Dear Neighbors,

Here is your Bellasera Market Update for MAY 2016:

FOR SALE

22

- Average Asking Price

$673,259

- Average Square Feet

2,897

- Average Asking Price per Sq. Foot

$234

- Average Days on Market

95

- SHORT SALES – LENDER OWNED

0

 

 

PENDING

2

- Average Asking Price

$504,700

- Average Square Feet

2,046

- Average Asking Price per Sq. Foot

$249

- Average Days on Market

158

- SHORT SALES – LENDER OWNED

0

SOLD 2016*

13

- Average Sales Price

$657,923

- Sales Price to List Price

97%

- Average Square Feet

2,756

- Average Sales Price per Sq. Foot

$244

- Average Days on Market

92

- Lowest Sale Price

$390,000

- Highest Sale Price

$875,000

- SHORT SALES – LENDER OWNED

0

 

 

 

SOLD 2015*

20

- Average Sales Price

$612,225

- Sales Price to List Price

97%

- Average Square Feet

2,535

- Average Sales Price per Sq. Foot

$243

- Average Days on Market

106

- Lowest Sale Price

$373,000

- Highest Sale Price

$900,000

- SHORT SALES – LENDER OWNED

0

 

 

 

The attached spreadsheets shows the homes that are FOR SALE, PENDING, and SOLD by FLOORPLAN.

The number of homes currently  FOR SALE in the Valley are:  22,193 - compared to APRIL of 22,837.

There are 13,351 homes currently under contract compared to APRIL of 13,330.

8,448 homes  SOLD in APRIL in the Valley compared to MARCH of  8,502 (out of 8,502 homes – only 618 homes sold over $500,000.)

THE MARKET:

Bellasera has 22 homes for sale – this number is much higher than in previous years.  The market has slowed considerably - days on market are longer – only 2 homes have gone under contract from March 3rd to now – we are seeing many price reductions on listings.  Many economists believed (believe) that 2016 will be a banner year for real estate.  We are not seeing it so far …. Interest rates are still low, the stock market is normal, but the election could have buyers nervous.  If you  want to downsize or upsize or buy a new build, give us a call – we list and sell in many areas of the Valley.

From ARMLS STAT REPORT published APRIL 25, 2016 for March 2016:

The first quarter officially ended with a sales volume increase of 3.14% over last year. We have averaged nearly 311 sales per day compared to 306 last year so far in 2016, taking into consideration that there were 62 business days in the first quarter of 2016 compared to 61 in 2015.

The increase in sales volume was accompanied by annual increases in both the median sales price as well as total inventory. The median sales price saw a 7.87% increase with total inventory numbers up 4.5%. The increase in total inventory broke the pattern of steady declines seen since last year. Even with the increase, total inventory is below normal levels with serious short-ages at the lower end of the market.

Our rising but lower than normal inventory levels are best explained by Mike Orr of the Cromford Report:

This is deceptive for much of the market because almost all of the missing homes for sale are at the affordable end of the market below $175,000, where they are missing in huge numbers. The absence of the normal low end supply is not just in homes for sale. Affordable homes for rent are also extremely scarce. Entry level buyers and potential tenants are facing strong rises in price with no sign of relief.

Our market is now dominated by traditional sales. New construction is up approximately 36% year-over-year and is one of the exceptions I mentioned earlier. This is good news for our economy as it means not only an increase in construction jobs but also an increase in business for the trades that market to the buyers of newly built homes.

Here is a quotation from Sean Becketti, Chief Economist at Freddie Mac, referring to his outlook for the national housing market in 2016:

Housing markets are poised for their best year in a decade. In our latest forecast, total home sales, housing starts, and house prices will reach their highest levels since 2006. Low mortgage rates, robust job growth and a gradual increase in housing supply will help drive housing markets forward. Low levels of inventory for-sale and for-rent and declining housing affordability will be major challenges, but on balance the nation's housing markets should sustain their momentum from 2015 into 2016 and 2017.

Charts below are through “MARCH” 2016:

may2016-1

                         +6.5% month-over-month

may2016-2

                            MSI – FEBRUARY   4.79                                  MSI – MARCH  3.29

may20163

                               -11 days year-over-year                                                    -4 days month-over-month

may2016-4

                            Year-over-year average  +4.4%                           Year-over-year median  +7.9%

CHART COMPARISON: BELLASERA TERRAVITA – WINFIELD  

 

FOR SALE /

AVG. SQ FT

PENDING/

AVG. SQ. FT

TOTAL SOLD 2016 /

AVG. SQ. FT.

SOLD-SHORT SALE-LENDER OWNED

Bellasera (360 homes)

22

$234

      2

   $249

  13

$244

                  0

Terravita (1,380 homes)

42

$250

              9

          $242

  24

$240

                  0

Winfield (511 homes)

 

  (*Custom Homes)

21

$237

    *4 - $293

               5

          $221

  *0

 10

$227

        *3 - $245

                  0

 (Data from the Arizona Regional MLS (FLEX MLS) and subject to change – Information as of 5/7/16).

Below is a chart that just includes the Zip Code of 85266:

 

85266 Zip Code

 

FOR SALE

 

 

          307

 

PENDING

 

 

51

 

TOTAL SOLD 2016

 

 

135

SOLD

SHORT SALE-

LENDER OWNED

 

4

 

 

Average Price Per Sq. Ft.

 

 

$267

      

 

    $229

 

 

$219

 

 

$130

    *All Averages Includes

            Custom Homes

        *SEE ATTACHED          

      STATISTICS REPORT

  *SEE ATTACHED          

MARKET SUMMARY

            REPORT

Go to:  www.joanwallacehomes.com or www.stevewallacehomes.com

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