PetreeRE.

com
Issue: Sept. 2018
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What It Means...
SEP
2018
PHOENIX METRO
Residential Real Estate
Supply Continues to Rise in the Middle
Seller Price Reductions up 46% and 61%
Overall supply is down 9.6% compared to last September.
What this means for buyers is that the Greater Phoenix
Market Watch market is still in short supply, but it’s subtly becoming
less bad. Between $250K-$300K, supply has risen 15% in
Sept. 5, 2017 - Sept. 5, 2018 only 8 weeks. Between $300K-$400K, supply has slowly
risen 10% since January. All other price ranges are either
declining in supply or following their normal seasonal
trends. This is great news for buyers; more choice in the
Active Listings Monthly Median marketplace means less negotiating pressure. However,
for Sale = Sale Price =
don’t expect sale prices to plummet anytime soon. The
first price to respond to a supply shift isn’t a sale price, it’s
15,930 $260,000 a list price in the form of a price reduction. Despite the
K
260 increase in supply between $200K-$250K, there hasn’t

-9.6% $ been a correlating increase in weekly list price

reductions from sellers yet. However that is not the case
+8.3% for the market between $250K-$300K where weekly list
price reductions have risen 46% in the past 8 weeks and
weekly reductions between $300K-$400K have risen 61%
since January. This isn’t an indicator that sellers are
becoming desperate. Make no mistake, there are very few
desperate sellers in this marketplace. There are,
however, many optimistic sellers who may be taming

-8.5% Total Monthly

their expectations.

Months of Supply
Listings Closed Sales

Cromford Associates LLC and

3.1

Tamboer Consulting LLC

Under = 7,550 2.7

©September 2018
2.5
Contract Sept.
2016 Sept.
= 9,352
-0.9% 2017 Sept.
2018
If no new listings come on the market, at
the current monthly rate of sales,
inventory would run out in 2.5 months

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ct Us
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Buyer n
Brian and Heather Petree REALTORS® or S
Consu eller
ltation
heather@petreere.com
623.570.9389 602.758.5721 (Brian)

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Phoenix-area home prices surpass Market Watch Email List
2006 peak to set record
Around the Valley...

We’re finally there.

Metro Phoenix home Follow us at

prices are back to the pinterest..com/PetreeRE
record hit in

2006. Actually, the

Valley's median home

D.I.Y.
price soared past the
Found on Pinterest:
previous record to
Check out how to
reach $268,000 in June, according to the Arizona Regional
create your own
Multiple Listing Service's latest research. Housing analysts are
board and batten
still a bit subdued... Read More >
wall!

Arizona Cardinals' Larry Read More >

Fitzgerald selling PV home for $5M

Arizona Cardinals

Did You Know?

wide receiver Larry

Fitzgerald has put his Today's

9,300-square-foot National According to a 2018
Paradise Valley
Interest Rate NAR study, 18% of
mansion on the market
(9/12/18) sellers are unaware
that commissions and
for $5 million.

The double-gated

compound on two 4.78% fees can be negotiated.

acres comes with a  theater, billiard room, 1,200-bottle wine room

bankrate.com
and 12-car garage. Read More >

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PetreeRE.com
For Pictures, Info, Prices, Monthly Mortgage Payment Amounts and More!
Basic and Advanced Search Options Available - Real Time MLS Search

44273 W YUCCA LANE 3244 W EUGIE AVENUE 15886 W ADAMS STREET

MARICOPA, AZ 85138 PHOENIX, AZ 85029 GOODYEAR, AZ 85338
3,528 SQFT 1,600 SQFT 1,558 SQFT