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Real Estate Marketing Statistics August 2018

Real Estate Marketing Statistics August 2018

Supply between $200K-$250K has Risen 8.1% since May
Seller Price Reductions Up 7% in Popular Price Range

For Buyers:

If your budget lies somewhere between $200,000 and $400,000 for a home, there’s good news for you.  Supply between $200,000 and $250,000 has been rising gradually over the past 12 weeks.  After dropping 15% from 2,300 listings in January to 1,944 in May, it has since risen 8.1% to 2,101 listings in August, placing it only 6.7% below last year’s count instead of 18% below like it was 3-4 months ago. Listings between $250,000 and $400,000 have also risen sharply 5.3% from 4,791 to 5,044 over the past 4 weeks, placing them only 0.2% below last year’s count of 5,053 listings. The increase in competition has resulted in a notable 7.3% increase in weekly seller price reductions from an average of 778 per week in June to 835 in July.  56% of year-to-date sales in Greater Phoenix have been between $200K-$400K so this increase in supply should come as a little bit of relief for the majority of buyers.

For Sellers:

If you have a home listed between $200,000 and $400,000, then you make up 48% of everything that’s listed in the MLS.  Listings under contract in this price range have averaged 7.4% higher in volume than 2017 all year, until now.  Over the last two weeks, including the end of July through the first week in August, listings in escrow have dropped to 2.2% below last year’s level.  Buyer activity is expected to slow seasonally from the peak in April through the end of the year; however open contracts have dropped 26% since the 2018 April peak compared to a lower 20% drop in 2017 over the same time frame; all while corresponding supply has been rising.  Sellers haven’t seemed to notice this sharper decline as their average asking price per square foot has soared from just 3% higher than last year in March to as high as 7% higher in July.  The average sales price per square foot was up 5.9% in July, compared to 4.6% in June.  However, price is a lagging responder to shifts in supply and demand. We will have to wait and see if buyers accommodate sellers’ price expectations given that they have more to choose from in the marketplace right now.

If you’re interested in purchasing or selling a home you can start by Contacting Us directly or start searching for your new home here

Anthem, Desert Hills, New River, Phoenix, Mesa, Scottsdale, Tempe, Glendale or Surprise

What Do the Recent Drop Prices Mean to the Real Estate Market?

What Does the Recent Rash of Price Reductions Mean to the Real Estate Market?

Last week, in a new report from Zillow, it was revealed that there has been a rash of price reductions across the country. According to the report:

  • There are more price cuts now than a year ago in over two-thirds of the nation’s largest metros
  • About 14% of all listings had a price cut in June
  • Since the beginning of the year, the share of listings with a price cut increased 1.2%
  • This is the greatest January-to-June increase ever reported, and more than double the January-to-June increase last year

Senior Economist Aaron Terrazas further explained:

“A rising share of on-market listings are seeing price cuts, though these price cuts are concentrated at the most expensive price-points and primarily in markets that have seen outsized price gains in recent years.”

What this DOESN’T MEAN for the real estate market…

This doesn’t mean home values have depreciated or are about to depreciate.

A seller may put a home worth $300,000 on the market for $325,000 hoping a bidding war will occur and an overanxious buyer will pay more than its actual value. That has happened often over the last few years. If the seller gets no offers and reduces the price to $300,000, it doesn’t mean the home dropped in value. It is still worth $300,000. Make smarter, more strategic real estate decisions with guidance from a trusted property investment advisor. We used this Calgary based real estate lawyer to close our deal in our latest real estate transaction in Canada.

Home prices will continue to appreciate over the next 12 months (view here to see all the details). In this same report, Terrazas remarks:

“It’s far too soon to call this a buyer’s market, home values are still expected to appreciate at double their historic rate over the next 12 months, but the frenetic pace of the housing market over the past few years is starting to return toward a more normal trend.”

What this DOES MEAN for the real estate market…

This does mean that sellers should be more conservative when it comes to the price at which they list their homes – especially sellers in the upper end of each market.

Sellers have been listing their homes at inflated prices hoping a super-hot market will deliver a buyer willing to pay virtually any price to ensure they don’t lose the house. That strategy has worked somewhat successfully over the last two years. However, the time that strategy would have worked may have passed.

Again, quoting Aaron Terrazas in the report:

“The housing market has tilted sharply in favor of sellers over the past two years, but there are very early preliminary signs that the winds may be starting to shift ever-so-slightly.”

Bottom Line

Prices are not depreciating. However, if you want to sell your house quickly and with the least amount of hassles, pricing it correctly from the beginning makes the most sense. To ensure you get the best advice and guidance on setting the right price, Call Mays Realty for a realtor Bermuda Run. They can help you navigate the process smoothly and achieve your real estate goals.

If you’re interested in purchasing or selling a home you can start by Contacting Us directly or start searching for your new home here

Anthem, Desert Hills, New River, Phoenix, Mesa, Scottsdale, Tempe, Glendale or Surprise.

Waste Removal Company in Anthem, Arizona

The waste removal company in Anthem Arizona is Republic Trash Services. Republic Services collects trash for the east side of Anthem which includes Parkside, The Landings, and the Country Club. This article will cover everything you need to know about waste removal in Anthem Arizona. There are some materials you can easily recycle.

Services

Republic Trash services provides a variety of waste disposal options. Normal trash and recycling, bulk trash removal, and the spring/fall electronics, hazardous materials, and paper shredding. All of these services are included in the quarterly rate that is paid by the residents.

Trash and Recycling

Residents of Anthem have their property serviced by Republic Services once a week. Residents need to make sure that their trash/recycling container is out for collection the night before or prior to 6 a.m. on their designated collection day. The containers should be placed on the street and not the sidewalk. Residents should allow 3 feet between each container that is out for service. Make sure to check here to understand the kind of materials that can and cannot be recycled. Understanding these procedures helps keep the community clean and organized, which is why you need a dumpster for efficient waste management.

Curbside Recycling and Trash Service Schedule for Anthem Arizona

Curbside Recycling and Trash Service Schedule for Anthem Arizona

Bulk Trash

Bulk trash pickup is provided through Republic Services. This is defined as any item that does not fit into a garbage container which includes: furniture, trees, appliances, beds, etc.

Electronics, Hazardous Materials, Shredding

The waste removal company in Anthem also provides recycling of hazardous materials and paper shredding. Typically in the spring and fall of each year Republic Services sets up a shredding and hazardous waste disposal drop-off at the Anthem community center. All that home owners need to bring is proof of residency to take advantage of this fantastic free service.

Important Dates

Holiday Service Schedules

Labor Day – September 3 2018 – Services Monday through Thursday will take place on the following day.

Thanksgiving Day – November 22 2018 – Services Thursday through Friday will take place on the following day.

Christmas Day – December 25 2018 – Services Tuesday will take place the following day.

New Years Day – January 1 2019 – Services Tuesday will take place the following day.

Christmas Tree Drop Off

In Anthem after your tree has begun to fade away with the holidays you can get rid of it for free! Republic Services provides services on December 29 2018 and January 5 2019 at Anthem Community Park to get rid of your Christmas tree.

Rates

The quarterly rate for Republic Services once-weekly pickup of trash and recycling is $55.89 for service dates between Jan 2018 and Dec 2020.

  • New Account setup is $0
  • One time free container repair or replacement per year
  • Service for an extra container $15.18 per quarter
  • Additional Bulk Pickup $125 and must be scheduled in advance.
  • Additional unscheduled service $15.
  • Vacation hold request no charge. Residents must be gone longer than 10 days, but no longer than 6 months. Resident will receive prorated statement for next billing period.
  • Walk-up service $75 per quarter.

Information Provided Courtesy of Republic Services 

If you’re interested in purchasing or selling a home you can start by Contacting Us directly or start searching for your new home here

 

Real Estate Market Statistics July 2018

Real Estate Market Statistics

 

Real Estate Marketing Statistics July 2018

Cost of Waiting to Buy Means Less Space or Higher Payment
More New Homes Sell in Low $200’s This Year

For Buyers:

Hearing cries for more affordable housing supply, developers have sold more new homes in the low $200’s this year; selling 35% more than they did last year within the same time frame. However, the under $200,000 market remains neglected for additional supply.  As of May 2018, only 6% of new homes sold were under $200,000, 37% were between $200,000 and $300,000 and 41% were between $300,000 and $500,000. This means that properties under $200,000 will continue to appreciate faster than any other price point and homes sold in this price range are only getting smaller.  The annual average home size sold between $100K -$200K, new and resale combined, is currently 1,390sf compared to 1,454sf last year.  That’s a loss of 64sf and roughly the size of a couple of closets.  Since 2014, the annual average home size sold has consistently hovered around 1,975sf.  Those buyers who didn’t want to sacrifice living space paid an average of $22,000 more for a 1,975sf home in the past year.

For Sellers:

Greater Phoenix is officially in the seasonal summer slowdown and contracts in escrow are expected to continue declining overall until the end of the year.  The peak of the market for contract activity usually hits at the end of April, as it did both this year and last year.  So far levels have dropped 17% from the peak, which is closely following last year’s drop of 18% between April and July.  If the 2018 market follows last year and previous years, we can expect contracts in escrow to drop about 4% per month until the end of the year.  This would be considered perfectly normal, anything more could indicate a non-seasonal drop in demand.

If you’re interested in purchasing or selling a home you can start by Contacting Us directly or start searching for your new home here

Anthem, Desert Hills, New River, Phoenix, Mesa, Scottsdale, Tempe, Glendale or Surprise

Real Estate Market Statistics April 2018

Real Estate Market Statistics April 2018

 

MLS Sales Outperform non-MLS Sales in Frenzy Market

Supply Under $200K Down 36% Over Last Year

 

For Buyers

Greater Phoenix ended the 1st Quarter 13% lower in supply, which was not helped by a 2% decline in new listings entering the market. All price ranges are below last year’s level of supply with the exception of the $1M+ market, which is up 1.5%.

On the opposite end of the spectrum, supply under $200K is down 36% from last year and all prices in between are down 10%. Buyer competition is typically at it’s strongest at this time of year and is expected to begin tapering off seasonally in May or June.

 

For Sellers

Despite the highly competitive, fast appreciating environment in the $100K-$200K market, more sellers decided not to list their home on the MLS and many chose to sell to an investor instead.

This is ironic considering MLS sales in that price range sell for 12% more per square foot on average compared to normal non-MLS sales, which could equate to a $12,000-$22,000 gap. Additionally, the annual average sales price per square foot rose faster for MLS sales in this range at 7.9% while non-MLS sales rose only 6.0% over the last year.

 

If you’re interested in purchasing or selling a home you can start by Contacting Us directly or start searching for your new home here

Anthem, Desert Hills, New River, Phoenix, Mesa, Scottsdale, Tempe, Glendale or Surprise