Congratulations to our Second Quarter Buyers & Sellers!

Five years ago Nina Alling and her family arrived in Phoenix and what an impact they all have made on my life and that of my children. Nina, Chloe, Abbie and Audrey are off on a new adventure to Pennsylvania and we will miss you dearly. Thank you for the privilege of selling your home to a new family that can begin their own adventures. We will see you soon when we visit Pennsylvania – Hershey Park here we come!

Congratulations to Frank & Maureen Pena on the purchase of their new home in Scottsdale. Thank you to Jim Keeley for the referral, as I now have new clients and good friends. I have truly enjoyed working with the Penas and now it’s time to get their home on Celtic sold! It has been a pleasure!

Drs. Matt Breite and Christine Giesing are in the midst of a whirlwind of fun. Both just graduated – Matt from medical school and Christine from pharmacy school. They are off to get married and honeymoon before relocating to the Valley of the Sun where Matt will be a resident at Mayo Hospital. It was a pleasure working with Matt and his dad to find a new home for the newlyweds! Congrats and we look forward to having you here in Phoenix.

I met Michael Lehrer at the very end of an open house. Michael is a recent medical school graduate and incoming resident for Mayo Hospital. When he discovered that my business is primarily with doctors, and that I have great connections for Physician Loans, we started looking for a condo. After just a few weeks, Michael purchased a great home that he is now remodeling in time for his residency to start. I cannot wait to see the finished product!

Thank you Russel Gundlach & Angel Chambers for referring Taylor and Patrick Harberd. We moved quickly to get their home on the market as Patrick’s job with Fender required that they move fast. Just as we were getting ready to list on MLS, we found out Alexis MacDonald matched for residency at Dignity Health. We knew Alexis would love this house and she did! Taylor and Patrick’s home sold to Alexis and they were able to lease the home back until they moved to Los Angeles. So sad to see them go, but very excited for Taylor and Patrick to start their new life.

Congrats to Dr. Camila and Robert Maestas who recently purchased a beautiful home near South Mountain. Robert and Camila are relocating here from Albuquerque for Camila’s residency at Banner University Medical Center in downtown Phoenix. They had to extend their stay because the houses they liked were selling fast but they moved quickly and closed on a beautiful home that appraised slightly above purchase price – rare in today’s market! Congratulations and I look forward to having them near downtown – I see more chocolate chip cookies in their future!

Congratulations to my very good friend Jennifer Rubin who sold her home twice after it fell out of escrow with another buyer. Jennifer is newly married and she and her son, Eric, have moved into a beautiful home in North Scottsdale with her husband, Andrew Wells. Thanks to Jen for the trust she placed in me. I am so happy for her and so excited to watch her move into the next chapter of her life! Mazel Tov!

What a joy and privilege it has been this spring to work with long-time friends and clients! Mark & Christy Battiato have been searching for the right home in Phoenix for three years and this year the perfect house popped up: right location, right size, right price, beautiful finishes, many bonus features, and a mountain view! So nice to have them back in the Valley with family after a 17-year absence! Welcome back Mark, Christy, Sophia, and Brandon!

When is a school tax considered a property tax? We all learned that it happens on the east coast and that it will cause chaos in underwriting in Phoenix!! It was a nail biter to the end, but Alexis MacDonald got her final loan docs just in time for closing. She is now the proud owner of a wonderful home retreat that she can enjoy after her long days as a resident at Honor Health. So nice to have sold a home to a second generation for the Goodell/MacDonald family!!

June Real Estate Market Update

Total Monthly Sales Up 3.4%
Monthly Median Sales Price Up 6.5% to $226,900

For Buyers
Welcome to June!  The weather is heating up and Realtors are using oven mitts on lava-hot lockboxes and keys to show property.  If you’re planning to continue your search into the summer, you may find some relief in the competition for that perfect property.  While other potential buyers are distracted by graduations, vacations and weekend getaways, that leaves a slightly longer window of opportunity for snagging up those new properties that hit the market.  Don’t expect current price trends to change anytime soon. There is still more demand than supply in many areas under $500,000 so expect sales prices to continue rising through the summer, especially for properties under $200,000.

For Sellers
This month we’ve introduced the Listing Success Rate into our graphic.  This measure counts all of the listings that closed, canceled or expired over the last month and takes a percentage of those that closed.  The current measure is 76.7%, which is very positive considering it was 66% at the end of 2014.  The price ranges with the highest success rates are $100,000-$200,000 with 85% of listings successfully closing and only 15% cancelling or expiring followed by the $200,000-$300,000 price range with an 81% success rate.  The higher price ranges over $500,000 are seeing lower success rates with those over $1M seeing more properties cancel or expire in a month than close.   This is actually typical as many sellers in these price ranges choose to cancel their listings once temperatures reach over 100 degrees and relist when things cool off in October, causing a higher than normal cancellation rate for June.

© 2016 Cromford Associates LLC

The data used to create the Cromford® Report is obtained from public records and obtained under license from the Arizona Regional Multiple Listing Service, Inc (ARMLS). Cromford Associates LLC and ARMLS expressly disclaim and make no representations or warranties of any kind, whether express, implied or statutory, as to the accuracy of the data used or the merchantability or fitness for any particular purpose.