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Here you can find answers to your real estate questions. Perhaps even real estate questions you didn't know you had. You'll also find thoughts, observations, and commentary on real estate and real estate related issues. Have a question or a suggestion for a post? Message me or give me a call. I'm always happy to answer questions and share information with others. And don't forget to follow me on Facebook and Instagram!

March 25, 2023

March Real Estate Market Update for Glendale, Peoria, and Maricopa County

More sales and less inventory springing the housing market forward!

 

In February 2023, 252 MLS listing sales closed in Glendale, up from 166 in January, and 191 in Peoria, up from 153. In Maricopa County, 4709 MLS listing sales closed, up from 3558 in January.

 

Today there are 374 active and available listings (not counting properties already under contract or pending close of escrow) in MLS in Glendale, down from 447 in January, and 441 active listings in Peoria, down from 485. There are 10,675 active listings in Maricopa County, down from 11,961 in January. 

 

According to The Cromford Report, in Maricopa County in February, the average number of days a listing was on the market was 80.3.

 

In February, 14% of Maricopa County listings sold for over the listing price – up from 11% in January. The average closing price per square foot in Maricopa County in February was $282.82, a slight increase from January.

 

According to Freddie Mac, as of March 9th, 2023, National Mortgage Rates reported U.S. weekly averages of 6.73% for a 30-year fixed and 5.95% for a 15-year fixed mortgage, up slightly from last month.

 

According to ShowingTime, the platform REALTORS use to schedule most of the MLS showings, 40.75% of the February showings in Peoria and 40.70% of the February showings in Glendale were in the $400,000 - $599,000 price range and 33.81 of the Peoria and 47.02 of the Glendale were in the $200,000 - $399,000 price range. Peoria saw a total of 3811 showings scheduled, and Glendale 4468. Not all showings are scheduled through ShowingTime, so actual numbers are typically higher. 

 

According to MLS statistics, 75.5% of Maricopa County Buyers financed their home purchase in February, while the rest paid cash.

 

In February, Buyers using a Conventional mortgage to buy a three-bedroom detached house with two bathrooms paid a minimum of $235,000 in Maricopa County, $275,000 in Glendale, and $305,000 in Peoria. Conventional financing made up 67 % of February's financed sales.

 

FHA Buyers in Maricopa County paid a minimum of $275,000 for a detached home with three bedrooms and two baths. Peoria FHA Buyers paid a minimum of $338,000, and Glendale FHA Buyers paid $328,000. FHA Buyers made up 16% of financed purchases in February.

 

Maricopa County VA Buyers making a similar purchase paid a minimum of $260,000, $385,000 in Peoria, and $325,000 in Glendale. Home purchases made with VA loans were 7.8% of February's financed sales, and the remaining financed transactions used other financing methods. 

 

For the week ending February 26th, 2023, 47% of Maricopa County Sellers contributed to their Buyer's closing costs. While this is the same percentage as the week ending January 29th, the median concession amount decreased from $10,000 to $8,700.

 

 

The highest-priced home sale in Maricopa County in February was in Paradise Valley for $10,200,000. The highest-priced home sales in Peoria and Glendale were $1,499,000 and 1,500,000. 

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Sept. 17, 2021

September Real Estate Market Update

 

Arizona Ash Tree Changing Colors

 

Our local real estate market typically cools off going into fall, much more than our weather does. And while we are seeing some numbers starting to change slightly like autumn leaves, there's no strong indication that we will see a significant drop anytime soon.

 

The average number of days a listing spent on the market in Maricopa County increased again slightly, from 26.05 days in July to 27.2 days in August. According to The Cromford Report, 53% of sales closed in Maricopa County during August sold for over the listing price, down from 57% of July sales. One could argue that rising list prices account for more sales selling at and not over those prices, but a slight drop in sales price per square foot – from $260.60 per square foot in July versus $258.61 in August – makes a slightly different point. 

  

August 2021 saw 416 MLS listing sales closed in Glendale and 343 closed in Peoria. Today there are 261 active and available listings (not counting properties already under contract or pending close of escrow) in MLS in Glendale and 218 active listings in Peoria. That is 63% of one month's inventory in Glendale, up from 59% last month, and 64% of one month's inventory in Peoria, up from 56%. But while we see a little higher numbers in Peoria and Glendale, the overall Maricopa County inventory is 75% of August's closed sales, up only from 73% in July. 

 

According to ShowingTime, the platform REALTORS use to schedule most of the MLS showings, showings of Peoria listings in the $200,000-$399,999 range had an average of 13.9 showings per listing, while homes in Glendale in the $200,000-$399,999 range had an average number of 15.6 showings per listing. That's still quite a bit of Buyer activity and not all showings are scheduled through ShowingTime, so actual numbers are typically higher.

 

According to Freddie Mac, mortgage rates are still holding steady. As of September 16, 2021, National Mortgage Rates reported U.S. weekly averages of 2.86% for a 30-year fixed, 2.12 % for a 15-year Fixed-Rate, and 2.51% for a 5-Year ARM. 

 

The method of financing a Buyer uses can affect how competitive their offers are, how much they will end up paying for a home or if they can get an offer accepted on a qualifying property at all. According to MLS statistics, 74% of Maricopa County Buyers financed their home purchase in August, while the rest paid cash. Buyers using a Conventional mortgage paid a minimum of $220,000 in Maricopa County, $250,000 in Glendale, and $265,000 in Peoria. Buyers with these loans are more readily accepted by Sellers, as they have fewer restrictions. Because

of fewer restrictions, many properties qualify for a Conventional loan that won't qualify for FHA or VA financing. Conventional financing made up ­­­­73.2% of August's financed sales.

 

In August, FHA Buyers in Maricopa County paid a minimum of $200,000 for a detached home with three bedrooms and two baths. Peoria FHA Buyers paid a minimum of $345,000, and Glendale FHA Buyers, $300,000. FHA Buyers made up 9.1% of financed purchases in August, significantly fewer than the number of Conventional Buyers.

 

Maricopa County VA Buyers paid a minimum of $260,990, Glendale VA Buyers paid a minimum of $315,000, and Peoria VA Buyers a minimum of $350,000. Home sales financed with VA loans made up only 6.6% of August sales. Unfortunately, offers with VA financing are often less likely to be accepted, especially in this hot housing market where Conventional buyers are so plentiful.

 

The remaining financed transactions used other financing methods. For the week ending August 29, 2021, only ­­­­3% of Maricopa County Sellers contributed to their Buyer's closing costs.

 

At the other end of the market, the highest-priced detached home sale in Maricopa County last month closed at $9,600,000. Peoria's highest price detached home sold for $1,550,000, and the highest price detached home in Glendale sold for $2,285,000.

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July 28, 2021

July Real Estate Market Update

JULY MARKET UPDATE

 

Is a cooling trend on the horizon for our real estate market?

 

The average number of days a listing spent on the market in Maricopa County has again decreased, going from 26.6 days in May to 25.3 days in June. According to The Cromford Report, 61% of sales closed in Maricopa County during June sold for an amount over the listing price, up from 59% of May sales.

 

While these numbers don't appear to indicate a slight cooling of the market, a sharp drop in the number of showings per listing, coupled with only a 1% increase in the median sales price from May to June in Maricopa County, might.

 

According to ShowingTime, the platform REALTORS use to schedule most of the MLS showings, showings of Peoria listings in the $200,000-$299,999 range averaged 13.73 showings per listing, a 34% drop from May, and Peoria traffic in the $300,000-399,999 range averaged 16.38, a 9% drop. For homes in the $200,000-$299,999 range in Glendale, the average decreased to 18.33 showings per listing, an 18% drop, and homes in the $300,000-$399,999 range averaged 16.22 showings per listings, a 20% drop. Not all showings are scheduled through ShowingTime, so actual numbers are typically higher but unlikely to be high enough to offset these decreases. 

 

June 2021 saw 452 MLS listing sales closed in Glendale and 404 in Peoria. Today there are 195 active and available listings (not counting properties already under contract or pending close of escrow) in MLS in Glendale and 193 active listings in Peoria. That is 43% of one month's inventory in Glendale, the same as this time last month, and 48% of one month's inventory in Peoria, up from 47%. Today's Maricopa County inventory is 54% of June's closed sales, up from 51% in May. 

 

According to Freddie Mac, mortgage rates are holding steady. As of July 15, 2021, National Mortgage Rates reported U.S. weekly averages of 2.88% for a 30-year fixed, 2.22 % for a 15-year Fixed-Rate, and 2.47% for a 5-Year ARM.

 

FHA Buyers in Maricopa County paid a minimum of $177,990 for a detached home with three bedrooms and two baths in June. Peoria FHA Buyers paid a minimum of $290,000, and Glendale FHA Buyers paid $300,000. Conventional Financing Buyers saw minimums of $210,000 in Maricopa County, $270,000 in Peoria, and $260,000 in Glendale. Maricopa County VA Buyers paid a minimum of $260,000, and Peoria VA Buyers paid $330,000. No three-bedroom homes were purchased with a VA loan in Glendale during June. The minimum purchase was a four-bedroom and two-bath home purchased at $400,000. In Maricopa County, the highest-priced detached home sale in June closed at $12,100,000.00. Peoria's highest price detached home sold for $1,715,000.00, and the highest price detached home in Glendale sold for $1,475,000.00.

 

According to MLS statistics, 74.4% of Maricopa County Buyers financed their home purchase in June. Conventional financing made up 76% of those sales, while FHA and VA accounted for 7.4% and 5.6%, respectively. The remaining sales used other financing methods. For the week ending June 27, 2021, only 3% of Maricopa County Sellers contributed to their Buyer's closing costs. 

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July 3, 2021

June Real Estate Market Update

Summer real estate is seeing shorter days on the market.

 

The average number of days a listing is on the market in Maricopa County has dipped again, to 26.6 days from 28.7 days last month, even as prices continue to increase. The median sales price increased 2.9% from April to May in Glendale, 4.4% in Peoria, and 4.1% across Maricopa County. According to The Cromford Report, 59% of sales closed in Maricopa County during April sold for an amount over the listing price, up from 56% of April sales.

 

May 2021 saw 371 MLS listing sales closed in Glendale and 359 in Peoria. Today there are 160 active and available listings (not counting properties already under contract or pending close of escrow) in MLS in Glendale and 170 active listings in Peoria. That's 43% of one month's inventory in Glendale, the same as this time in April, and 47% of one month's inventory in Peoria, up from 34%. Today's Maricopa County inventory is 51% of May's closed sales, up from 47% in April. 

 

According to ShowingTime, the platform REALTORS use to schedule most of the MLS showings, showings of Peoria listings in the $200,000-$299,999 range averaged 20.84 showings per listing and Peoria traffic in the $300,000-399,999 range averaged 18.02, showing decreases in both segments from last month. In Glendale, for homes in the $200,000-$299,999 range, the average decreased to 22.43 showings per listing, but showings in the $300,000-$399,999 range averaged 20.33 showings per listings, an increase from last month. And not all showings are scheduled through ShowingTime, so actual numbers are typically higher.

 

According to Freddie Mac, mortgage rates are holding steady. As of June 10, 2021, National Mortgage Rates reported U.S. weekly averages of 2.96% for a 30-year fixed, 2.23% for a 15-year Fixed-Rate, and 2.55% for a 5-Year ARM.

 

FHA Buyers in Maricopa County paid a minimum of $172,490 for a detached home with three bedrooms and two baths in May. Peoria FHA Buyers paid a minimum of $290,000, and Glendale FHA Buyers paid $265,000. Conventional Financing Buyers saw minimums of $154,990 in Maricopa County, $281,000 in Peoria, and $263,700 in Glendale. Maricopa County, VA Buyers paid a minimum of $228,000, Peoria VA Buyers paid $330,000, and Glendale VA Buyers paid a minimum of $295,000. In Maricopa County, the highest-priced detached home sale in May was $14,250,000. The highest price detached home sale in Peoria closed at $2,250,000, and the highest price detached home sold in Glendale closed at $1,872,000.

 

According to MLS statistics, 75% of Maricopa County Buyers financed their purchases for the second month in a row. Conventional financing again made up 75% of those sales, while FHA and VA both dipped slightly to 8.4% and 5.7%, respectively. The remaining sales used other financing methods. For the week ending May 30, 2021, once again, only 3% of Maricopa County Sellers contributed to their Buyer's closing costs. 

 

As published in the July 1, 2021 issue of the Glendale Star on page 16 and July 1, 2021 issue of the Peoria Times on page 13. 

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June 25, 2021

June Real Estate Update

Sunset over house

 

Summer real estate listings are seeing shorter days on the market.

 

The average number of days a listing is on the market in Maricopa County has dipped again, to 26.6 days from 28.7 days last month, even as prices continue to increase. The median sales price increased 2.9% from April to May in Glendale, 4.4% in Peoria, and 4.1% across Maricopa County. According to The Cromford Report, 59% of sales closed in Maricopa County during May sold for an amount over the listing price, up from 56% of April sales.

 

May 2021 saw 371 MLS listing sales closed in Glendale and 359 in Peoria. Today there are 160 active and available listings (not counting properties already under contract or pending close of escrow) in MLS in Glendale and 170 active listings in Peoria. That's 43% of one month's inventory in Glendale, the same as this time in April, and 47% of one month's inventory in Peoria, up from 34%. Today's Maricopa County inventory is 51% of May's closed sales, up from 47% in April. 

 

According to ShowingTime, the platform REALTORS use to schedule most of the MLS showings, showings of Peoria listings in the $200,000-$299,999 range averaged 20.84 showings per listing and Peoria traffic in the $300,000-399,999 range averaged 18.02, showing decreases in both segments from last month. In Glendale, for homes in the $200,000-$299,999 range, the average decreased to 22.43 showings per listing, but showings in the $300,000-$399,999 range averaged 20.33 showings per listings, an increase from last month. And not all showings are scheduled through ShowingTime, so actual numbers are typically higher.

 

According to Freddie Mac, mortgage rates are holding steady. As of June 10, 2021, National Mortgage Rates reported U.S. weekly averages of 2.96% for a 30-year fixed, 2.23% for a 15-year Fixed-Rate, and 2.55% for a 5-Year ARM.

 

FHA Buyers in Maricopa County paid a minimum of $172,490 for a detached home with three bedrooms and two baths in May. Peoria FHA Buyers paid a minimum of $290,000, and Glendale FHA Buyers paid $265,000. Conventional Financing Buyers saw minimums of $154,990 in Maricopa County, $281,000 in Peoria, and $263,700 in Glendale. Maricopa County, VA Buyers paid a minimum of $228,000, Peoria VA Buyers paid $330,000, and Glendale VA Buyers paid a minimum of $295,000. In Maricopa County, the highest-priced detached home sale in May was $14,250,000. The highest price detached home sale in Peoria closed at $2,250,000, and the highest price detached home sold in Glendale closed at $1,872,000.

 

According to MLS statistics, 75% of Maricopa County Buyers financed their purchases for the second month in a row. Conventional financing again made up 75% of those sales, while FHA and VA both dipped slightly to 8.4% and 5.7%, respectively. The remaining sales used other financing methods. For the week ending May 30, 2021, once again, only 3% of Maricopa County Sellers contributed to their Buyer's closing costs. 

 

If your finances seem to be coming up short, please know that you are not alone. If you're a Homeowner, contact your Lender to see what programs they are offering. If you're a Tenant, rental assistance is available through the Arizona Department of Housing website at www.saveourhomeaz.gov. If you're a Landlord, you can apply for aid at https://arizonatogether.org/grants. 

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March 4, 2021

February Glendale Real Estate Update

February Real Estate Update

The first month of 2021 saw 293 MLS listing sales closed in Glendale and 289 in Peoria. Today there are 117 active and available listings (not counting properties already under contract or pending close of escrow) in MLS in Glendale and 103 in Peoria. That's 40 % of one month's inventory in Glendale, up from 30% in December and 28% down from 34.3% of one month's inventory in Peoria. Today's Maricopa County inventory is 54.3% of January's closed sales, up from 49.6% in December. In Maricopa County, the days a listing spent on the market rose slightly from 41.39 to 43.62.

 

While it looks like Glendale and Maricopa County overall have seen an increase in available inventory, that data needs to come with a little perspective. According to Cromford Report data, the number of available Maricopa County listings in January 2021 was down 18% from December 2020 and over 50% from January 2020. And Cromford Report data continues to track month-over-month increases in the average final sale price per square foot, with January 2021 sale prices up 1.8% from December 2020 sales, consistent with the roughly 2% month-over-month increases we saw in the last quarter of 2020. 

 

According to ShowingTime, the platform REALTORS use to schedule most of the MLS showings, Peoria listings in the $300,000-399,999 range had the highest number of showings for the 2nd straight month at 31.64 % of January traffic. Listings in the $200,000-299,999 range came in second at 26.2%, and listings in the $400,000-$499,999 range pulled in 21.07% of the showing traffic last month. Glendale statistics show traffic split almost evenly between the $200,000-$299,999 and $300,000-$399,999 segments, at 37.01% and 38.82% respectively. We should continue to see these shifts in showing traffic as prices and demand increase and low-interest rates afford Buyers more purchasing power. Not all showings are scheduled through ShowingTime, so actual numbers are typically higher. 

 

According to Freddie Mac, mortgage rates are beginning to increase slightly for a 30-year fixed loan. As of February 18, 2021, National Mortgage Rates reported the U.S. weekly averages of ­­­­2.81% for a 30-year fixed, 2.21% for a 15-year Fixed-Rate, and 2.77% for a 5-Year ARM. 

 

January entry-level prices for a detached home with three bedrooms and two baths­­­­­­ in the west valley dropped a bit for FHA Buyers, as Buyers using FHA financing saw minimums of $107,000 in Maricopa County, $217,000 in Glendale, and $214,000 in Peoria. Conventional Financing Buyers in Maricopa County saw a decrease to $136,225, as did Peoria Conventional Buyers down to $235,000, but Glendale Conventional Buyers saw an increase to $243,000. Maricopa County VA Buyers saw an increase to $230,000, and Glendale VA Buyers increased to $265,000, with a drop for Peoria VA Buyers to $278,000.  

 

According to MLS statistics, the number of Maricopa County Buyers financing their purchases in January dipped slightly to 81.1% from 82.7% in December. Conventional financing made up 58.1% of those sales, FHA financing 9.8%, VA financing 5.7%, and the remaining sales used other financing methods. In January, only 8.9% of Sellers contributed to Buyer's closing costs. 

 

If your finances need a fresh perspective, please know that you are not alone. If you're a Homeowner, contact your Lender to see what programs they are offering. If you're a Tenant, rental assistance is available through the Arizona Department of Housing website at www.saveourhomeaz.gov. If you're a Landlord, you can apply for aid at https://arizonatogether.org/grants. 

 

As published in the March 4, 2021 edition of the Glendale Star.

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March 3, 2021

Opinion: Chamber board adds small business owner, fresh voice

As published February 15, 2021, in the Glendale Independent.

Opinion: Chamber board adds small business owner, fresh voice

By Lisa Baker, Special to Independent Newsmedia

Connect. Impact. Prosper. The core principles of the Glendale Chamber of Commerce. Honored, I embark on my term as the newest appointee to the Chamber Board of Directors, these principles my North Star.

Growing up the daughter of a successful small business owner, I understood how critical small businesses are not just to the families who operate them and the community that supports them but also to other small businesses. As a local REALTOR and small business owner myself, I know first-hand that my business’s success depends upon the success of other businesses. I understand the sacrifices and risks taken every day by small business owners and the courage it requires to take those risks every day. And I know that support comes not just from sales but from creating a network of alliances. That the more you know about your community, the better you can serve its needs.

And it’s that knowledge that eventually drew me to join the Glendale Chamber of Commerce. To seek connections with like-minded individuals and to support the local business community. To serve first on their Public Policy Committee, and now also on their Board of Directors. I am excited to join the diverse, talented, and esteemed collection of professionals and bring a fresh voice and my entrepreneurial spirit into the mix. To advocate for Chamber policy that encourages, nurtures, and supports local businesses and the community that supports those businesses.

You may be surprised, as I was, to find that Chamber Membership is not limited to only Glendale businesses. Our membership spans the Valley and reaches all industry segments – even non-profit organizations – to truly connect the business community through networking, mixers, seminars, informational presentations, and personal outreach. Even with the current restrictions, the Chamber continues to provide information, value, and partnership to its members in a way not many Chambers have or can.

But Glendale is not just my business community. It is also where I live and play. It is where I volunteer as the chair of the Community Development Advisory Committee, the vice president of the Citizens Police Academy Alumni of Glendale, and the chair of the Conservation Committee for the GFWC Glendale Woman’s Club. It is where I served last year as vice-chair of the Citizens Bond Election Committee, an advisory committee whose roles included reviews, assessments, and recommendations to the City Council for the bond issues presented to the residents of Glendale.

As I navigate my new adventure, I will be collaborating with my fellow board members to create and enact Chamber policy on a wide variety of issues while facing a wide variety of challenges. All with my eye towards our guiding principles and my heart in the City of Glendale.

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Feb. 10, 2021

Prices Climb As Average Time On The Market Drops

Are you thinking about a new home for the new year? Anyone trying to purchase a home right now will tell you that even as prices and interest rates continue to rise, you need to move quickly in this market. But don't think you have to revise your resolutions just yet; just be prepared.

 

Cromford Report data tracked around a 2% month over month increase in the average final sale price per square foot in Maricopa County in the 4th Quarter of 2020. This while the average days on the market dropped to 39.8 from 47.85 in Quarter 3. Both are trends expected to continue this trajectory in the new year.

 

During December, 413 MLS listing sales closed in Glendale and 417 in Peoria. Today there are 124 active and available listings (not counting properties already under contract or pending close of escrow) in MLS in Glendale and 143 active listings in Peoria. That's 30% of one month's inventory in Glendale, down from 40% in November) and 34.3 % of one month's inventory in Peoria (down from 47% in November). Today's Maricopa County inventory is 49.6% of December's closed sales, down from 69.5% in November. 

 

According to ShowingTime, the platform REALTORS use to schedule most of the MLS showings, Peoria saw an increase in showing traffic in the $300,000-399,999 range, with a higher percentage of traffic, 37.39% averaging 12.33 showings per listing. This increase bumped it up to the most popular price range in Peoria, moving the $200,000-$299,999 range to second place at 25.57% of December traffic, with an average of 12.54 showings per listing. The $200,000-$299,999 range still had the most showings in Glendale, averaging 14.65 showings per listing, which accounted for 40.32% of showings. Listings in the $300,000-399,999 range averaged 12.38 showings per listing, 31.88% of showing traffic. Not all showings are scheduled through ShowingTime, so actual numbers are typically higher. 

 

According to Freddie Mac, mortgage rates are beginning to rise gradually. As of January 14, 2021, National Mortgage Rates reported U.S. weekly averages of 2.79% for a 30-year fixed, 2.23% for a 15-year Fixed-Rate, and 3.12% for a 5-Year ARM. 

 

December entry-level prices for a detached home with three bedrooms and two baths rose in the west valley across tracked financing options. While the lowest price paid for a home with Conventional Financing in Maricopa County dropped to $175,000, Glendale Conventional Buyers saw an increase to $225,000, and Peoria Conventional Buyers an increase to $238,000. Buyers using FHA financing saw increases in prices paid with minimums of $185,000 in Maricopa County, $225,00 in Glendale, and $244,000 in Peoria. Maricopa County VA Buyers also saw increases to $217,000, Glendale VA Buyers saw an increase to $260,000, and Peoria VA Buyers paid a minimum of $322,500.  

 

According to MLS statistics, the number of buyers financing their purchases in December rose from 76.4% to 82.7%. Conventional financing made up 71.3% of those sales, FHA financing 13.7%, VA financing 6.8%, and the remaining sales used other financing methods.

 

If your finances are in need in the new year, please know that you are not alone. If you're a Homeowner, contact your Lender to see what programs they are offering. If you're a Tenant, rental assistance is available through the Arizona Department of Housing website at www.saveourhomeaz.gov. If you're a Landlord, you can apply for aid at https://arizonatogether.org/grants. 

 

As published in the Glendale Star

As published in the Peoria Times

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Nov. 27, 2020

Housing Market Crunch Continues During Holidays

Published in the November 26, 2020 issues of the Glendale Star and Peoria Times. Lisa Baker, Guest Writer

You don't have to be a Buyer or Seller right now to realize that we are in a housing market crunch. And it will likely not surprise you to know that we are not alone.

 

According to the National Association of Realtors latest quarterly report, every metro area tracked by the National Association of Realtors® during the third quarter of 2020 saw home prices increase from a year ago. Sixty-five percent of metros – 117 areas out of 181 – witnessed double-digit price growth from one year ago. The nation's median existing single-family home price climbed 12.0% on a year-over-year basis to $313,500. And where did we rank? According to the report, the Phoenix-Mesa-Scottsdale Metropolitan area saw an 18.12% year-over-year increase, with the median home price coming in at $341.60. That puts us well above the national average.

 

During October, 408 MLS listing sales closed in Glendale, and 445 in Peoria. Today there are 204 active and available listings (not counting properties already under contract or pending close of escrow) in MLS in Glendale and 250 active listings in Peoria. That's 50% of one month's

inventory in Glendale (down from 56% in September) and 56% of one month's inventory in Peoria (down from 69% in September). Today's Maricopa County inventory is at 75.8% of October's closed sales (down from 87.4% last month).

 

Maricopa County Seller concessions are still low, with only around 9.25% of Sellers contributing to Buyer's closing costs. In line with Buyers needing to gain a competitive edge, about 6.5% of Buyers contributed to Seller's closing costs in October.

 

Showing traffic saw some very slight decreases. According to ShowingTime, the platform REALTORS use to schedule most of the MLS showings, during October, listings in the $200,000-$299,999 range averaged 15.10 showings per listing in Glendale and 13.67 in Peoria. The next closest was the $300,000-399,999 range, with 12.34 showings per listing in Glendale and 10.81 showings per listing in Peoria. And not every showing is scheduled through ShowingTime, so the actual numbers are higher. 

 

Interest rates also saw very little change. According to Freddie Mac, As of November 12, 2020, National Mortgage Rates reported U.S. weekly averages of 2.84% for a 30-year fixed, 2.34% for a 15-year Fixed-Rate, and 3.11% for a 5-Year ARM. 

 

As you might expect, October's entry-level prices for a detached home with three bedrooms and two baths increased nearly across the board for every method of financing. In Glendale, Conventional Buyers spent a minimum of $225,777, FHA Buyers spent $230,000, and VA Buyers got a little bit of a break at $246,000. Peoria Buyers, with a Conventional loan, spent a minimum of $240,000, FHA Buyers saw a dip to $208,000, and VA Buyers spent $260,000. Across Maricopa County, Buyers paid a minimum of $155,000 with a Conventional mortgage, $195,000 with FHA, and $212,000 with a VA loan. Countywide, Buyers using financing made up for 83.7% of October sales, up from 66.5% of MLS sales in September. Of that percentage, 71.2% of Buyers used Conventional mortgages, 14% used FHA, 6.72% used VA loans, and the remaining sales used other methods of financing.

 

If you're struggling right now, please know that you are not alone. If you're a Homeowner, contact your Lender to see what programs they are offering. If you're a Tenant, rental assistance is available through the Arizona Department of Housing website at www.saveourhomeaz.gov. If you're a Landlord, you can apply for aid at https://arizonatogether.org/grants. 

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Oct. 8, 2020

Good News Is Rare These Days...

Here's last month's market update, published in the September 24, 2020 issue of the Glendale Star and Peoria Times. 

 

"Good news is rare these days, and every glittering ounce of it should be cherished and hoarded and worshipped and fondled like a priceless diamond." While this Hunter S. Thompson quote may be from 2003, it certainly rings no less true in 2020. Good news may be rare these days, but there's a little something for everyone in real estate today. 

 

The good news for Sellers is that we are still a strong Seller's Market. The National Association of Realtors reported that prices in July "rose in every region" of the U.S" as "for the first time ever, national median home prices breached the $300,000 level." And in their bid to be competitive, many Buyers are increasingly willing to forego asking the Seller to contribute to their closing costs. And it's working. In Maricopa County, only 24.5% of Sellers contributed to Buyer's closing costs in August, down from 31.2% in July, and 37.9% in June. 

 

Showing traffic is still holding strong. According to ShowingTime, the platform REALTORS use to schedule most of the MLS showings, during August, listings in the $200,000-$299,999 range in averaged 17.9 showings per listing in Glendale, and 15.67 in Peoria. The next closest was the $300,000-399,999 range, with 13.75 showings per listing in Glendale, and 10.59 showings per listing in Peoria. And not every showing is scheduled through ShowingTime, so the actual numbers are higher.

 

Some good news for Buyers is that inventory is increasing. During August, 339 MLS listing sales closed in Glendale, and 395 in Peoria. Today there are 219 active and available listings (not counting properties already under contract or pending close of escrow) in MLS in Glendale and 281 active listings in Peoria. That's 64.6% of one month's inventory in Glendale (up from 42.85% in July) and 71.14% of one month's inventory in Peoria (up from 59.75% in July). Overall, Maricopa County is seeing an increase, with today's active listings at 89.17% of August's closed sales (up from 75% last month).

 

And in more good news for Buyers, interest rates are still low and are expected to remain that way. According to Freddie Mac, National Mortgage Rates for the week of August 27th averaged 2.91% for a 20-year fixed, 2.46% for a 15-year Fixed-Rate, and 2.91% for a 5-Year Hybrid ARM. And on August 27th, the Federal Reserve Chairman announced changes in the Statement on Longer-Run Goals and Monetary Policy Strategy. With these changes, it appears the Fed will be less inclined to hike interest rates when the unemployment rate falls, so long as inflation does not creep up as well. Even with rising prices, this should allow Buyers to continue to reach their goal of homeownership, which is good news for everyone. 

 

If you're struggling right now, there are people to contact who may have some good news for you. If you're a Homeowner, contact your Lender to see what programs they are offering. If you're a Tenant, rental assistance is available through the Arizona Department of Housing website at www.saveourhomeaz.gov. If you're a Landlord, you can apply for aid at https://arizonatogether.org/grants. 

Posted in Information for Buyers, Information for Sellers, Market Updates
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