How are you doing on this beautiful day?

This video is a little bit about me, while trying to be entertaining. I'm not sure that I accomplished that last goal, but hopefully you will watch it from a less of a critical paradigm than I do.

What do you think?

Click here to watch this video on YouTube.

Balanced! Balanced! Balanced!

• The median sales price has moved upwards over the past month as closing volumes were much stronger for the more expensive sectors of the market and relatively weak for the affordable sectors.

• On March 15th, the pending listings for all areas and types show an average list $/SF of $334.28, barely changed from the reading for February 15th.This suggests that closed prices will not move much between now and mid-April.

• We are seeing weakness in the average price per square foot for active listings. This measure tends to adjust months before measurement of closing prices, as homes are in escrow for a month, normally.

• It is very unusual for the $/SF for active listings to fall during this time of year. We are therefore not optimistic that the current strength in closing prices can be sustained indefinitely. In other words, if we don't put more buyers into escrows soon, prices are poised to start weakening across the Valley.

• Since the above chart is kinda small, I'll explain it a bit.

  • Supply is at 86. That means our volume of inventory is only 14% below "normal."Our low point in the past 3 years was August of 2023 when it was at 48. (52% below "normal.")

  • Buyers, aka Demand, is at 80. The number of Buyers purchasing homes has been between 69 to 85 since August 2022. The previous time that Buyers were lower than "normal" for more than 3 months in a row was in 2014 and again in 2008. This is HUGE! Why do you think buyers are waiting, when they have been waiting for several years now. Please let me know what you think.

Are you considering buying or selling a home? Reply to this email or text me at 602-730-2143.

This is a PERFECT example of how employment affects home values.

• The areas that are barely shaded are the zip codes that are in a balanced market. That is a huge portion of the Valley. These areas are where we can assume the housing values are reasonably flat.

• Here are some examples:

  • TSMC (Taiwanese Semiconductor Manufacturing Company) has been hiring staff at certain price points, which is the semi-circle in the top left corner of the above map.

  • Intel has been hiring, which is the bottom, almost middle.

  • Phoenix, Tempe, Scottsdale, Mesa, Gilbert and such don't have large employment increases at the moment, or their price points aren't in the desirable ranges of the staff that are moving to the area.

• The path of progress, meaning development of new housing inventory followed by new jobs, are in the west and northwest quadrant of our Metro area.

Do you have any questions about this or anything housing related? Reply to this mail or text me and I'm happy to answer them.

A warm thank you to the Cromford Report, and Tina Tamborer, for her invaluable insights and data throughout this update.

When you hear a friend, family member, or co-work mention they are entertaining the idea of buying or selling a home,

pick up your phone call/text me immediately. Let's coordinate the best way for me to reach out and assist them.

Simply reply to this email or call/text me at 602-730-2143.

Coldwell Banker Realty

1640 S Stapley Dr. #241, Mesa AZ 85204

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Nancy Wittenberg