Hey, Phoenix homeowners, potential buyers and investors, friends, clients, and associates! Ready for your Pre-NYE real estate and more check-in? Here’s the news, listings, open houses, events and more! Reach out if you have any specific questions! I’ve enjoyed several conversations this week with friends, colleagues and clients looking for next steps. Enjoy!
Things are definitely looking up! The steep fall in mortgage rates has helped existing home sales improve for the first time in 5 months, and builder confidence also moved up. If your New Year’s resolution is to finally get into a new home in 2024, let’s discuss your preferences and put together a plan. Happy Holidays!!!
Phoenic-Area Real Estate News
Cromford Market Index
The table is now dominated by green with 13 cities seeing their Cromford Market Index increase since November 28. There has been an average increase of 2.0% in the Cromford® Market Index for the 17 cities, significantly more positive than the 3.0% decline we recorded last week, confirming the trend in favor of sellers..
Only Paradise Valley, Tempe, Cave Creek and Maricopa are still showing declines over the last month with Goodyear, Surprise and Queen Creek seeing the biggest improvement of 10% or more.
8 out of 17 cities are now seller’s markets. We have 5 cities that are balanced and 4 that are buyer’s markets. Maricopa is still trailing but appears have turned around, having hit a low of 63.7 on December 25..
What’s the Case-Shiller?
Published on December 26, the latest data from the S&P/Case-Shiller® Home Price Index® offers insights into the real estate market, covering home sales from August to October 2023. It’s essential to note that this information reflects transactions closed around mid-September, making the data over three months old even on the day of release.
Among the 20 cities analyzed, 11 experienced a rise in home prices last month. Phoenix continues its upward trajectory, leading for the eighth consecutive month. However, nine cities witnessed a decline, with Portland being the most affected.
Comparing changes from the previous month’s data, some notable shifts include increases in Miami (+0.6%), Phoenix (+0.6%), New York (+0.5%), and declines in Portland (-0.9%), San Francisco (-0.6%), and Seattle (-0.5%).
Phoenix has ascended from 5th to 2nd place since the previous month, maintaining a significant lead over the national average increase of +0.17%. Looking at year-over-year changes, Detroit leads with an 8.1% increase, while Phoenix has moved up slightly from 19th to 18th place with a 0.9% rise.
The national average year-over-year increase stands at +4.8%, showcasing positive price movements in 19 out of 20 cities. Despite concerns, there is no evidence of a local or national housing price crash over the past 12 months, except for Portland, which shows a modest decline from a year ago. Overall, most northern cities and Southern California continue to demonstrate strength in the year-over-year measure.
In summary, the real estate market remains resilient, with the majority of cities experiencing positive trends, dispelling fears of a housing price crash over the last year.
Concise Market Snapshot
Here’s the conside market snapshot of the Valley of the Sun. Reach out with any specific questions you have!
BankRate Mortgage Rates:
For today, Friday, December 29, 2023, the current average interest rate for a 30-year fixed mortgage is 6.95%, down 11 basis points compared to this time last week. If you’re looking to refinance your current loan, the average interest rate for a 30-year fixed refinance is 7.09%, down 4 basis points over the last seven days. In addition, the national average 15-year refinance interest rate is 6.29%, decreasing 4 basis points over the last seven days.
New Listings:
New to the Market
MLS IDX Listing Disclosure © 2024
Copyright 2024 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.
Upcoming Open Houses:
Don’t forget to bring me!
Open Houses this Weekend
MLS IDX Listing Disclosure © 2024
Copyright 2024 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.
Recent Price Changes:
Recent Price Changes
MLS IDX Listing Disclosure © 2024
Copyright 2024 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.
Featured Listings:
Hey 55+ friends! Check out my amazing listing for a wonderful house with a low low HOA and a great price! For Sale OR For Rent!
Featured Listings
MLS IDX Listing Disclosure © 2024
Copyright 2024 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.
New Build Homes:
Thinking about a new build home? Some might not be ready for a year, but some are close to finished. Homebuilders offer great interest rates (if you use their lender…), and are a viable option for many of my people. But, don’t forget you need representation for YOU…so bring me before you visit a community or Models. The nice person works for the Builder, as does the Lender and the Title Company. Make sure you have someone looking out for YOUR interest and TAKE ME WITH YOU! Just want to shop? I have a great website with all the Valley Builders, shop for features and areas you want WITHOUT being stalked by each and every builder you’re perusing. We’ll visit when YOU’RE ready. Browse safely and securely here.
ADOT: No scheduled highway closures over New Year’s weekend
ADOT: No scheduled highway closures over New Year’s weekend-Drivers should stay alert, expect the unexpected if planning holiday trips
PHOENIX – As many Arizonans usher in the new year with road trips, they won’t face construction or maintenance closures along state highways, including Phoenix-area freeways, over the holiday weekend. The Arizona Department of Transportation isn’t scheduling any full highway closures between Friday afternoon (Dec. 29) and early Tuesday morning (Jan. 2) to help ease holiday travel conditions.
Drivers should remain alert, get adequate rest, buckle up and never drive while impaired. They should also be prepared to slow down and merge safely when approaching and driving through any existing work zones along state highways.
Keeping speeds in check, being patient and expecting the unexpected are among ADOT’s key safety recommendations during the holiday travel season.
An emergency kit in your vehicle can help if you experience car troubles, encounter inclement weather or face an unscheduled stop in traffic. Items to pack include:
- Extra bottled water
- Snack foods
- Flashlight and extra batteries
- Blankets
- Warm clothing, including extra gloves
- First-aid kit
Drivers and passengers also should remember prescription medications and items such as a cellphone charger in case of unexpected travel delays. ADOT provides additional information at azdot.gov/KnowSnow.
Drivers also should check their vehicles before traveling, including tire pressure, engine belts and hoses, fluid levels and the condition of windshield wipers.
Real-time highway conditions are available on ADOT’s Arizona Traveler Information site at az511.gov and the AZ511 app (download free for Apple and Android devices). ADOT also provides highway condition updates via its Twitter/X feed, @ArizonaDOT.
Valley of the Sun Sold Listings
- 4634,4924,4437,5759,6769,7048,7601,6317,6209,5734,5483,5841
Information is deemed to be reliable, but is not guaranteed. © 2024
Valley of the Sun Inventory
- 18120,17904,17784,18875,19856,19834,20211,20528,20272,20183,21225,23098
- 7017,5389,9212,8990,9822,9620,9475,8192,7688,8819,9002,9393
Information is deemed to be reliable, but is not guaranteed. © 2024
Valley of the Sun New Listings
- 7017,5389,9212,8990,9822,9620,9475,8192,7688,8819,9002,9393
Information is deemed to be reliable, but is not guaranteed. © 2024
Valley of the Sun Pending Listings
- 4564,4422,6397,6527,7297,7187,6637,5972,5653,5597,5606,4853
Information is deemed to be reliable, but is not guaranteed. © 2024
Valley of the Sun Absorption Rate
- 2.98,2.96,2.95,3.12,3.28,3.32,3.36,3.44,3.45,3.42,3.63,3.95
Information is deemed to be reliable, but is not guaranteed. © 2024
Valley of the Sun Sale to Original List Price Ratio
- 96.0,95.3,95.5,96.1,96.2,96.1,96.2,96.1,96.0,95.6,95.8,96.0
Information is deemed to be reliable, but is not guaranteed. © 2024
Valley of the Sun Average Days on Market
- 57.4,61.6,68.4,68.7,67.1,66.0,64.7,65.2,66.8,71.0,70.2,71.9
Information is deemed to be reliable, but is not guaranteed. © 2024
Valley of the Sun New Listings Volume
- 4617084090,3428030719,6691308663,6010433331,6558972239,6349705160,6090020786,4998460623,4555481893,5567817544,6275960687,6530031260
Information is deemed to be reliable, but is not guaranteed. © 2024
Here’s your links for this weekend’s events!
My Website always has a list of what’s upcoming. Go here and maybe I’ll see you out there!
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What’s Going on with DeDe
Kids had a marvelous time at their first Christmas with us!
My brother Brian surprised us and we got to spend the holiday with him! We took him to Deer Valley Airport to see Dad’s new plane and the kids tried to play escape artists and made a run for it.
Darci, Bingley and I wish you a wonderful New Year and we are here if you need ANYTHING! See you next Week!
DeDe
