up there, to the point that a strong wind would sometimes blow an old shingle or two in to my yard.
Being a total recycling/composting nerd-ball, I was eye-balling that roof for years. I knew from speaking with roofers and reading a bunch of articles that the shingles are non-toxic, assuming they are treated with things like linseed oil. Local roofers told me that typically in Phoenix they are.
I have a small garden wood chipper to manage the huge ironwood tree that provides shade to my garden. I hatched a plan, a scheme, a vision.
My neighbors were generous enough to tell their roofers to give me some of the shingles, rather than sending them to the dump. With only about 1/4 of the shingles from that guest house, I covered most of my back garden area.
I could have used more, but I only have so much time.
I didn’t use them in the planter boxes. Not because the cedar wood chips are toxic, but that wood chips can actually pull nutrients away from plants as they break down. But, it is still wise to play it safe unless you are pretty certain the shingles have not been treated with toxic stuff to only use them around non-edible plants.
It looks great back there and even my friend Greg Patterson of The Urban Farm gave me his stamp of approval.
As I stood there with my little wood chipper, I thought what a great “circular economy” business it could be for somebody in town with a wood chipper, a truck and contacts with roofers and urban gardeners.
Well, a bigger wood chipper than I have, that is.
It is a great way to keep wood out of the landfills, where the anaerobic conditions just make methane, which is 80x more harmful to the earth than CO2.
And, by my estimate, I probably got anywhere from $400 to $600 worth of good wood chips for only the cost of my own labor.
Which brings me to this important question. Do the British call them “wood crisps?”
Donna Reiner has written many articles over the years for the Arizona Republic and others about Phoenix history and memorials. She is a regular contributor to our newsletter. This month, Donna tells us about the Arrow Motel.
For most of us driving along Grand Avenue in either direction, we notice the train tracks, lots of commercial buildings, and a scattering of motels/hotels, some derelict and some showing new life. Once a major highway to the west (Highways 60, 70 and 89), the businesses and motels catered to the automobile for many years. But it was not always that way.
In the early days of Phoenix, farmland lined the road once called the Phoenix-Glendale Highway. One of those farms was owned by Abraham Lincoln Andrews on the eastern side of the highway near what is now Encanto Boulevard. Better known as A.L. Andrews, he died in 1936 and his widow, Olive started to sell off part of their holdings. A particular parcel, now listed as 2262 Grand Avenue, was sold to Earl Zion in 1937.
Often in trying to establish dates, researchers rely on permits. But when a property was built outside the Phoenix city limits, finding a permit is often futile. And in this case, we suspect that this cute tourist court at 2262 Grand Avenue was built in 1937 with six units.
Not familiar with the term tourist court? It is what historians call small, one room units with a space between each unit for a car. A tourist court appealed to the traveler for its simplicity and convenience to a highway. And the new Arrow Motel fit the bill. Zion owned the land. Did he have this small motel built? Probably, but we cannot be sure. We do know that he sold the property to Joseph and Mary Castellano in 1944 and there were buildings on it.
Another mystery appears as documents indicate that the Castellanos lived at 2402 Grand Avenue at the Polly Auto Court which only appears in the Arizona Republic in 1944 and 1945. Were these two auto courts the same place as street numberings did change and neither address appears in the city directories at the time? Probably not.
In 1951, the Arrow Motel was listed in the Phoenix city directory at 2262 Grand Avenue. Yes….and Joseph Castellano is the owner. The pieces are beginning to fall into place. But, the Castellanos sell this small enterprise in July of 1951 to two couples: John McCarty and Oney Varbel and their respective wives, Ella and Fay. The 1961 historic postcard shows additional units constructed on the west side of the property and the spaces between the east units have been filled in. And, the new owners have renamed the property The Rainbow Motel.
So, what’s the big deal about this small tourist court? To be bold, it is a rare surviving example, in Phoenix, of this property type. And, it’s in great condition!! At the request of the owners, this property is a “member” of the Phoenix Historic Property Register. If you see some construction on the site, it will all be in accordance with historic guidelines.
Here’s our curated list of upcoming May events and good reads.
Oral History at the Phoenix Trolley Museum. Phoenix Trolley Museum is doing an oral history project, with a grant from the Arizona Humanities Council, interviewing people who remember riding the streetcars that ran here prior to 1948.
There will be a public premier at Phoenix Trolley Museum, 1117 W. Grand Avenue, on First Friday in May. Afterward, they’ll have a panel discussion with Betsey Bayless, Terry Goddard, Scott Smith, and Jessica Bueno. Like all events underwritten by Arizona Humanities, it is free.
It’ll be outdoors.
Gas in the home. It’s tough as a realtor to discourage folks from having methane gas stoves and water heaters in their homes –even when it means saving money and breathing cleaner air. After all, we’ve all been told for years how great they are. But the more we learn, the more important it is to switch to induction. See this entertaining article from Scary Mommy. “Very simply, burning natural gas produces toxins like nitrous oxides, carbon dioxide, and formaldehyde, which in turn have a significant effect on our health when we breathe them in, even in small doses that we don’t notice at all.” Also, you are not likely to burn down your house with an induction stove.
See also: Heat Pump. While we are talking about money-saving home improvements, consider the all-electric heat pump. Basically, it is an A/C unit, run in reverse in the colder months. They work best when you also increase your insulation in your home. You can get a home energy audit to help there. As I know from personal experience, you will see savings immediately. You may even pay off your new heat pump and energy efficiency improvements in the first few years of savings.
Which brings me to a question. When I talk about getting a new, energy efficient appliance, friends ask “how long will it take to pay that off?” But I never hear them ask that same question when they buy a new car or re-landscape their back yard.
Mother’s Day at the Japanese Friendship Garden. Give the gift of a unique memory, relaxing activity and mini Japanese flower arrangements this Mother’s Day. Miniature ikebana was first introduced by the second head master of Sogetsu school Ikebana, Kasumi Teshigahara. It is composed of several ikebana works which feature and focus on the beauty of certain small parts of plants. Observe carefully the different shapes and textures of tiny plant materials including petals, pistils, stamens, berries, leaves, branches and stems, to make new discoveries about their distinctive appearance which you may not have noticed before. Make several of arrangements (five or more) in the same way, and display them on a base plate, a tray, a piece of Japanese Paper, or a table center so that movement or flow is felt by the way they are arranged. Ping Wei will teach and guide all guests through the Japanese flower arranging process. The workshop includes all plant materials, 5 small ceramic containers and Garden admission for the day! $80.
The Workshop at the Children’s Museum. In the Workshop, children are invited to invent and build through self-facilitated, open-ended discovery. This NEW makerspace exhibit offers a hands-on, creative space where children can gather materials, create a blueprint, use tools such as hammers, screwdrivers, saws, nails, measuring tapes, wrenches, levels, wires, drills and more! Young inventors can wear protective goggles, hardhats, and safety vests; workspaces offer workbenches, tables, stools, and recycled materials in addition to other repurposed materials. Finished product possibilities are endless! All inventors will gain confidence and stretch their imagination in a safe environment for risk-taking and prototyping. The Workshop is a space that will empower children to create through inspiration. Free with general admission. Tuesday – Saturday.
Desert Rider at the Phoenix Art Museum. Desert Rider explores the sociopolitical realities and imaginative interpretations of automotive and skateboarding subcultures through diverse works by local Arizona and regional artists, focusing almost exclusively on Latinx and Indigenous perspectives that have defined the identity of the southwest.
Free with general admission.
The Never Sleepy Fish at the Great Arizona Puppet Theater. Join Great Arizona Puppet Theater for the debut run of their latest production, an original story of “The Never Sleepy Fish“.
Recommended for ages 3 and up. $8 – $12.
Arizona Speaks: What You Need to Know About Elections in Arizona. ASBA will host our signature AZ Speaks event with Maricopa County Recorder Stephen Richer. They know a number of businesses view voting as part of their vision of what it means to be a socially responsible business, and the virtual event will be an opportunity to learn more about election laws, voter registration, and election administration from the Maricopa County Recorder’s Office and Elections Department. Join them for a non-partisan, fact-based, and interactive discussion moderated by former Gilbert Mayor Jenn Daniels to learn more about our voting system in advance of important 2022 primary and general elections. Free online.
Our May Market Status Report is a mixed bag. Anecdotally, we are seeing shorter lines and fewer feeding frenzies for every listing.
The Cromford Report compares the numbers for May 1, 2022 compared with May 1, 2021 for all areas & types:
Active Listings (excluding UCB & CCBS): 6,688 versus 5,080 last year – up 31.7% – and up 32.4% from 5,051 last month
Pending Listings: 7,386 versus 7,829 last year – down 5.7% – and down 7.8% from 8,008 last month
Under Contract Listings (including Pending, CCBS & UCB): 10,889 versus 12,187 last year – down 10.7% – and down 6.3% from 11,620 last month
Monthly Sales: 9,270 versus 10,200 last year – down 9.1% – and down 8.6% from 10,144 last month
Monthly Average Sales Price per Sq. Ft.: $302.64 versus $243.36 last year – up 24.4% – and up 4.1% from $290.75 last month
Monthly Median Sales Price: $466,000 versus $373,000 last year – up 24.9% – and up 2.3% from $456,000 last month
To boil that down, the number of listings is up, but monthly sales are down and prices continue upward.
Cromford continues their May market status report:
“Between late October and mid March we saw a downward trend in supply. However this has completely changed direction over the past 6 weeks and active listing counts are rising very strongly. They are up more than 32% in a single month, one of the most dramatic shifts in direction we have ever seen. If this trend continues for several months the market dynamics will change significantly.
The large increase in supply is caused by a combination of factors. First, we are seeing more new listings arrive, possibly because people who have made large unrealized profits cash out while the going is good. Secondly, we are seeing a significant drop in demand as a sudden jump in interest rates and eye-watering prices discourage new owner-occupiers from entering the market. We note that listings under contract are down more than 6% since last month. Closed sales are also down more than 9% from April 2021. Demand is weak and getting weaker.
The overall effect is a major cooling event, turning a hot housing market into one that still favors sellers (for now) but is looking increasingly dangerous with each passing day. It only favors sellers because the supply is still very low compared with a normal market. But if supply continues to increase, as looks very likely at this point, we could quickly find ourselves with as many sellers as buyers. The market does not turn on a dime, but it can certainly change dramatically over a handful of months, as it did between August and November 2005. The charts today suggest we are now entering a very different phase of the market cycle.
Make no mistake – closed prices will continue to rise for some time – they are a trailing indicator and will only stop rising long after the market has cooled down. But it does not take too much imagination to envisage a situation where they overshoot. Right now we have just seen the average $/SF rise 4.1% in a single month. But this reflects the huge imbalance between supply and demand that existed two months ago. That imbalance is much smaller today and is shrinking noticeably with every passing day.
We are entering a much more uncertain period and great caution is advisable. The mid-range market between April 2021 and April 2022 has been largely driven by enthusiastic investors. If their enthusiasm dissipates and turns to fear we could see far more rapid change than we have become used to.”
As you get ready to enjoy the end of the cool days, here are some April Notables –some events and good reads that you might find useful.
Arizona History Happy Hour. So, I’ll be a special guest on Marshall Shore’s Arizona History Happy Hour, this Thursday at 7pm. I’ll be sharing trivia about Arizona’s political history. I’m no historian, but I do have some great stories to share from tank commanders-turned politicians to notable firsts in Arizona politics. So, sign up, pour a drink and join us!
Fight for our Future Rally at the Capitol. To mark Earth Day this year, The Climate Action Campaign is joining a nationwide mobilization to crank up the pressure on our elected leaders to get bold climate and clean energy investments done. On Saturday, April 23, Arizonans are rallying for Climate, Care, Jobs, Justice here in Phoenix because now is the time to give it everything we’ve got. Join on Saturday, April 23 to send lawmakers at all levels a message they can’t ignore – Climate, Care, Jobs, Justice.
This event is co-sponsored by Arizona Interfaith Power & Light, Arizona Working Families Party, Climate Action Campaign, EcoMadres, EDF Action (Advocacy Partner of The Environmental Defense Fund), Green New Deal Network, Moms Clean Air Force, Poder Latinx, & Sierra Club’s Grand Canyon Chapter
Maricopa County Solar Co-Op forming Now. A group called Solar United Neighbors, or SUN, organizes home owners to buy solar panels and batteries at lower prices. By organizing a critical mass of home owners, they are able to work with solar and battery installers to get better prices. So, if you want panels but never did it because you either thought they were too expensive, or did not trust some of the companies that sell solar panels door-to-door, SUN can help you get what you are looking for –from trusted installers at a better price.
Right to Repair. Have you heard of the movement to force companies to make it easier (like it used to be) to repair products we purchase, rather than being forced to toss them in landfills? It’s called Right to Repair. The most famous example, I think, is that John Deere installed locks on tractors so that their technicians have to repair them at greater cost to the farmer. Personally, I’ve had to throw things away, or recycle them the best I can, that had one small defect, which I could have repaired with the right piece or tool. There are efforts to pass an act in the US, as they have been passed in Europe, to give some power back to consumers. The Arizona PIRG Education Fund compiled repairability rankings for 186 phones and laptops, grading manufacturers on whether they are Failing the Fix.
Earth Day Celebrations. There are a bunch of things you can do to activate and entertain on Earth Day, or the days around them this month. A few are notable, and close by. Check out Keep Phoenix Beautiful’s 10th Anniversary Earth Day Celebration at Cesar Chavez Park. Chispa Arizona is also hosting an event in El Oso Park in the west valley where a number of organizations are coming together for one event.
Turning Golf Courses in to Nature Preserves. You may have seen my video about why the City of Phoenix should not be in the business of owning golf courses. They own about 9 of them. But it is notable that there are about 160 golf courses in the greater valley, which use the same amount of water annually as 130,000 homes. Let that sink in. In any case, it was heartening to see this story in AZ Central about the community that worked to purchase a failed golf course and turned it in to a conservation area. This provides green space, habitat, water conservation, aquifer replenishment and sustainability to a very unsustainable valley.
Buildings — the Biggest Carbon Contributor. Did you know that nationally, buildings use 75% of the amount of energy produced overall and account for 40% of carbon emissions? I was surprised to hear that, but it makes sense. We use a ton of energy just to heat and cool them. There is an incredible amount of value in energy efficiency that needs to be prioritized by lawmakers. You can learn more here: The elephant in the room.
Donna Reiner has written many articles over the years for the Arizona Republic and others about Phoenix history and memorials. She is a regular contributor to our newsletter. This month, Donna tells us about the many New Deal homes that were built during the Great Depression to help put people back to work.
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During the Great Depression, FDR along with Congress created a number of programs to help put the unemployed back to work. Arizona was one of those states which received the benefits from many of those programs. You may be familiar with some of these programs or at least their products: Civilian Conservation Corps (CCC); Works Progress Administration (WPA); WPA Arts Project (WRAAP); Farm Security Administration (FSA); and, Public Works Administration (PWA). And all these initials can get confusing.
I suspect that the most familiar agency and its works is the WPA. Who hasn’t seen sidewalks marked WPA and a date while walking in Phoenix or a lot of other communities across the country? You can also find them on the curbs. Be sure to look the next time you are walking in say Coronado Historic District or along east Van Buren.
But the WPA also was instrumental in development of some of the infrastructure of our parks. For instances, the WPA built the bathhouse for the pool at Coronado Park and the bandshell and the clubhouse at Encanto Park. Upgrades were also made to Grant Park and Eastlake Park.
Perhaps South Mountain Park, though, received the most attention in the area of parks. The CCC went into action building roads and trails, ramadas, lookout shelters, and erosion control structures. The next time you visit the park, notice the rock entrance station. And did you know that there was a CCC campsite in the park?
Government buildings arose too. Which ones? The 1938 addition to the Arizona Capitol, the Post Office at Central and Fillmore, the grandstand at the State Fairgrounds, and the old adobe National Guard Arsenal in Papago Park. Many of these buildings also sport some beautiful art work. Then there were schools such as Phoenix College buildings on the new campus and North High School to meet the needs of the exploding enrollment at Phoenix Union High School, and improvements for Alhambra School.
But there are two projects that most Phoenicians do not know: Phoenix Homesteads and Camelback Farms. Only one still exists.
Phoenix Homesteads, sponsored by the Resettlement Administration, was a type of public housing on lots which were large enough that they allowed the residents to have gardens and small farm animals that could feed the residents making them self-sufficient. Today Phoenix Homesteads, a unique historic district with 45 homes between 26th – 28th streets and Thomas and Osborn roads, appears as an oasis in our desert environment.
About a half-mile north of Phoenix Homesteads was Camelback Farms along Indian School Road and 27th Street. The 84-acre property sponsored by the Farm Security Administration (FSA) was operated as a co-op and training facility with 35 homes and a community center. There were several other such FSA co-ops in the valley. Camelback Farms had a dairy. But all things come to an end. In April 1945, the acreage went up for sale and today it is covered with houses.
We have a new listing or two to share with you. One came on the market a few days ago and the other is coming on in mid-April. Watch our listings page for more information and photos on both.
1802 N 7th Ave, Phoenix. 3br/2.75ba, 2,275sq on a 10,400sf lot. $1M
This new listings is a huge, beautiful, total remodel with its new entrance on Coronado. The address will soon change to Coronado, as well. The home has everything you’ll want: massive accordion glass patio doors, a massive living room and expansive kitchen with lots of storage and counter space.
GE Cafe Line white & copper appliances bring together the kitchen. The owners have put extensive attention and expense in every detail of this renovation, down to quality doors, flooring and accessories. Don’t miss the separate laundry room and kitchen pantry.
The bedrooms are roomy and the bathrooms sparkle. The front door has been moved to Coronado for more privacy and the garage has been vastly improved. Many visitors at the Encanto/Palmcroft Historic neighborhood home tour commented on how refreshingly quiet the home is.
Current owner has made significant improvements to this new listing over the years.
The kitchen, bathrooms, flooring and back yard patio cover are all additions while this owner has owned the property.
The current resident owns a kitchen installation company and used the best materials and labor on the kitchen he uses daily.
The home has been well maintained and is move-in ready.
The home sits in a quiet neighborhood, close to shopping, freeway access and entertainment. You can step directly outside to use the walking/biking path along the famous Arizona Canal.
From the front yard or the back yard, you get to enjoy a panoramic view of the Phoenix Mountain Preserve.
As a runner who uses this canal a lot, I can tell you what a great thing it is to spend time on this important waterway, watching the sun rise or set.
We expect this property to go live as a new listing the second week of April.
Active Now. 1201 E McKinley St, Phoenix. Infill Opportunity. 2br/1ba+. $445,000
Infill development special! This opportunity is about the land and the location!
This is a solidly-built historic property, and represents an opportunity to fully rehab inside of this cute little home while also building multiple cash flow units on the rest of the parcel.
The historic home occupies only about 25% of the parcel, which is zoned R-3 Multiple Family Residential, on a corner lot, leaving plenty of room to develop out and up!
Build multiple income properties here!
Roomy parcels like this are very rare in Garfield these days and offer an opportunity to build homes in this very popular downtown neighborhood.
Donna Reiner has written many articles over the years for the Arizona Republic and others about Phoenix history and memorials. She is a regular contributor to our newsletter. This month, Donna tells us about the Pioneer Band from the early days of Phoenix, in the 1890s.
People love parades where they can ooh and ah over the colorful and unique floats, see the mounted horse riders, and perhaps some baton twirlers. But for some of us, it is the bands that draw our interest with their music and routines. What talent with all the groups!
So, imagine the Phoenix Brass Band which was formed in 1880, consisted largely of non-musicians? What??? How could that be? And my goodness, what did they sound like? There certainly is no record to answer that question, but there was definitely going to be a band or two in our future to entertain Phoenicians.
For the next 10 years, various bands played in Phoenix. Most of them were brass bands (that means instruments like tubas, horns, cornets, trumpets and trombones). But come January 1, 1890, the Phoenix Brass Band had morphed into the Phoenix Pioneer band and quality performances were definitely noticed.
The band played for the 1890 Memorial Day Parade and then the 4th of July Parade. At that point the Arizona Republican noted: “The Phoenix Band’s playing on the Fourth astonished even its most ardent friends. The band has made splendid progress in a few months….”
More parades, summer concerts, requests to play at various fairs including the inaugural Territorial Fair, and at times daily practices. Occasionally the band was “stiffed” when those groups that hired them did not pay up in a timely fashion. Still, they did continue to practice and provide music to the citizens of Phoenix whenever requested and primarily for free.
By 1892, the band met weekly on Saturday nights for rehearsals at Fireman’s Hall and had increased its membership to 16 players. Political rallies, both Democrat and Republican, wanted the Phoenix Pioneer Band for entertainment.
1894 saw the band become a military band complete with new uniforms. Four years later the group decided to merge with the Central City Band. This newly formed group would now have a maximum of 30 members and still retain the Phoenix Pioneer Band name.
The Arizona Republican is replete with news in the early 1900s about band members, current and former and their doings; in-fighting; concerts on the open-air plaza of old city hall; pioneer celebrations at Riverside Park; performances at Eastlake Park; and their weekly Sunday outdoor, usually, concerts. And the program of music was often published in the paper too.
And the band played on with the final mentions of it actually performing found in spring issues of a 1928 Arizona Republican. But….old bands and musicians do not just fade away in the dust of history.
A few months ago, in the spirit of that original Pioneer Band, a new Phoenix Pioneer band has formed with a mixture of musicians, experienced and inexperienced, amateur and professional, just like when it was first organized in 1880. And as for the music, whenever possible, it is exactly what was played well over 100 years ago. Perhaps you might want to join the fun at this link.
I’m wondering how many of you have a right to vote in the Salt River Project (SRP) board elections and don’t even know it.
It starts with this crazy fact: SRP only allows utility customers who own property to vote in their board elections. You get one vote for every acre you own. It’s a feudal acreage voting system.
We all can vote on who runs the Corporation Commission, which governs the other large utilities, but not SRP.
It’s a hold over from when SRP was first created. It was originally a co-operative of farmers and mines that got together over 100 years ago to irrigate their land and channel water for mining. Over time, they figured out they could dam up the water and generate electricity. The’ve since added the usual array of dirty power plants, like coal and methane gas.
Also over time, that acreage was divided up in to small home parcels, and the voting rights were divided in to portions of a vote.
But, think about that. Some rancher with thousands of acres can out-vote thousands of other customers with a swipe of a pen. They probably don’t use thousands of time the amount of energy. Although they probably do use quite a bit more water than one home.
How do you know if you have the right to vote? Well, you need to go to this web page and find out. If you are unsure, just request a ballot here and you will find out. Request a ballot by Friday, March 25, 2022 at 5 pm MST. Elections take place on Tuesday, April 5, 2022. If you have questions or need additional information, call the SRP elections information line at (602) 236-3048, 8:30 a.m. to 5 p.m., Monday through Friday, or e-mail election@srpnet.com.
There are three major types of property voting rights:
You are an SRP customer for power.
You are an SRP customer for water.
You live in an area that SRP used to serve, but many decades ago gave over to APS. This covers huge swaths of central Phoenix. So, you might have a right to vote in that election and not even know it. I vote every chance I get and I live in Willo!
That last category is great if you want a rebate from SRP every year. It’s called SRP Shareholder Compensation. They cover the difference between what you would have paid had you stayed under SRP and what you do pay under APS.
But, I digress. Let’s go back to this “back-assward” voting system.
Could SRP get hip to the post-US Constitution times and allow all people to vote? Sure! But that would mean somebody would give up power.
Speaking of giving up power, there is an inspiring group of people who are trying to break SRP’s lock on power. It’s worth a look.
Here’s another reason why this is crucial. SRP is singing a pretty song about cutting carbon emissions, but is still putting highly-polluting methane gas in to service. Read about the planned 840MW power plant that SRP is planning for the already environmentally distressed town of Randolph.
Why does this matter to you? Well, if SRP keeps using methane gas (what the industry misleadingly labels as “natural”), SRP will be paying more for gas to fuel the plant in the future than they would for solar, wind and batteries. This is a reality. Gas is a volatile commodity. The sun is not.
Oh, and speaking of sun, SRP put more extra fees on home owners that install solar that probably any utility in the country. That needs to change, too.
“How are we fairing in terms of supply March vs. March?”, you ask?
“As in March of 2022 vs March of 2021?”
I’m happy to tell you! This information tells you a lot about where things are moving, as investment funds continue to gobble up about 1 in every 4 home sales.
“Active Listings (excluding UCB & CCBS): 4,588 versus 4,491 last year – up 2.2% – but down 5.9% from 4,876 last month
Active Listings (including UCB & CCBS): 8,305 versus 9,094 last year – down 8.7% – and down 0.9% compared with 8,380 last month
Pending Listings: 8,333 versus 8,027 last year – up 3.8% – and up 6.9% from 7,798 last month
Under Contract Listings (including Pending, CCBS & UCB): 12,050 versus 12,630 last year – down 4.6% – but up 6.6% from 11,302 last month
Monthly Sales: 8,000 versus 8,035 last year – down 0.4% – but up 12.7% from 7,096 last month
Monthly Average Sales Price per Sq. Ft.: $284.55 versus $231.11 last year – up 23.1% – and up 3.6% from $274.70 last month
Monthly Median Sales Price: $445,000 versus $349,000 last year – up 27.5% – and up 2.7% from $433,500 last month”
In English, please?
“The downward trend in supply that started in late October continued throughout February, but slowed down. We have slightly more inventory than we had this time last year, as long as we exclude UCB and CCBS listings. We have fewer active listings in total, but UCB counts have fallen by almost 20% compared to a year ago.
Demand is slightly below last year but given the sharp increase in interest rates, it is holding up pretty well. The market is cooler than a year ago, but not by much. The contract ratio stands at 263, down from 281 this time last year, but still abnormally high. In a normal market, this would be somewhere between 30 and 60.
Prices are rising at colossal speed. The average $/SF has risen 6.2% in the first 2 months of the year and are likely to continue rising until May at least. The median sales price is up from $425,000 to $445,000 in 2 months and looks likely to break $470,000 by the end of the second quarter. The third quarter is always a slower period and we may get some respite from the rising prices between June and September.
There are plenty of observers suggesting the market is due for a downturn, but the market is not giving off any data to support that opinion. Supply remains extremely low with no sign of significant new supply of homes to buy. Demand is down a little but seems to be extremely resilient and although it is lower than last year, it remains very strong by historic standards. A change may happen, and you know we will report it if it is there to be seen. Right now there is no change to report.”
So, if you are looking to buy, be prepared for prices to continue to push upward.
If you are looking to sell, get it listed before the summer heat comes on.
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