Phx Real Estate Market Update | June 2018
Good morning wonderful person :)
I hope you woke up with joy in your heart today. .. It's another nice Friday and the sun came out today... :) Right now it's what my GP would call "severe-clear" outside... not a damn cloud in sight and wicked raunchy hot... It's supposed to be like 117 on Tuesday. I appreciate those whom have to work outside in this heat to provide for their families... it's uniquely grueling this time of year.. and my hat's off to those whom commit that kind of effort.
Given that it's so damn hot outside, we're in the final weeks of summer break... why not enjoy the views of a beach somewhere on our planet... just not here outside our window right now.. hahah! reminds me of the country song "some beach" when you're dealing with "some bitch" of moment.. in this case.. it's the heat. haha
I feel slightly relaxed looking at it.. so please forgive if I make zero sense about the market update after this.. hahaha :)
Market Update: June 2018
Well! I know it's weird and all.. but we've started our yearly decline of activity. For us here in AZ, our busy season is during the second quarter and wind down incrementally through the third. I'm not sure if it's connected to the school year and people are focused on kids new school stuff, recovery of bad habits only developed during the summer.. not sure. Still an active market place out there.. but, that's Arizona Phoenix activity. We'll be slower more come after Halloween.
That all aside.. things still be moving and it's a great time find a home or sell a home. Our inventory is still lower than it was last year, and even more this year. Almost 4 years ago this 20,000 number was closer to 30,000.... a full third drop. Back to PHX AZ standings, we're right in a traditional market. Meaning, very, very few distressed properties and good healthy loans for purchasing. Our distressed market is 1.2% of the inventory. We're in a great spot.
Something else to consider too... home prices are up year after year too. From June of 2016 to June of 2018, much of the valley is at almost 10% growth. Now that's the whole valley. There are still places that are near 3%, and then others such as parts of Laveen... they're near 12%.
All this to be said... we're in a great place to live with tons of growth in our investment of home ownership. The challenge is that inventory is low and the buying rate is high. This is great for a seller!! truly! Our average days on in the market is a low 62 and our months inventory is 2.24... which means, that if we keep selling like we are and nothing came back on the market it would only take a little more than 2 months before we were out of homes to buy. This has made for more accepting buyers out there... meaning, they aren't going to get every single item on their wish list... however, those homes that do have everything, buyers need to be prepared to put up a fight for the home. A good agent will use emotion and connection in conjunction with organization and patience with the listing agent... From what we have seen, those items in addition to a prepared buyer of the circomstances out there, that is what is helping get them the homes.
If you're a seller to sell and call another state home... well then... for AZ.. you couldn't be in a better spot. From there it will all be presentation and price point... now things still need to appraise... but! you the seller are poised to gain all that you can. Attached is the June 2018 stats on the market for greater detail. So please take a look and let us know if you have any questions. :) There are times in this biz where you wonder why the hell... and then there are other moments where you're reminded of why the universe directed you here. This past Friday we had the chance to do pizza and beer with a family...tucked away in their kitchen we broke bread and talked about life and their hopes for home ownership. The joy of teaching and sharing is why I believe the universe pointed us here... 3 hours later we had a game plan and an understanding of what's going on... all backed by new friends :) If you or someone you know needs a safe place to be themselves and has questions.. We would be grateful to lend some wisdom or help. :) even if it's "hey, I want to do this with my yard... what do you think?"... we're here for that too. This is a safe place and we're grateful to help make your life better :) Have a wonderful weekend! Stay cool and safe from the heat. Always your friends, -Josh & Chas. ps.... while you're in line this weekend at a store.. give the cashier an unprovoked compliment you're sure to impact more than just that person's day. :)