Realtor reveals the latest real estate figures | Business
Our local real estate market typically cools down in the fall, much more than our time. And while we see some numbers starting to change slightly like the fall leaves, there is no clear indication that we will see a significant drop anytime soon.
The average number of days a market ad spent in Maricopa County again edged up from 26.05 days in July to 27.2 days in August.
According to The Cromford Report, 53% of sales made in Maricopa County in August sold above the listing price, compared to 57% of sales in July. It could be argued that the increase in list prices represents an increase in sales at these prices and not above, but a slight decrease in the selling price per square foot – from $ 260.60 per square foot in July to 258.61. $ in August – makes a slightly different point.
In August, 416 MLS ad sales were closed in Glendale and 343 in Peoria. Today there are 261 active and available listings (not counting properties already under contract or pending escrow closing) in MLS in Glendale and 218 active listings in Peoria.
That’s 63% of a month’s inventory in Glendale, up from 59% last month, and 64% of a month’s inventory in Peoria, up from 56%. But while we see somewhat higher numbers in Peoria and Glendale, Maricopa County’s overall inventory accounts for 75% of sales closed in August, down from just 73% in July.
According to ShowTime, the platform realtors use to schedule most MLS screenings, Peoria ad screenings in the $ 200,000 to $ 399,999 range had an average of 13.9 screenings per ad, while Homes in Glendale in the $ 200,000 to $ 399,999 range had an average number of 15.6 listings per ad. It’s still a bit of buyer activity, and not all showings are scheduled through ShowTime, so actual numbers are usually higher.
According to Freddie Mac, mortgage rates remain stable. As of September 16, National Mortgage Rates reported US weekly averages of 2.86% for a 30-year fixed rate, 2.12% for a 15-year fixed rate, and 2.51% for a five-year ARM. .
The method of financing buyers can affect the competitiveness of their offers, the amount they will end up paying for a home, or whether they can get an offer accepted on a qualifying property. According to MLS statistics, 74% of buyers in Maricopa County financed the purchase of their home in August, while the rest paid cash.
Buyers using a conventional mortgage paid a minimum of $ 220,000 in Maricopa County, $ 250,000 in Glendale and $ 265,000 in Peoria. Buyers with these loans are more easily accepted by sellers because they have fewer restrictions. Due to fewer restrictions, many properties qualify for a conventional loan which will not qualify for FHA or VA financing. Traditional financings represent 73.2% of sales financed in August.
In August, FHA buyers in Maricopa County paid a minimum of $ 200,000 for a single-family home with three bedrooms and two bathrooms. Peoria FHA buyers paid a minimum of $ 345,000 and Glendale FHA buyers $ 300,000. FHA buyers accounted for 9.1% of funded purchases in August, significantly less than the number of conventional buyers.
Maricopa County VA buyers paid a minimum of $ 260,990, Glendale VA buyers paid a minimum of $ 315,000, and Peoria VA buyers paid a minimum of $ 350,000. Home sales financed by VA loans accounted for just 6.6% of August sales. Unfortunately, offers with VA financing are often less likely to be accepted, especially in this fashionable real estate market where there are so many conventional buyers.
The remaining funded operations used other funding methods. For the week ending August 29, only 3% of sellers in Maricopa County contributed towards their buyer’s closing costs.
At the other end of the market, the sale of the most expensive single-family homes in Maricopa County last month closed at $ 9.6 million. Peoria’s most expensive single-family home sold for $ 1.55 million and Glendale’s most expensive single-family home sold for $ 2.285 million.
If you think your finances might need a change, know that you are not alone. Homeowners, renters and landlords are encouraged to contact the Housing Counseling Program of the Department of Housing and Urban Development at 1-800-569-4287 or visit consumerfinance.gov/housing to find help.