Summer has started, but the Real Estate Market is still cold

Real Estate is very Moody - Overview

I absolutely adore Tina Tamboer and The Cromford Report's ability to show accurate real estate statistics for Maricopa County. However, I'mnotloving that graph above.DESPAIR? FREAKING AGAIN????

Ok people! It is time to work together to bring us out of this crappy roller coaster,past skepticism, through hope, and finally get into RELIEF!!!! We need to focus as a community as I have no desire to be on financial life support!!!

No matter what your political views, neither the stock market, bonds, or the powers that be who decide what mortgage rates will be are happy for any real duration. We need them to have a reason to mellow out so the real estate market can start to thaw out.

The whole market is constipated, though BUYERS are winning over SELLERS overall.

For the monthly period ending May 15, we are currently recording a sales $/SF of $294.99 averaged for all areas and types.This is down a substantial -3.4%from the $305.46 we now measure for April 15.

The median sales price has moved down over the past month from $450,000 to $446,990, a much smaller percentage change of 0.7%.

Even if you don't own a home, make sure to read below!

CONTRACT RATIO HEAT MAP - by zip code

GREEN shows a BALANCED market. Houses are appreciating at about the price of inflation. This also means there are a similar number of home buyers as there are listings.

BLUE is a BUYER'S market. Property is depreciating in value faster than inflation. There are more listings than buyers, so haggling down on price is expected.

BUYERS have the power right now, though it won't last forever.

GOSSIP DEBUNKED: Among those pending listings we have 98.5% normal, 0.4% in REOs and 1.1% in pre-foreclosures (including a very small number of short sales). The level of pre-foreclosure activity is higher than last month though it remains low by long-term standards.

SUMMARY:

It is great to be a BUYER as you can get the SELLER to give you all sorts of concessions (money) right now.

This market will not last forever. More people are coming to the Valley of the Sun every day for jobs and home builders aren't making enough homes for the need. SUPPLY vs DEMAND is real.

For those who buy now or already own a home, you will ride the next wave when housing prices go up again.

Nancy Wittenberg