Why January And February May Be The Best Months Of A Year To Buy A Home!

December 21, 2018 By

If the cost of a home is important to a buyer or if appreciation is important to a buyer now may be the best time to write an offer!

Why?  In each of the last five years the month that had the lowest median purchase price of the year was the month of January.  This is a topic I have written about before, but I want to remind everyone that January can be a good month for buyers to close on a home.

This can be seen in Chart One.  Chart One shows the median purchase price for a previously owned single family home in Maricopa County for each month from January 2014 through November 2018. The majority of homes that close in January went under contract in December.

Table One shows the appreciation at the beginning of the year compared to the end of the year.  It compares the January median purchase price to the December median purchase price for the last four years, except for 2018 which shows the median purchase price for November.  At the end of the last five years the median purchase price was from five percent to nine percent higher compared to the beginning of the year.  For example, the median purchase price in January 2018 was $273,750.  In November it was $292,000 seven percent or $18,250 higher than in January.

What if a buyer missed closing in January but will close in February?  Chart One shows that February is the month with the second lowest median purchase price of the year!

So if price and appreciation are important to a buyer now may be the best time to write an offer with a January or February closing.

A point to remember is that for both Chart One and Table One the information is for previously owned single family homes in Maricopa County.  Any city, or zip code, or subdivision within Maricopa County may trend differently.

May you have a Merry Christmas and a Happy New Year!

Fletcher R. Wilcox

V.P. Business Development, Real Estate Analyst & Author of www.TheWilcoxReport.com

A report on real estate, lending, population and job growth trends in Greater Phoenix.

Grand Canyon Title Agency

FWilcox@GCTA.com

602.648.1230

Grand Canyon Title Agency is a wholly owned subsidiary of the Fortune 302 company FNF

 

Chart One

Table One

Filed Under: Arizona Real Estate Market, Boomerang buyers, Buyer or seller market, Canadian buyers, Canadian sellers, cash purchases, Chandler, Fidelity National Title, Fletcher Wilcox, Fortune 500, Gilbert, grand canyon title agency, Greater Phoenix Real Estate, home loans, Homes sales, Job growth, New listings, Paradise Valley real estate, Phoenix real estate, Phoenix real estate sales, Pinal County, Population growth, real estate sales, Scottsdale listings, Scottsdale luxury market, Scottsdale luxury real estate, Scottsdale real estate, Scottsdale relocation, Scottsdale retirement, Single Family Sales, The Wilcox Report

2018 New Tax Law: How it affects Sellers, Buyers and REALTORS!

January 22, 2018 By

 

Learn about the New Tax Law!

 

When:  January 25 from 10:00 a.m. to 12:00 p.m.

 

Where: 10300 N. 79th Way, Scottsdale, 85258 Class will be in a brand new $2,000,000 staged luxury home by Cachet Homes.

One block south of Shea Blvd., turn on Gold Dust just west of Hayden Road.

DO NOT GOOGLE ADDRESS — IT WILL TAKE YOU TO THE WRONG LOCATION!

RSVP to Fwilcox@GCTA.com  602.648.1230

 

 

 

 

 

Filed Under: Buyer or seller market, Canadian buyers, Canadian sellers, Chandler, Fidelity National Title, Fletcher Wilcox, Fortune 500, Gilbert, grand canyon title agency, Greater Phoenix Real Estate, Homes for Sale, Job growth, Listing inventory, Mesa, New listings, Paradise Valley real estate, Phoenix real estate, Phoenix real estate sales, real estate sales, Scottsdale listings, Scottsdale luxury market, Scottsdale luxury real estate, Scottsdale real estate, Scottsdale relocation, Scottsdale retirement, Single Family Sales, The Wilcox Report

A Class on Social Influence & the Psychology of Persuasion when Working with Sellers & Buyers

November 2, 2017 By

A Class on

Social Influence & the Psychology of Persuasion

 Create influence with buyers & sellers

Turn numbers into knowledge

Turn knowledge into authority

Review social psychology and persuasion

How to get your happy clients to spread the word about you

Get more referral business in 2018!          

JOIN US:

Thursday, November 9th 11:30am to 1:00pm (lunch provided)

LOCATION:

10958 E. TAOS DR, SCOTTSDALE, AZ. 85262

Class will be held in a Luxury Listing Presented by: Yvonne Faustinos, Russ Lyon Sotheby’s International Realty

RSVP:     mailto:FWilcox@gcta.com or 602.648.1230

The Presenter: Fletcher R. Wilcox is V.P. of Business Development and a Real Estate Analyst at Grand Canyon Title. He is founder of The Wilcox Report. His market analysis on the Greater Phoenix residential real estate market has been referenced in the Wall Street Journal, Bloomberg News, MarketWatch, National Mortgage News, Housing Wire.com..and on local and national T.V. Fletcher teaches residential contract writing for renewal hours and served on one of the three Arizona Association of REALTORS subcommittees for the February 2017 AAR Residential Resale Real Estate Purchase Contract.

Sponsors

 

Mathew Kelchner                Ron Peters                                                    Yvonne Faustinos

Suburban Mortgage           Alta Vista Inspection Services                     REALTOR

Branch Manager                 Exclusive 100-Day Inspection Guarantee  Russ Lyon Sotheby’s International Realty

NMLS215995

 

602.758.3459                     480.816.8552                                       480.580.4524

 

 

 

 

Filed Under: AAR Residential Resale Real Estate Contract, AAR Residential Resale Real Estate Purchase Contract, Arizona Real Estate Market, Buyer or seller market, Fletcher Wilcox, Gilbert, grand canyon title agency, Greater Phoenix Real Estate, Homes for Sale, Homes sales, Job growth, Listing inventory, New listings, Paradise Valley real estate, Phoenix real estate, Phoenix real estate sales, Population growth, real estate sales, Scottsdale listings, Scottsdale luxury market, Scottsdale luxury real estate, Scottsdale real estate, Scottsdale relocation, Scottsdale retirement, The Wilcox Report, Westside Real Estate

West Valley Real Estate Event: Predictions for 2018 & How to Use Market Data With Your Clients & Appraisal Q & A!

October 24, 2017 By

          West Valley Real Estate Event  

                                                                                                                         

Wednesday, November 1, 2017 from 10:30 a.m. to 12:00 p.m.

  • Predictions for 2018

  • How to use market data for credibility with your clients

  • 2017 real estate trends for sales, new listings, estimated months of supply

  • Compare home prices today and before the real estate recession

  • What month of the year has the highest sale price?

  • Appraisals and home values

  • What can you say to an appraiser?

  • What have you always wanted to ask an appraiser?

  • How much does solar increase value?

  • Bring your questions

Where: Cachet at the Wigwam

14200 W Village Pkwy #2256 Litchfield Park, AZ 85340

Realtors will tour Cachet’s beautiful single family homes, townhomes and condos.

Lunch served at 12:00 p.m.

RSVP to FWilcox@GCTA.com or 602.648.1230

Speakers

Fletcher R. Wilcox is V.P. of Business Development and a Real Estate Analyst at Grand Canyon Title. He grew up in Phoenix. Graduated from A.S.U. He is author of The Wilcox Report. His market analysis on the Greater Phoenix residential real estate market has been mentioned in the Wall Street Journal, Bloomberg News, MarketWatch, National Mortgage News, Housing Wire.com. Fletcher teaches residential contract writing for renewal hours and served on one of the three Arizona Association of REALTORS subcommittees for the February 2017 AAR Residential Resale Real Estate Purchase Contract.


 

 

 

 

 

 

 

Robert Oglesby is the Founder, President, and Chief Appraiser of AppraisalTek, a full service appraisal company that has established a reputation for providing high-quality appraisal services. Robert supervises all appraisal management operations for multiple large mortgage bankers and his company processes a high volume of appraisals every month. Robert employs and manages full-time employees, including staff appraisers and independent contractors. Robert is a LEED Green Associate, and active certified appraiser. In addition to his work at AppraisalTek, Robert organizes and presents professional seminars for real estate professionals.

     Sponsor

 

 

 

 

 

 

Filed Under: AAR Residential Resale Real Estate Contract, AAR Residential Resale Real Estate Purchase Contract, Arizona Real Estate Market, Buyer or seller market, Canadian buyers, Canadian sellers, Chandler, FHA and VA mortgages purchases, FHA loans, Fidelity National Title, Fletcher Wilcox, Fortune 500, Gilbert, grand canyon title agency, Greater Phoenix Real Estate, home loans, Homes for Sale, Homes sales, Job growth, Listing inventory, Mesa, New listings, Paradise Valley real estate, Phoenix real estate, Phoenix real estate sales, Pinal County, Population growth, real estate sales, Scottsdale listings, Scottsdale luxury market, Scottsdale luxury real estate, Scottsdale real estate, Scottsdale relocation, Scottsdale retirement, Single Family Sales, The Wilcox Report, VA mortgages, Westside Real Estate

Home Prices Keep Going Up in Greater Phoenix!

June 28, 2017 By

It has been a long time since the median sale price for a previously owned single family home was this high.

May 2017 Results  

The median sale price for a previously owned single family home in May was $269,000. The last time the sale price was at the $269,000 level was almost ten years ago.  It was August of 2007.

The data in this report was compiled from the Arizona Regional Multiple Listing Services, Inc.  The geographic area is Greater Phoenix (Maricopa County).

The May 2017 median sale price represented a year-over-year increase of 6.5% or $16,500 compared to May 2016 when it was $252,500. This is a healthy increase.  See Table A.

A Brief History of Median Sale Price

The first time in Maricopa County history that the median sale price of a previously owned single family home reached the May 2017 level was in June 2005. Back then the year-over-year increase was not 6.5% or even close.  It was 47.1% or $86,500.  It went from $183,500 in June 2004 to $270,000 in June 2005.  See Table B.

The May median sale price of $269,000 has come a long way since August 2011 when it bottomed at $120,000. But it still has a little way to go to reach the peak month of $287,500 in June 2006.

Sales in May 2017

May 2017 sales were up 9.5% or by 614 compared to May 2016. Additionally, May 2017 sales were up 13.3% or by 834 over April 2017.  Compare this to May 2016 sales which were up 5.4% or by 332 over April 2016.  See Table C.

New Monthly Listings in May 2017

May 2017 new monthly listings had the highest year-over-year increase for a month this year. There were 466 more listings that hit the market this May than last May.  This jump in inventory most likely will help keep up sales momentum in June and July.

Overall, the number of new monthly listings is flat when comparing the number for the first five months of 2017 to 2016. See total in Table D.

Estimated Months of Supply by Price Point

It is a seller’s market for homes priced under $600,000 (as long as they are priced right). For all price points under $600,000 the estimated months of supply is under four months.  The price range with the highest number of sales was $200,000 to $249,999.  The estimated months of supply in this range was one month.  See Table E.

 

Fletcher R. Wilcox is V.P. of Business Development and a Real Estate Analyst at Grand Canyon Title Agency.
He is author of www.TheWilcoxReport.com. His market analysis on residential real estate in Greater Phoenix has been referenced in the Phoenix Business Journal, the Wall Street Journal, Bloomberg News, MarketWatch, HousingWire.com, National Mortgage News, and the Arizona Republic. He has been a guest speaker on local radio and both local and national TV.
He teaches real estate agents marketing strategies and teaches residential contract writing and Arizona title procedures. He served on one of the subcommittees at the Arizona Association of REALTORS subcommittees making recommendations on changes to the February 2017 AAR Residential Resale Real Estate Purchase Contract. Fletcher started snowboarding in 2006. He is not very good.   Fletcher may be reached at FWilcox@GCTA.com  602.648.1230
Filed Under: AAR Residential Resale Real Estate Contract, AAR Residential Resale Real Estate Purchase Contract, Arizona Real Estate Market, Boomerang buyers, Buyer or seller market, Buyers loan costs, cash purchases, cash sales, Chandler, conventional loans, FHA and VA mortgages purchases, FHA loans, Fidelity National Title, Fletcher Wilcox, Fortune 500, Gilbert, grand canyon title agency, Greater Phoenix Real Estate, home loans, Homes for Sale, Homes sales, Job growth, Listing inventory, New listings, Paradise Valley real estate, Phoenix real estate, Phoenix real estate sales, Pinal County, Population growth, real estate sales, Scottsdale listings, Scottsdale luxury market, Scottsdale luxury real estate, Scottsdale real estate, Scottsdale relocation, Scottsdale retirement, Seller concessions, Single Family Sales, The Wilcox Report, Uncategorized, VA loans

Scottsdale Report: Residential Real Estate Trends for April 2017. Estimated months of supply for single family homes and more!

May 23, 2017 By

This report is on Scottsdale sales and new listing trends for single family, apartment style, townhouse and patio homes.

The data was compiled from the Arizona Regional Multiple Listing Services, Inc. (ARMLS).

In April, of the four residential categories, single family homes had the most sales at 476 or 59% of all sales.  Second was Apartment Style / Flat homes with 161 sales.

Single Family Homes Estimated Months of Supply by Price Range

As can be seen in the table, homes in the lower price ranges generally have lower estimated months of supply.  Generally when there is a four month of supply or less it is considered a seller’s market.  Out of the 476 sales only ten were either a short sale or lender-owned sale.

April 2017

As can be seen, sales in three of the four categories were up this April over last April.  Townhouse sales had the greatest increase at 34%, while single family sales were down 4%.  Even though single family homes were down this April compared to last April, single family home sales are up ten percent for the first four months of 2017 (see the table below in the section Sales and New Listing Trends for the First Four Months of 2017).  

How did new monthly listings for the four categories compare in April 2017 to April 2016?

There were less new monthly listings in each of the four residential categories this April compared to last April.

Sales and New Listing Trends for the First Four Months of 2017

Below enter your email address to subscribe to this blog and receive notifications of new updates to The Wilcox Report by email.

Contact me to open your next escrow with our Scottsdale office located at 8520 E. Shea Blvd., Suite 115, 85260.

Fletcher R. Wilcox is the author of The Wilcox Report and Vice President of Business Development for Grand Canyon Title. His market analysis has been referenced in the Wall Street Journal, Bloomberg News, HousingWire.com and National Mortgage News. He served on one of Arizona Association of Realtor’s 2017 Residential Resale Contract subcommittees. He may be reached at FWilcox@GCTA.com  or by phone at 602-648-1230.

Recent media appearances

May 17, 2017 in the Phoenix Business Journal  http://www.bizjournals.com/phoenix/news/2017/05/11/existing-home-sales-highest-since-2006-up-18-over.html

May 12, 2017 KTAR    https://ktar.com/story/1570668/maricopa-county-home-sales-up-18-percent-near-prerecession-numbers/

Television interviews

My interview with Gerri Willis on the Fox Business News Network

Interview with Jim Belfiore on Square Off Arizona. Topic: The President and Housing.

Interview on Horizon on housing market.

Filed Under: Arizona Real Estate Market, Buyer or seller market, Buyers loan costs, Canadian buyers, Canadian sellers, Chandler, conventional loans, distressed properties, Distressed Property Index, Fletcher Wilcox, Gilbert, grand canyon title agency, Greater Phoenix Real Estate, Homes for Sale, Homes sales, Listing inventory, Mesa, New listings, Paradise Valley real estate, Phoenix real estate, Phoenix real estate sales, Pinal County, real estate sales, Scottsdale listings, Scottsdale luxury market, Scottsdale luxury real estate, Scottsdale real estate, Scottsdale relocation, Scottsdale retirement, Seller concessions, Single Family Sales, The Wilcox Report, Uncategorized, VA loans

First Quarter 2017: Residential Sales Volume Highest in Eleven Years!

May 10, 2017 By

First Quarter 2017 Results

Previously Owned Single Family Homes

Maricopa County  

Data compiled from the Arizona Regional Multiple Listing Services, Inc.

Sales volume in the first quarter of 2017 was the highest since 2006, which was before the great real estate recession. First quarter 2017 sales volume was 18.1% higher than the first quarter of 2016.

Sales volume for this report is the total of the sale prices for previously owned single family homes.  An example of  sales volume would if a real estate agents sold 20 homes and the sales price for each home was $250,000 their sales volume would be $5,000,000.

Sales volume is a health indicator of a real estate market.  It not only speaks on the number of sales, but also on their sale price.  It may show if prices are decreasing, flat, or increasing.  For example, in the first quarter of 2017 there were 15,622 sales for a sales volume of $5,016,013,713.  The average or mean sale price was $321,086.  Compare this to first quarter of 2012 when there were more sales, 16,405, but sales volume was lower, $3,144,327,127.  The average sale price then was $191,668.

The 2017 first quarter average sale price of $321,086 was $15,471 or 5% higher than the first quarter of 2016 average of $305,615.

A Formula for Price Increases

While sales were up 12.4% in the first quarter of 2017 year-over-year, new inventory was flat.  There were 1,726 more sales and 81 less new listings.

If the trend of more sales and less inventory continues prices will go up in the price ranges with heavy demand.

Coming soon will be the estimated months of supply by price range.

Below enter your email address to subscribe to this blog and receive notifications of new updates to The Wilcox Report by email.

Open your next escrow with our Scottsdale office located at 8520 E. Shea Blvd., Suite 115, 85260.

Fletcher R. Wilcox is the author of The Wilcox Report and Vice President of Business Development for Grand Canyon Title. His market analysis has been referenced in the Wall Street Journal, Bloomberg News, HousingWire.com and National Mortgage News. He served on one of Arizona Association of Realtor’s 2017 Residential Resale Contract subcommittees. He may be reached at FWilcox@GCTA.com  or by phone at 602-648-1230.

Television interviews

My interview with Gerri Willis on the Fox Business News Network

Interview with Jim Belfiore on Square Off Arizona. Topic: The President and Housing.

Interview on Horizon on housing market.

 

 

Filed Under: Arizona Real Estate Market, Boomerang buyers, Buyer or seller market, Canadian buyers, Canadian sellers, Chandler, FHA and VA mortgages purchases, FHA loans, Fletcher Wilcox, Gilbert, grand canyon title agency, Greater Phoenix Real Estate, Homes for Sale, Listing inventory, Mesa, Paradise Valley real estate, Phoenix real estate, Phoenix real estate sales, Pinal County, real estate sales, Scottsdale listings, Scottsdale luxury market, Scottsdale luxury real estate, Scottsdale real estate, Scottsdale relocation, Scottsdale retirement, Single Family Sales, The Wilcox Report, Uncategorized

Who will be the top real agent, broker and more!

April 13, 2017 By

Old Town Scottsdale 2017 Friday Night Industry Party

Awards will be for

  • Residential real estate agent of the year
  • Residential real estate broker of the year
  • Residential rookie agent of the year
  • Residential team of the year
  • Commercial managing principal of the year
  • Commercial real estate broker of the year
  • Home inspector of the year
  • Certified appraiser of the year
  • Escrow officer of the year
  • Title sales representative of the year
  • Mortgage loan originator of the year
Filed Under: AAR Residential Resale Real Estate Contract, AAR Residential Resale Real Estate Purchase Contract, Arizona Real Estate Market, Boomerang buyers, Buyer or seller market, Canadian buyers, Canadian sellers, cash purchases, cash sales, Chandler, conventional loans, distressed properties, Distressed Property Index, FHA and VA mortgages purchases, FHA loans, Fletcher Wilcox, Gilbert, grand canyon title agency, Greater Phoenix Real Estate, home loans, Homes for Sale, Homes sales, Job growth, Listing inventory, LSU, Mesa, Mortgage Purchases, New listings, Paradise Valley real estate, Phoenix real estate, Phoenix real estate sales, Pinal County, Population growth, real estate sales, Scottsdale listings, Scottsdale luxury market, Scottsdale luxury real estate, Scottsdale real estate, Scottsdale relocation, Scottsdale retirement, Single Family Sales, The Wilcox Report, VA loans, VA mortgages

Arizona jobs projected to increase by 138,553 and Greater Phoenix jobs by 115,258. More jobs will keep the fire going for already hot housing market.

March 10, 2017 By

On March 9, the Arizona Office of Economic Opportunity released job projections.  Jobs in Arizona are projected to increase by 138,553 from the Second Quarter of 2016 through the Second Quarter of 2018.  The majority of the increase in jobs is expected to be in Greater Phoenix.  Jobs in Greater Phoenix are projected to increase by 115,258.  Greater Phoenix in this report is defined as Maricopa and Pinal counties.

This increase in jobs, along with a growing population, will continue to fuel the demand for residential housing.    Greater Phoenix is currently in the midst of a very hot demand for previously owned single family properties in many price ranges.

According to the Arizona Regional Multiple Listing Services, Inc., sales of previously owned single family homes in the first two months of 2017 are fourteen percent higher than for the same period last year.  The number of sales in January and February 2017 were 9,999 compared to 8,777 for the same period last year.

While sales are up inventory is down.  The number of previously owned new monthly listings in January and February 2017 were 5% or 860 less than for the same period last year.

When writing a contract, be prepared for your buyers to compete against multiple offers when a property is priced at market.

Expect prices to go up in many prices ranges.

The majority of the increase in jobs will be in Greater Phoenix 

To read the report go to https://laborstats.az.gov/sites/default/files/documents/files/ST_IndProjReport.pdf

2016-2018 Projected Job Growth by Region
Area Name 2016 Estimated Total Employment Level 2018 Projected Total Employment Level Numeric Growth Annualized Percentage Growth
Arizona 2,852,181 2,990,734 138,553 2.4%
Phoenix MSA1 2,051,434 2,166,692 115,258 2.8%
Tucson MSA2 382,515 392,583 10,068 1.3%
Balance Of State3 414,363 427,176 12,813 1.5%
1) Maricopa and Pinal Counties
2) Pima County 
3) All other areas in Arizona less Maricopa, Pinal, and Pima Counties 

Arizona’s industry employment projections are produced in conjunction with the U.S. Department of Labor (U.S. DOL), Employment and Training Administration (ETA).

Fletcher R. Wilcox is V.P. of Business Development and a Real Estate Analyst at Grand Canyon Title Agency.

He is author of www.TheWilcoxReport.com. His market analysis on residential real estate in Greater Phoenix has been mentioned in the Wall Street Journal, Bloomberg News, MarketWatch, HousingWire.com, National Mortgage News, Arizona Republic and the Phoenix Business Journal. He has been a guest speaker on local radio and both local and national TV.

He teaches real estate agents strategies on marketing and instructs real estate classes in residential contract writing and Arizona title procedures.  Fletcher started snowboarding in 2006. He is not very good.

Fletcher may be reached at mailto:FWilcox@GCTA.com  602.648.1230
Filed Under: AAR Residential Resale Real Estate Contract, AAR Residential Resale Real Estate Purchase Contract, Arizona Real Estate Market, Boomerang buyers, Buyer or seller market, Canadian buyers, Canadian sellers, cash purchases, cash sales, Chandler, conventional loans, FHA and VA mortgages purchases, FHA loans, Fidelity National Title, Fletcher Wilcox, Fortune 500, Gilbert, grand canyon title agency, Greater Phoenix Real Estate, home loans, Homes for Sale, Homes sales, Job growth, Listing inventory, Mesa, Mortgage Purchases, New listings, Paradise Valley real estate, Phoenix real estate, Phoenix real estate sales, Pinal County, Population growth, real estate sales, Scottsdale listings, Scottsdale luxury market, Scottsdale luxury real estate, Scottsdale real estate, Scottsdale relocation, Scottsdale retirement, Single Family Sales, The Wilcox Report, Uncategorized, VA loans, VA mortgages

When Is The Peak Season For New Listings And Sales? Fourth Quarter 2016 New Listings And Sales Should Be Higher than Last Year!

October 26, 2016 By

This is an update of an article published on July 20, 2016. This version includes third quarter 2016 new monthly listings and sales.  The information in this report is from the Arizona Regional Multiple Listing Services, Inc.

Real estate agents make their commissions as listing agents and as selling agents. So at what times of the year are agents the busiest listing seller’s properties and closing on sales with buyers?  What times of the year are listings and sales the slowest?

I researched the number of new listings and sales for previously owned single family homes in Maricopa County, Arizona (sometimes defined as the Greater Phoenix Market). I broke down the years 2014, 2015 and 2016 into quarters.  The data is from the Arizona Multiple Listing Services, Inc. (ARMLS).

The Findings

image001New Listings: Which Quarter Had the Most and the Least?

The first quarter, the winter quarter, had the most new listings. Then like a stair step, the number of new listings declines in each of the following quarters.  In both 2014 and 2015 the fourth quarter had considerable less new listings than the first quarter.  Then as the chart below shows, new listings shoot up again in the first quarter of the New Year.

What is significant in 2016? More Sellers Listing Their Homes.

So far in 2016, more homes have been listed than in either 2015 or 2014. For the first three quarters of 2016 there were 66,544 new listings compared to 63,216 in 2015 and 63,404 in 2014.  So new monthly listings in 2016 are approximately five percent higher than in either 2015 or 2014.

oct-2016-new-listings-by-q

Sales: Which Quarter Had the Most and Least?

Sold Sign

 

While the first quarter has the most new listings, the second quarter has the most sales – at least in 2014 and 2015. The chart below shows single family sales.  In 2014, the quarter with the least number of sales was the first quarter.  In 2015, it was a toss-up for the least number of sales between the first quarter and the fourth quarter.  There were only thirty-six more closings in the fourth quarter over the first quarter in 2015.  The second best quarter for sales has been the third quarter.

What is significant in 2016? More Sales! Higher Prices!

Sales in the first three quarters of 2016 broke the 50,000 mark. There were 50,050 sales compared to 48,117 in 2015 and 43,510 in 2014.  So sales were 4.0% higher than in 2015 and 15.1% than 2014.  What may be more significant is the sales price.  The median sales price in 2016 for the first three quarters is $249,900 compared to $233,000 in 2015 and $217,000 in 2014.

oct-2016-sales-by-q

oct-2016-median-sales-price

Don’t Stop Working in the Fourth Quarter!

While new listings and sales generally slow-down in the fourth quarter, there will still be plenty of activity. New listings and sales should exceed last year’s fourth quarter results and will end around 18,000 listings with sales close to 14,000!

Fletcher Wilcox 2016 picture

Fletcher R. Wilcox is V.P. of Business Development and a Real Estate Analyst at Grand Canyon Title Agency.

He is author of www.TheWilcoxReport.com. His market analysis on residential real estate in Greater Phoenix has been mentioned in the Wall Street Journal, Bloomberg News, MarketWatch, HousingWire.com, National Mortgage News, Arizona Republic and the Phoenix Business Journal. He has been a guest speaker on local radio and both local and national TV.

He teaches real estate agents strategies on marketing and instructs real estate classes in residential contract writing and Arizona title procedures.  Fletcher started snowboarding in 2006. He is not very good.

Fletcher may be reached at FWilcox@GCTA.com  602.648.1230

New-GCTA-Logo

Filed Under: Arizona Real Estate Market, Boomerang buyers, Buyer or seller market, Canadian buyers, Canadian sellers, Chandler, Fidelity National Title, Fletcher Wilcox, Gilbert, grand canyon title agency, Greater Phoenix Real Estate, Homes for Sale, Homes sales, Listing inventory, Mesa, New listings, Paradise Valley real estate, Phoenix real estate, Phoenix real estate sales, real estate sales, Scottsdale listings, Scottsdale luxury market, Scottsdale luxury real estate, Scottsdale real estate, Single Family Sales, The Wilcox Report
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