Congratulations to our May & June Buyers and Sellers.

 They were all great people and their intelligence and savvy made for wonderful experiences all around. Read more below:

Congratulations Alicia Muhleisen & Anton Diy on their relocation and purchase of a new home in Scottsdale. It was a whirlwind weekend! In just 3 days, and, after Anton arrived on a delayed flight, they found their home.  The entire escrow process was handled while Alicia and Anton were back home and they arrived a few weeks after closing to find their new home updated with the touches of an interior decorator! Congrats and we wish them many happy years in their beautiful home!

Dr. Matt & Mrs. Viri Barker had a very unique situation. We sold their Phoenix home in 21 days, with tenant in place, while they were living in California. In addition, Matt & Viri were looking for a new home in Texas where they would relocate for Matt’s work. All paperwork and negotiations were completed via phone and email and we didn’t meet them until they came to town to sign title documents. It was a true pleasure working with Matt & Viri and we look forward to the day they return to AZ!

It was a crazy whirlwind working with Barry Wagner & Shana Siegel as we worked to sell their home in Aviano. The craziness included a cash offer, a back-up offer an unexpected request to replace all windows, and multiple calls for updates on each offer! As trite as it sounds, we all learned that things do happen for a reason! We know they will be happy in their newly remodeled Arcadia home because it is perfect for them! Congratulations to Barry, Shana and their daughter, Gaby.

What a pleasure to work with Dr. Peter Hoang and Amy Ngo. They fell in love with a home but the high school was directly behind. They did their due diligence and discovered that the neighbors loved the location.  After receiving a low appraisal, the seller relented, dropped the price, and Peter & Amy were able to complete the deal. Congratulations to them both….we know they will be very happy in their new home. Now if they can just figure out the dimmer switch and what it controls!

Jon Huner and Dr. Michelle Hamilton bought a beautiful tri-level home in the Moon Valley area. This home was nicely updated with wonderful views. It is a perfect location for both of them. We know they will enjoy many years in their new home. Congratulations to Jon & Michelle – we truly enjoyed working through the process with them.

Ian and Dr. Brigitte Flanagan….where to start! Closing on this house was quite the accomplishment! Ian and Brigitte flew in for a whirlwind weekend (same weekend as Alicia and Anton, named above). They found a home in the middle of being remodeled and not yet listed on the MLS. The HomeSmart listing agent was fabulous as we worked through the completion of the remodel, low appraisal and many lender delays and nightmares. They finally closed prior to their relocation. While the challenges have not yet stopped, Ian and Brigitte are doing a fantastic job smiling through the entire process. So excited to have them here along with their 3 kids! We welcome them to Scottsdale!

Market Summary for the Beginning of July

The following Information is provided by Michael Orr and The Cromford Report.

June was a particularly powerful month for closed sales, but leaves us starting July with a weaker backlog of sales.

8,721 closed listings are what we see right now and this number will change over the next week or two as corrections are posted. Helped by its 22 working days, June 2015 had the highest number of closed listings since May 2013!

Overall demand remains normal with little signs of change. However, overall supply continues to dwindle. The most interesting indicator to watch is which price ranges have an increasing supply and which are reducing.

For single family active listings (excluding UCB which have a contract but are taking back-up offers) within Greater Phoenix supply of homes are as follows:

•  Under $100,000 - down to 251 from 277 last month

•  $100,000 to $199,999 - up to 2,672 from 2,605 last month

•  $200,000 to $299,999 - down to 3,412 from 3,542 last month

•  $300,000 to $499,999 - down to 4,315 from 4,408 last month

•  $500,000 to $999,999 - down to 2,525 from 2,705 last month

•  $1,000,000 and over - down to 1,346 from 1,622 last month

In contrast to previous months, the price range between $100,000 and $199,999 got a little relief while the luxury market lost the most supply in percentage terms. The latter was partly due to a larger number of expiring and cancelled listings.

Here are the basic ARMLS numbers for July 1, 2015 relative to July 1, 2014 for all areas & types:

•  Active Listings (excluding UCB): 19,548 versus 24,440 last year - down 20.0% - and down 3.9% from 20,351 last month

•  Active Listings (including UCB): 23,228 versus 27,695 last year - down 15.9% - and down 5.3% compared with 24,595 last month

•  Pending Listings: 7,007 versus 6,426 last year - up 9.0% - but down 10.4% from 7,819 last month

•  Under Contract Listings (including Pending & UCB): 10,747 versus 9,681 last year - up 11.0% - but down 10.9% from 12,063 last month

•  Monthly Sales: 8,721 versus 7,228 last year - up 20.7% - and up 5.6% from 8,261 last month

•  Monthly Average Sales Price per Sq. Ft.: $135.79 versus $129.67 last year - up 4.7% - but down 0.3% from $136.16 last month

•  Monthly Median Sales Price: $214,990 versus $198,000 last year - up 8.5% - and up 0.9% from $213,000 last month

Pricing did not change much over the last month, with a slight increase in the monthly median and a slight decrease in the price per square foot. However, pricing is substantially higher than it was 6 months ago.

The busy spring is now well and truly over and we are entering the summer doldrums. Contract signings and closings will slow and we are likely to see directionless trends until we get to the end of September.

So what conclusion should we draw from these statistics? If your home is currently on the market, you may not be seeing as many showings as you did in the spring. If you are buying, you may have more negotiating power right now in some price points. If you want to list your home, use the summer to make repairs, clean up clutter and let us help you stage your home. Then call us to list your home in September to catch the buyers before Thanksgiving arrives.

Please call us today if you would like more information! We are here to help you in any way we can!