Brad's Market Updates

March 7, 2021

Median Sales Price Up 18%, Inventory Down 61%: Luxury Sales Over $3M up 140%.

For Buyers: Yes, it’s still a good time to buy. Is it fun? No.

 

Inventory is down 61% from this time last year and competition among buyers is steep. New listings are not keeping up with demand and the purchase experience can be stressful, disappointing, and heartbreaking; but it’s ...

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Jan. 27, 2021

What Happens When Homeowners Leave Their Forbearance Plans?

According to the latest report from Black Knight, Inc., a well-respected provider of data and analytics for mortgage companies, 6.48 million households have entered a forbearance plan as a result of financial concerns brought on by the COVID-19 pandemic. Here’s where these homeowners stand right now:

  • 2,543,000 ...
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Jan. 11, 2021

2020 Broke the Record for Luxury Sales Supply Down 51%, Slim Pickings in 2021

For Buyers:

There were 111,036 new listings added to the Arizona Regional MLS (ARMLS) in 2020, only 38 more than in 2019, while 100,650 sold. As of January 10th, 2021 there were only 6,162 listings still active in the MLS, which is the lowest supply count recorded ...

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Dec. 14, 2020

Greater Phoenix Home Supply Down 48%, Contracts Up 35%

 

For Buyers: Existing protections in place for homeowners during times of financial hardship have come to the forefront in 2020. While both renters and homeowners alike were struck with unemployment and loss of income this year, homeowners, in particular, were provided with more immediate relief and a pathway ...

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Dec. 8, 2020

AZ Housing Market Closing Out 2020 Strong!

There were 10,075 completed sales recorded for single-family and townhouse/condo properties. This is up 15% from November 2019. It is down 10.9% from October, but this is due to the large difference in the number of working days. October 2020 had 22 working days while November had ...

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Dec. 2, 2020

With Home Values Surging, Is it Still Affordable to Buy Right Now?

With Home Values Surging, Is it Still Affordable to Buy Right Now?

With Home Values Surging, Is it Still Affordable to Buy Right Now? | MyKCM

Housing inventory is at an all-time low. Realtor.com just reported that there are 39% fewer homes for sale today than there were last year. At the same time, buyer demand remains strong. In a recent newsletter ...

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Nov. 18, 2020

Chances of Another Foreclosure Crisis? About Zero Percent.

Chances of Another Foreclosure Crisis? “About Zero Percent.”

Chances of Another Foreclosure Crisis? “About Zero Percent.” | MyKCM

There seems to be some concern that the 2020 economic downturn will lead to another foreclosure crisis like the one we experienced after the housing crash a little over a decade ago. However, there’s one major difference this time: a ...

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Nov. 16, 2020

Demand for Homes Up 36%: Rents up 17% Since April

For Buyers: The Rent vs. Buy scenario has become heavily in favor of buying over the last 5 months.  Eviction moratoriums due to the pandemic have greatly reduced turnover rates in a rental market that is already short of supply.  Lease rates on listings through the Arizona Regional ...

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Nov. 5, 2020

Home Sales Up 20% from October 2019

Active Listings Down 40%, Yet Sales Up From   October 2019

 

Here are the basics - the ARMLS numbers for November 1, 2020, compared with November 1, 2019, for all areas & types:

 

 

* Active Listings (excluding UCB & CCBS): 8,682 versus 14,525 last year - down 40.2 ...

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Oct. 26, 2020

Equity can help a homeowner grow their confidence in a more stable financial future.

Two Important Impacts of Home Equity

Two Important Impacts of Home Equity | MyKCM

Equity continues to rise, helping American homeowners secure a much more stable financial future. According to the most recent data from CoreLogic, the average homeowner gained $9,800 in equity over the past year. In addition, experts project 2020 home prices to continue rising ...

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