Valleywide Market Stats

Not so good news; there are now almost 65,000 listings (last month there were only 55,000) and we have dropped from 7-8% of homes selling monthly to 4% of them selling monthly. Those numbers obviously affect one another, higher number of active listings lowers the percentage selling monthly.

Better news;
I have experienced more activity in the market in past 2-3 weeks, but it doesn't look like it has begun to mean more closings. The most active price range is anything under 200K on the outskirts of town (sometimes multiple offers on properties within days of listing, especially bank owned homes).... I am also seeing much more activity here in Gilbert and I am basing that on the number of sign calls I am receiving on my listings within Morrison Ranch, mainly the smaller ones under 300K.

All buyers are still looking and searching for the deal, and are willing to hold out or move onto other properties, so sellers must be aware that even if they are being shown it may not produce any offers, specifically if the buyers believe from viewing many homes that yours is overpriced.

Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572

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