Crystal Ball for 2024
With very few exceptions, the housing market begins every year with a question: what will this year’s housing market bring? The truth is that projecting beyond a few months enters one into the field of guessing, as there is no real estate Nostradamus. But there are data points (courtesy of the Cromford Report) that tell…
The Market Changes Yet Again
“The report of my death was an exaggeration” — Mark Twain 2022 ended in a whimper. After a promising spring buying season, the market sagged under the weight of affordability issues – largely courtesy of rapidly rising interest rates. The seemingly unstoppable sellers’ market that began the year, in fact stopped. By November and December…
Signs of a cooling market
The Phoenix housing market is cooling, but it is far from cold. Here are some interesting numbers from the Cromford Report. From April 1st to October 1st, the number of homes for sale in MLS rose 92% going from 3,591 to 6,883 active listings (supply). In the same time frame, listings under contract dropped 9%…
How’s the Market?
About that real estate market of ours – it certainly was impacted by the pandemic. Perhaps the biggest surprise to most people is what the actual impact looked like rather than what they assumed would happen. Let’s examine the impact in the key areas that compose a real estate market. Prices The primary concern for…
Interview About the State of the Market – COVID 19
The Housing Market Isn’t Stopping!
The real estate market is still alive and functioning –despite social distancing and stay at home orders. Like food, shelter is not optional. Understandably there have been changes. The number of transactions has dropped, but prices are not dropping as supply continues to be much lower than current demand. 2020 began with such a disparity between supply and…
Sellers drag their heels
The market is on the cusp of the “spring buying season” and early prognostications are beginning to form. As with all economic markets, supply and demand determine our market forecasts. Typically we see one side of the equation having a bigger impact than the other – a situation that our market is currently experiencing. Demand…
2019 Comes to a Close
As we head towards the end of the year, the market seasonally follows a pattern that tends to favor buyers. Typically between September and December, active listings grow as demand cools. This year is no exception – although the impact is a gentle one at the moment. 2019 was an interesting year. It began with…
Supply Tightens
In our last paper we discussed demand and its strong rebound (up 8%) from 2018. But we didn’t expound upon the supply side of the story. We will now attempt to remedy that. While demand is more elastic (and therefore perhaps the sexier story) supply might actually be the buried headline. The valley has been…
Record Breaking Market?
“This is now an exceptionally strong market with no sign at all of the weakness we were seeing between September and February.” Michael Orr of the Cromford Report If you are someone who prefers headlines over articles, the above quote summarizes the valley’s current market. For those who prefer more details, read on. We entered…