Market Update – May

Talk Fusion Studio UTC.
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If you read the real estate news in your newspaper, any day now you will be reading that the real estate market has turned!   UP for a change. 

The right numbers are positive and the right numbers are negative….what I mean is the Sales prices are up.

 Really good news is that the percent of sales to list price is  98.3%.    The “make a low ball offer” period is over.  The lender owned homes are selling with multiple offers, almost to the point of bidding wars.   The number of “conventional seller owned” homes are up.

The right negative numbers are for inventory. The number of lender owned and distressed properties is way down.   Our inventory is very low, actually 47% lower than it was first quarter last year! With a total number close to 13,000.  April’s closings were 8400 The month supply is rated at about 1.5 months !    There are 20,500 sales shown as pending and Active with Contingencies. 

The Active Adult 55+ market presently has 2131 homes for sale with 898 sold in April, another 920 pending  and a current supply of 2.3 months.

These numbers are being repeated in select cities across the country, not just the Phoenix Valley of the Sun. 

To make things even better in the real estate world, the interest rates for the conventional 30 year mortgage  are hovering around the 4% level.