Stats from the MLS

The latest stats from the ARMLS have been released, here are the highlights.
First, let’s look at the monthly sales.
As is normal for this time of year sales are slowing down headed into the holidays. They won’t come to s screeching halt, but folks tend to get a bit more focused on holiday events, travel, etc.  We should see this flatten out for October-November, small decline around Christmas and New Year, then we are headed into the spring season that tends to be rather active.
Year over year, however, there is an increase in total sales showing that buyers are buying, the market is healthy.
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Now, take a look at “New List Prices” below. Notice the August and September spike in “Asking Prices”.
As I have said in previous blogs…many, many times…this is a problem because it is typically due to agents “Getting the listing” with false hope of sales price like, “I can sell your house for $xxx.xxx”, knowing that they will get you under contract and then drop the price 5%, 10%, or more a few weeks later.
(Small adjustments are normal to pique buyer interest, but if they are coming to you with massive decreases, they should have either done better research, or been more honest before the seller signed a listing agreement.)
The indicator to this is also in the next chart. It shows the “Sales Prices”.  Take a look at the gap between the average list price, to the average actual sale price. Pretty large gap. 
Buyers are not chasing the pricing up. GOOD! That’s how we create bubbles and volatile markets.
It also shows a slight decline in average sales price…very slight, but that is the reason we see, and will likely see more asking price reductions across the board.
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This is not bad news…it just shows that asking prices are out pacing appreciation (this year roughly 5%…which is great!).
Sale prices are keeping with the 5% appreciation through the year.  
Buyers are willing to pay that…just not more than that. 
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All taken into consideration, the market is healthy, homes are selling, you just need to find the “sweet spot” where the buyers are comfortable. I can help!
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Bottom Line: (Remains the same as prior “Bottom Line’s”)

Sellers. Understand that there is no such thing as “Supply and Demand” driven pricing in our real estate market anymore. It’s about fairness. If you sell at the high end of your appreciation value, you did well.

Let’s visit your home and see what we need to do to get those buyers interested.

Buyers. Keep up the good work. You are in control of this market. Keep playing fair, understand the value of a well-finished home, and make strong offers.

Let me help you navigate the neighborhoods you are most interested in and develop your plan to get into your new home.

I have an awesome team of professionals in our corner to ensure a smooth transaction.

If you’re not ready yet, we can help you set a plan to get there with free advice and guidance.

I would be honored to earn your trust, your business, and your referrals. Give me a call, let’s get started today! (602) 818-6065 or Kevin@GiantAgent.com

Posted on October 21, 2019 at 8:43 pm
Kevin Jacobs | Category: Market Information | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

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