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Phoenix Valley Home Prices Keep Rising, Inventory Not Keeping Up

by Nate Martinez

Phoenix Valley Home Prices Keep Rising, Inventory Not Keeping Up

By Heather van Blokland

Housing prices are still rising for metro Phoenix. The June housing report shows median prices up 9.4 percent year over year to just under $300,000, but the real concern in Valley real estate is how few homes there are for sale.

There’s now a little less than a two-month supply of homes available for sale in the Valley, a critical low. That means, excluding new construction, if every home for sale right now sells, there’d be nothing left in sixty days.  One reason the supply is so low is because sellers are not moving out of homes to move away from the Valley, but rather to move into another home in the metro Phoenix area.

"The silver generation, if you will, are selling their bigger homes and buying something smaller and they just might be moving to a different community. You know, it may not be an active adult or retirement type community, it just might be a smaller home," said Nate Martinez, a REALTOR® with RE/MAX.

Martinez said the major concern is that new homes are just not being built quickly enough in the lower price ranges to meet buyers’ needs.

ATTOM Data Solutions’ Q2 2018 U.S. Home Sales Report finds sellers are getting more for their homes, with an average gain of $58,000, the highest average home seller gain since Q3 2007. And homeowners who had been holding on are now beginning to sell.

Homeowners who sold in Q2 2018 had owned an average of 8.09 years, the highest average homeownership tenure since ATTOM began tracking in Q1 2000.

With Appreciation,

Nate Martinez, RE/MAX Professionals
www.NatesHomes.com
www.NatesLuxuryHomes.com
602-430-5226
Nate@NatesHomes.com

Phoenix Valley Home Prices Keep Rising, Inventory Not Keeping Up

by Nate Martinez

Phoenix Valley Home Prices Keep Rising, Inventory Not Keeping Up

By Heather van Blokland

Housing prices are still rising for metro Phoenix. The June housing report shows median prices up 9.4 percent year over year to just under $300,000, but the real concern in Valley real estate is how few homes there are for sale.

There’s now a little less than a two-month supply of homes available for sale in the Valley, a critical low. That means, excluding new construction, if every home for sale right now sells, there’d be nothing left in sixty days.  One reason the supply is so low is because sellers are not moving out of homes to move away from the Valley, but rather to move into another home in the metro Phoenix area.

"The silver generation, if you will, are selling their bigger homes and buying something smaller and they just might be moving to a different community. You know, it may not be an active adult or retirement type community, it just might be a smaller home," said Nate Martinez, a REALTOR® with RE/MAX.

Martinez said the major concern is that new homes are just not being built quickly enough in the lower price ranges to meet buyers’ needs.

ATTOM Data Solutions’ Q2 2018 U.S. Home Sales Report finds sellers are getting more for their homes, with an average gain of $58,000, the highest average home seller gain since Q3 2007. And homeowners who had been holding on are now beginning to sell.

Homeowners who sold in Q2 2018 had owned an average of 8.09 years, the highest average homeownership tenure since ATTOM began tracking in Q1 2000.

With Appreciation,

Nate Martinez, RE/MAX Professionals
www.NatesHomes.com
www.NatesLuxuryHomes.com
602-430-5226
Nate@NatesHomes.com

North Phoenix Luxury Home For Sale - Open House This Weekend

by Nate Martinez

North Phoenix Luxury Home For Sale - Open House This Weekend

With an address like East Quartz Rock, you can only imagine how cool this custom home is – and of course, you’d expect to find views – quiet possibly the best views in all of North Phoenix. Sitting on a 1.25 acre hillside lot, the views encompass the nearby desert terrain, mountain ranges off in the distance and city lights that twinkle from dusk until dawn.

With over 5,000 square feet, there are 4 bedrooms, 5.5 baths and a 3 car garage. The floor plan includes a cozy family room with a two-way fireplace, formal living areas plus a library and basement – currently set up as a home gym, office and game room. There is a private entrance to the basement and a full bath.

The kitchen is functional in design with a workable island that doubles as counter seating. Plenty of quality raised panel cabinetry, including a roll-up appliance garage, built-in sub zero refrigerator and black appliance package. The sunny breakfast nook is convenient and offers an incredible view from the multiple windows that open to the desert terrain.

 

With private access to the covered patio, the master suite is well-appointed, including a fireplace and sitting area. The bathroom boasts a ton of amenities such as a separate his-n-her sinks, vanity, garden tub and tiled shower. The glass block windows are elegant and add beautiful natural light. 

 

Careful consideration was given while designing the exterior of this home. The seller went above and beyond to preserve the views – and to create an opportunity to enjoy them from every angle possible. The unique curved concept at the living room and floor-to-ceiling windows provide the best option for capturing the inspiring beauty that surrounds 515 E Quartz Rock.

 

The best views in North Phoenix span as far west as you can imagine – the prime hillside location is the perfect elevation – and you can literally see the Estrella Mountains, White Tanks and South Mountain (to name a few). Consistent with the unique curved design, the extended patio just might be the coolest patio in all of North Phoenix. Only in Arizona can you find a home like this. Cool address, best views in North Phoenix and the coolest patio…doesn’t get much better than this.

For open house details, call Nate Martinez at 602-430-5226. For a virtual tour, click here.

www.NatesHomes.com
www.NatesLuxuryHomes.com
602-942-7000 / natem@remax.net

Real Estate Update – Good News for the Phoenix Market

by Nate Martinez

Real Estate Update – Good News for the Phoenix Market 

Although the results of January’s stats show mix results, there is good news for the Phoenix market. Three out of four price metrics reported an increase – median list price up 6.4 percent, the average list price up 10 percent and the median sales price up 1.2 percent.

Pending foreclosures continue in a downward trend, starting with the highest number in November 2011 and down by 78 percent in January. Distressed properties (short sales) have also dropped by 33.8 percent.

There are other indications that the housing recovery in Phoenix will continue. In a recent study, using Moody’s Analytics, based on population and the economy, Phoenix was named the eighth fastest growing metro area. The Phoenix-Mesa-Glendale MSA showed a population growth, which increased from 1 percent in 2012 and has a projected growth of 2.7 percent for 2013.

Although the Phoenix market has struggled with low inventory, new homes are a potential solution. R.L. Brown reported 668 new single family permits in December, which contributed to 35.8 percent increase when compared to December 2012. Overall, there has been a 71 percent increase in new home permits over those numbers in 2011.

For certain, the road back to healthy economy is complex and without constant strides in a positive direction, the road could be long. To read more about the statistics for Maricopa County, please click here. To view the Market Watch report, please click here.

Staying abreast of market trends, data and important information, is a step in the right direction, whether you own a home, investments or plan to purchase in the near future. Be sure to read the recently published STAT Year in Review 2012 and the fourth quarter STAT Plus, for more perspective. Nate

New Listing in Sonoran Foothills, Phoenix

by Nate Martinez

New Listing in Sonoran Foothills, Phoenix

One-of-a-kind opportunity to own this gorgeous 3,488 square foot home located in the gated community known as Sonoran Foothills. The owner has loaded this property with a plethora of upgrades, including energy savings tools such as Energy Star Rated appliance package, upgraded R-values and multi-zoned air conditioning units. Situated on a cul-de-sac lot you'll enjoy not only the extra space but the awesome mountain views from the extended covered patio. Inside, there is plenty of room to roam with five bedrooms and four bathrooms plus formal living areas and a large family room that overlooks the beautiful kitchen.

Sonoran Foothills, one of Phoenix's premier designed communities, is located just a short drive north of downtown where the I17 and Carefree Highway meet. Within the community, homeowners enjoy amenities such as a full service club house, swimming pool and spa, tennis courts, playgrounds and trails perfect for biking or walking.

Priced to sell, this well-built home will not last long. Please note the owner is offering all the interior contents for a bargain price of $10,000 (valued at $60,000). Call me today to schedule a private viewing. To see more photos or watch the virtual tour, please see below. I look forward to hearing from you soon. Nate


 
 

Click here to watch the virtual tour.
www.NatesHomes.com
602-942-7000

New ASU Housing Report Shows Signs of Recovery

by Nate Martinez

New ASU Housing Report Shows Signs of Recovery

A new report came out this week by W.P. Carey School of Business at Arizona State University - the Phoenix market is showing signs of recovery.

According to the data, the median sales price of a single family home is up 6.5 percent in January compared with January 2011. That number is $120,500 as compared with $113,166 a year ago.

From an average price standpoint, the increase is 1.7 percent. That number is $163,813 as compared with $161,012 a year ago. The price per square foot has increased 2.9 percent. That number is $82.62 per square foot as compared with $80.27 a year ago.

Click here to read the full article.

source: www.bizjournal.com

The Ebb and Flow Factor

by Nate Martinez

So it’s been about a month since the last time I shared an update on the current market inventory in Maricopa County. Maybe it’s a shock, maybe it’s not but as of today, we have more sale pending homes than we do current available inventory! As of this morning, Maricopa County is reporting 16,391 active homes and a combined total of 17,996 between pending sales and sales with contingencies. Last month I talked about the why – robo signing, etc. This month I want to talk about history, the future and what I want to call the “ebb and flow factor.”

The metro area is roughly 4 million in population and we are the 14th largest city in the U.S. In reality, the median home price has dropped 53% since the peak of 2006 where we are currently hovering around $120,000 – pretty brutal, huh? But history will remind us that Phoenix is no stranger to a “boom and bust” market. But it was not that long ago (late 1980’s) after the savings-and-loan nightmare took down several local developers, including Mr. Charles Keating (who served 4 ½ years in prison for fraud after his Lincoln Savings and Loan collapsed in 1989) that Phoenix experience what we thought at the time was economically catastrophic. The future then? Well, we recovered.

Home sales were up in June by 22% according to NAR (National Association of Realtors) and it was the second consecutive month of strong sales with June reported to be the best since December 2006. Good? I remain optimistic – I have to believe we are on the road to recovery in some fashion, even if it’s by way of a Flintstone vehicle.  

The future – well in reality, we sold a total of 4,725 homes in the month of June – a large degree of those home sales were to non-owner occupants. Nearly half of the foreclosure sales over the past year have been turned into rentals – either with International monies or investors capitalizing on the opportunity to buy low and hold.

The ebb and flow factor? I think so. Evictees have to rent – which has caused rental rates to go up by 9% - which on the surface may not seem like a positive but in the big picture it is. Let me explain.

A few years ago there was a rash of catalytic converters stolen out of parked cars. So some genius came up with the idea to create a cage for your vehicle to protect the catalytic converter – while one thing is a negative, the other is a positive – thus creating a win-win for the economy. Right? The ebb and flow factor.

While the rental market has shifted greatly, home affordability has improved tremendously. With home prices down, mortgage rates practically free (today they are 3.750% for a 30year fixed FHA loan) this is the best time to buy in Phoenix is over 20 years – in some areas of the Valley, prices have come down below values in 1998. People who thought homeownership was completely out of reach for them in 2006 are now able to buy their dream home – for cheap.

So yeah the higher rental rate might be a negative but for every person who has to rent, there are 2 or 3 who can afford to buy – and that is the positive – or the ebb and flow factor. The future? Although I do not have a crystal ball, I will say this – if you are sitting on the fence, its time to jump before you miss out on history! Call me today to get started – first time, inventory, 2nd home – it doesn’t matter what you want, we can help you do it. I look forward to hearing from you.

Don't Forget Your Toothbrush!

by Nate Martinez

How many times have you gotten down the road and stopped in a panic because you can't remember if you locked the front door? In the husle of preparing for a trip, it is easy to forget important and not so important items when we pack. Planning ahead helps avoid missed items. So does using a site like Don't Forget Your Toothbrush. It helps you create the perfect packing checklist! You will find common suggested items that you can select or you can create your own personalized list. Don't Forget Your Toothbrush makes it less likely you'll overlook something. And best of all, the list can be printed AND you can get regular e-mail reminders.

RE/MAX Professional Home Hotline

by Nate Martinez

Did you know that RE/MAX Professional’s offers a Home Hotline which is available for the entire local inventory of homes currently for sale? Now you can access property information from any telephone! Voice Pad Curb Call delivers information in high-quality sentence structure in both English and Spanish. By simply entering the street number, or MLS ID, of the home in which you are interested in, you can immediately access details like the number of bedrooms, square footage and current list price. Unlike the wireless web or text messaging, Curb Call works on every phone! Save RE/MAX Professional Home Hotline number in your mobile device now – 602-277-3111.

Weekend Events in the Valley

by Nate Martinez

Wondering what's going on in the Valley this weekend?

Mardi Gras Festival
Get out your beads, masks and costumes for the Second Annual Mardi Gras Festival. The night kicks off with a cocktail reception at 6 p.m. The main event begins at 7:30 p.m. with a traditional Cajun cuisine buffet, costume contest, jazz music and casino activities. Proceeds from the event support the Downtown Chandler Community Foundation, a non-profit organization that provides grants to qualifying, non-profit organizations supporting community needs within the Historic Downtown Chandler area.
Crowne Plaza San Marcos Resort
1 San Marcos Place Chandler, AZ, 85225
PHONE: 480-812-0900
February 19, 2011
http://www.chandlermardigras.com/

Blues Blast 2011
Hosted by the Phoenix Blues Society, this annual festival features local and national blues artists. This year's festival includes performances by Tommy Castro Band, Deanna Bogart, Trampled Under Foot, Krimson Chord and Cold Shott & the Hurricane Horns.
Mesa Amphitheatre
263 N. Center St. Mesa, AZ, 85201
PHONE: 480-644-2560
February 19, 2011
Saturday, 11:00 AM
http://www.bluesblast.info/

"Wheels of Italy" Car Show
Celebrate the beautiful vehicles of Italy at this show, from Alfa Romeo to Zagato. Dozens of Italian cars, motorcycles and bicycles are features, including a rare Ferrari 599 GTO, Lamborghinis, Maseratis, Panteras, Fiats, Lancias and Alfa Romeos. There are also motorcycles, scooters and bicycles by Ducati, Piaggio and Colnago. The new Fiat 500 is featured. The event is open to any Italian car, and the registration price benefits Arizona Camp Sunrise, a Northern Arizona camp for children with cancer and their siblings operated by the American Cancer Society.
Scottsdale 101
7000 E. Mayo Blvd. Phoenix, AZ, 85054
PHONE: 602-953-6412
February 19, 2011
Saturday, 9:00 AM - 1:00 PM
http://www.azwoi.com/

Strong Beer Festival
More than 50 breweries are featured at this beer tasting. Although strong beers are featured, there is a variety of other types and styles available for sampling. VIP ticket holders can enter at noon.
Steele Indian School Park
300 E. Indian School Road Phoenix, AZ, 85012
PHONE: 602-262-6412
February 19, 2011
Saturday, 1:00 PM - 5:00 PM
PRICE: $10 - $40 ($40 VIP in advance or at gate, $30 advance, $10 designated driver)
www.azbrewguild.com

Play Ball: The Cactus League Experience With Howard Bryant
ESPN magazine writer Howard Bryant signs "The Last Hero: A Life of Henry Aaron." Bryant's book chronicles the social changes that occurred during Aaron's baseball-playing years. Hosted by Changing Hands Bookstore. Books can be purchased at the signing.
Arizona Historical Society Museum at Papago Park
1300 N. College Ave. Tempe, AZ, 85281
PHONE: 480-929-0292
February 19, 2011
Saturday, 12:00 PM
PRICE: $29.95 book purchase, free admission
www.arizonahistoricalsociety.org

Southwest Legends Gunfighters Perform at the Buffalo Chip Saloon
Get a glimpse of the Wild West with the Southwest Legends Gunfighters performing fistfights, gunfights and action routines in two exhibition shows. They are the top headlining theatrical-stunt-performance team in the nation.
Buffalo Chip Saloon and Steakhouse
6811 E. Cave Creek Road Cave Creek, AZ, 85331
PHONE: 480-488-9118
February 19, 2011
Saturday, 7:00 PM
buffalochipsaloon.com/

Twilight Camp
Families with children 5 and older can visit the zoo after hours. Activities include a guided trail hike, a private train tour, animal encounters and a late-night snack. Participants receive a souvenir. Children younger than 18 must be accompanied by an adult.
Phoenix Zoo
455 N. Galvin Parkway Phoenix, AZ, 85008
PHONE: 602-914-4333
February 19, 2011
Saturday, 6:15 PM - 10:00 PM
PRICE: $35 - $40 ($40, $35 zoo members)
www.phoenixzoo.org

Displaying blog entries 1-10 of 10

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Nate Martinez
RE/MAX Professionals
20241 North 67th Avenue, Suite A1
Glendale AZ 85308
623-643-1010
602-430-5226
Fax: 602-532-7352

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