This is the June update I promised a couple days ago.
April 2009 – Seller’s market (<5 months inventory) exists below $175K. Buyer’s market (>7 months supply of homes) starts at $275K.
May 2009 – Seller’s market exists below $225K. Buyer’s market starts at $350K.
June 2009 – Seller’s market exists below $350K. Buyer’s market starts at $400K.
QED
{ 1 trackback }
{ 5 comments… read them below or add one }
The PHX market is most certainly changing. I’ve seen the supply of homes for sale in AZ plunge on ListingSupply.com, and now I think prices are actually stabilizing and even rising in some markets (the ones that were really beaten up).
Great visual Dru, You can really see what is happening in our market, and how fast it is changing. Thanks
I’m really ready to see what July’s report looks like — have represented several buyers this past couple of weeks who have been on the losing end of multiple offer situations. Tough to know where prices are exactly (and what will appraise).
The multiple offers are different now than 2 years ago, at least in my area; there might be 10 offers on a property, but it will only go 2% or 3% over asking, not 10% to 20% over asking. And everyone is very concerned about properties appraising out – not just in time for finance, but lenders are often doing a second appraisal a week before closing, and some have adjusted loan amount downwards at that time.
Chris,
I have been seeing multiple offers go as high as 30% over the asking price, with the more typical being 5-10%. You are right about the appraisal concern. Fortunately our closing times have been in the 21-45 day range, and prices are not changing that rapidly. That may change with the new lending rules.
.-= Dru Bloomfield´s last blog ..Green Home Features added to Phoenix MLS =-.