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September 2019 Real Estate Market Update!

Phoenix appears in the headlines regarding the S&P / Case-Shiller

The year over year numbers are as follows:

  1. Phoenix +5.8%
  2. Las Vegas +5.5%
  3. Tampa +4.7%

It took over the number one spot from Las Vegas in the year over year table. 

BTW, The national average was +3.1%.

Overall, our market is experiencing a HUGE shortage of inventory.

Normally we expect the number of new listings to increase between early September and Thanksgiving but at this point we are not really seeing that. 

The overall supply of homes is currently about 47% below normal, so a small increase will not change things very much. We would need roughly 29,000 active listings to get back to normal, rather than the 14,000 we actually have.

I want to share the Months of Supply for price ranges between $200K and $1 Mil. 

Price Range Months of Supply 2019 Months of Supply 2018 Change
Under $200K 0.9 0.9 none
$200K-$250K 0.7 1.2 down 42%
$250K-$300K 0.8 1.6 down 50%
$300K-$400K 1.2 2.1 down 43%
$400K-$600K 1.8 2.5 down 28%
$600K-$1M 3.2 4.1 down 22%
Over $1M 8.9 8.7 up 2%

The supply shortage extends up to $1 million but the price ranges that are most affected are those between $200K and $400K, with that between $250K and $300K (around the median sales price) down the most.

A normal figure for months of supply would be between 4 and 5, so 2018 was already quite tight. Supply remains relatively plentiful above $1 million, depending more on how picky the buyer is willing to be.

Here is list of TOP 20 best performing cities.

  1. Phoenix +5.8%
  2. Las Vegas +5.5%
  3. Tampa +4.7%
  4. Charlotte +4.5%
  5. Atlanta +4.5%
  6. Detroit +4.2%
  7. Boston +3.9%
  8. Minneapolis +3.9%
  9. Cleveland +3.4%
  10. Denver +3.4%
  11. Washington +2.9%
  12. Miami +2.8%
  13. Dallas +2.7%
  14. Portland +2.4%
  15. Los Angeles +1.6%
  16. Chicago +1.5%
  17. San Diego +1.3%
  18. New York +1.1%
  19. San Francisco +0.7%
  20. Seattle -1.3%

If you would like to know the specific averages ($) of the houses in those areas, you have 2 options:

1) Contact Alan directly at (602) 845-0947

2) Visit Alan’s website for a Quick Price Analysis of your home!

If you would like any additional information on the real estate
market, or if you’re wondering what your home is worth, reach out and contact Alan today.

Alan and his Team is always available to answer your questions. No question is too small!

>>Get a Quick Price Analysis of Your Home

>>Search ALL Homes on MLS