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Peoria, AZ
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News for Peoria, AZ - June 2nd, 2015 5:13pm
Its a very strong Seller's market:

New home sales surged in April, pending sales of existing properties are up, and so are home prices.

In other words, the real estate market is "really hot" right now, according to the CEO of online real estate search and brokerage firm Redfin. "It's a very strong seller's market. We've got homes selling in 45 minutes in places like Omaha and Atlanta," Glenn Kelman said.

The whole country "has been on fire in the past few months. It's just a really hot market." A slew of positive economic data was released last week, suggesting the housing market recovery was continuing to gain traction.

Pending Home Sales for April rose 3.4 percent from March, to the highest level in nine years, according to figures released Thursday by the National Association of Realtors. Pending sales are now up 14 percent from a year ago.

Meanwhile, the closely-watched S&P/Case-Shiller I...
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News for Peoria, AZ - January 8th, 2015 4:15pm
Pricing was surprisingly strong in December with the median up over 6% from the prior year and $/SF up over 3%. However these gains are very small compared with the previous 2 years. Much of the advance is due to continuing improvements in the mix in favor of higher priced homes. We must also remember that seller concessions do not get reflected in the prices recorded.
There was little to dislike in the December numbers and that fact that sales volume exceeded December 2013 by more than 11% is definitely encouraging. 2014 was a lackluster year with low supply and even lower demand and it looks like demand is starting to show a few mild signs of life. Even so, we are starting the year with a very low number of homes under contract by normal standards. The big question is what will happen to supply. If it arrives in bulk over the next 3 months then buyers will retain the advantage they enjoyed during 2014. If, as seems more likely based on what we saw in the last 4 weeks, supply g...
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News for Peoria, AZ - November 24th, 2014 12:49pm
Here are the basic ARMLS numbers for November 1, 2014 relative to November 1, 2013 for all areas & types:

Active Listings (excluding UCB): 24,846 versus 23,330 last year - up 6.5% - and up 5.7% from 23,514 last month
Active Listings (including UCB): 27,561 versus 26,123 last year - up 5.5% - and up 4.7% compared with 26,336 last month
Pending Listings: 5,293 versus 6,047 last year - down 12.5% - and down 3.4% from 5,481 last month
Under Contract Listings (including Pending & UCB): 8,008 versus 8,840 last year - down 9.4% - and down 3.6% from 8,303 last month
Monthly Sales: 6,161 versus 6,109 last year - up 0.9% - and down 1.8% from 6,273 last month
Monthly Average Sales Price per Sq. Ft.: $127.98 versus $124.69 last year - up 2.6% - and up 1.0% from $126.69 last month
Monthly Median Sales Price: $192,500 versus $185,000 last year - up 4.1% - but down 0.8% from $194,000 last month

We can ...
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National Market Conditions
2018 1st Quarter Market Report: Home Sales Steady - Prices Continue to Rise

The 1st quarter of 2018 ended on a good note with March existing home sales only down slightly over last year, and with 2018 home sales expected to exceed 2017 excellent year. Home Prices in 2018 continue to rise, increasing 5.8% over the end of March last year.

The most notable change in the 1st quarter was an increase in seller activity. Our survey showed that in 46% of the markets surveyed there were still more buyers than sellers, but a decrease of 27% from March 2017. Additionally, 17% of our markets surveyed showed more seller activity than buyer activity, an increase of 8% over last year. The remaining 37% of the markets showed an equal amount of buyer and seller activity which was an increase of 19% over last year. The increased activity, however did not ease the tight inventory 73% of our markets showing a very tight supply of homes available for sale. Home prices are also on the rise with 86% of markets showing price appreciation in the last year.

According the National association of Realtors (NAR) existing home sales in March were down 1.2% over last year, but annual sales are expected to hit 5.6 million units compared to 5.1 million in 2017; inventory of unsold homes is at a 3.6 month supply and 46% of all homes sold in under one month.

The data in this report is generated primarily from our survey of exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.

Buyer and Seller Activity
The trend in both buyer and seller activity is up significantly in the 1st quarter of 2018 compared to the buyer and seller activity from last year. Buyer activity is steady or increasing in 94% of the markets surveyed and decreased in only 6% of the markets surveyed indicating a significant 8% increase in activity from Spring 2017. Simultaneously the trend for seller activity posted a solid 10% gain in the 1st quarter of 2018 with 85% of the markets indicating steady or increased seller activity compared to 75% of the markets at this time in 2017. Despite increased seller activity there are still more buyers than sellers and homes are selling quickly. In fact, according to NAR inventories have decreased to 3.6 month supply compared to 3.8 months in March of 2017. A balanced "normal market" is considered to be a 6 month supply of homes for sale.

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Fall 2019 Market Update
Contrary to the media, homes are selling very quickly. If the home is in good condition and priced well, the homes are selling. Folks are taking advantage of low interest rates and considering the great weather here, buyers are getting an opportunity to buy a second home. It is a great time to take advantage of this terrific market here in sunny AZ.
Average Sold Home Price: $200,000

Average Time on Market: 60-90 days

Best Selling Price Range: $250,000 - $299,000

Existing Home Prices for the past 90 days: No Change

Market Trend: Increasing

Buyer's or Seller's Market: Equal buyers and sellers

Buyer Activity for the past 90 days: No Change

Seller Activity for the past 90 days: No Change

Multiple Offers? No

Multiple Offers Commentary: Being that it is a stable market, buyer’s and seller’s are having to negotiate price and terms. Rarely is there a multiple offer situation in Peoria.

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? 5-10%

Is Financing Available For Qualified Buyers? Yes

Housing Inventory: Good Supply

Housing Inventory Comments: Inventory supply as of November 2014 is 4.4. Compared to last year at 4.0. Average days on market is is 131 compared to last year of 96.

Greatest Activity: First Time Buyers

Best reason to buy or sell: Population Growth

Nearest Metro Area: Phoenix

Housing Hot Spots: NW area of Peoria including Vistancia, #1 Master Planned community in the nation. Huge growth in the area. Builders are opening sections of land on a monthly basis. Job growth and opportunity continues to expand. Mortgage rates are still at an all time low.

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Real Estate Professional, Bonnie Evans Bonnie Evans
HomeSmart Real Estate
Specializing in Peoria Real Estate
17601 N. 36th Avenue
Glendale, Arizona 85308
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(Because current market conditions can change rapidly in any given marketplace,
please check with Bonnie Evans for current Peoria, AZ market conditions before acting on this information.)
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