Real Estate Market Report – MARCH 2023

The Encanterra community has seen some interesting changes in the real estate market over the past year. According to the latest data from the Arizona MLS, the number of active listings has increased substantially to 53, up from just 14 in March 2022. This may suggest a shift in the market, as more homeowners may be looking to sell their properties.

Despite the increase in active listings, the number of new listings in March 2023 remained steady at 14. Additionally, there were 5 pending listings, indicating a reasonable level of activity in the market. However, the number of sold listings has decreased to 9, down from 19 in March 2022. This may suggest that properties are taking longer to sell, or that buyers are becoming more selective.

The sale-to-list price ratio has also decreased, standing at 96.5% in March 2023, down from 101.4% for the same month in 2022. This suggests that buyers may have slightly more bargaining power than in the previous year, as sellers may be more willing to negotiate on their asking price.

If you are a homeowner in Encanterra and are interested in selling your property, it is important to work with an experienced Encanterra Specialist who can help you navigate the market and set an appropriate asking price. The increase in active listings may result in more competition, so it is important to price your property competitively.

If you are a prospective buyer, the increase in active listings may mean that you have more properties to choose from. However, the decrease in the sale-to-list price ratio suggests that buyers should still be prepared to make reasonable offers and be patient in the negotiation process.

Whether you are a buyer or seller, it is important to stay up-to-date on the latest trends and data in the real estate market. If you have any questions or concerns about the market in Encanterra or the broader Arizona real estate market, don’t hesitate to reach out for guidance.

See below for the detailed market update.

Have You Thought About Why You Might Want To Sell Your House?

Some Highlights:

If you’re on the fence about selling your house, it’s worth considering all the reasons why moving could make sense for you.
If you find your home no longer meets your needs, it may be time to sell.
You have a lot to consider when deciding if you should move. Let’s connect today to go over the benefits of selling your house.

2 Things Sellers Need To Know This Spring

A lot has changed over the past year, and you might be wondering what’s in store for the spring housing market. If you’re planning to sell your house this season, here’s what real estate experts are saying you should keep in mind.

1. Houses That Are Priced Right Are Still Selling

Houses that are updated and priced at their current market value are still selling. Jeff Tucker, Senior Economist at Zillow, says:

“. . . sellers who price and market their home competitively shouldn’t have a problem finding a buyer.”

The need to price your house right is so important today because the market has changed so much over the past year. Danielle Hale, Chief Economist at realtor.com, explains:

“With a smaller pool of buyers today and more competition from other homes on the market, homesellers will likely need to adjust their price expectations in the market this spring.”

While this spring housing market is different than last year’s, sellers with proper expectations who lean on a real estate expert for the best advice on pricing their house well are still finding success. And that’s great news if you’re thinking about selling.

2. Buyers Are Still Out There

As mortgage rates have risen and remain volatile, some buyers have pressed pause on their plans. But there are still plenty of reasons people are buying homes today. Lisa Sturtevant, Chief Economist at Bright MLS, spells out the mindset of today’s buyers:

“For some buyers, higher mortgage rates simply means buying a home is out of the question unless home prices fall. For others, higher mortgage rates will be a hurdle but ultimately will not keep them from getting back into the market after sitting on the sidelines for months.”

That’s why, if you’re interested in selling your house this spring, it’s helpful to work with a real estate agent who can help connect you with those buyers who are ready to purchase a home.

Making the Most of Cactus League Spring Training in 2023

As a baseball fan, you won’t want to miss out on the 2023 Cactus League Spring Training in Arizona. This annual event brings together 15 of the Major League Baseball (MLB) teams from around the country and gives you an up-close and personal look at the players before the start of their regular season.

Not only will you get to watch the games, but you’ll also have the chance to get autographs and meet some of your favorite players face to face. It’s an amazing opportunity to really get a glimpse of the game.

The Cactus League offers an experience like no other, and you can take part in special events including batting and pitching clinics, special tours of the stadiums, and fanfests with live music and activities. In addition, you’ll be able to check out the grand opening of the new Cactus League Hall of Fame and Museum.

It’s an incredible way to kick off the start of the season and get you excited for the games to come. So gather up your baseball gear and make plans to come out to Arizona in 2023 for one of the biggest events of the year.

To purchase tickets: Click here: https://cactusleague.com/schedule.php

Here’s the 2023 schedule for the Cactus League Spring Training:

Curious to see who’s popular at Encanterra this year?

Encanterra Real Estate Market Report- 2022 & looking forward to 2023

Take a look below to see which floorplans were the most popular in 2022.

Encanterra ONLY sales Market Report for 2022

*No longer offered

2022 Encanterra ONLY market statistics:

43 Canceled/expired listings

Average days on the market for the canceled or expired: 32 with the high at 182 days

2022 – 99 new build closings

2022 – 130 resale closings

Of these 130 resale closings; the average days on the market: 90 with the high 252 days

Looking forward

How our market evolves in 2023 will be determined by three metrics: Mortgage rates! Mortgage rates! Mortgage rates!

VALLEY WIDE statistics- ARMLS (Arizona Regional MLS) Pending Price Index (PPI) Last month, STAT’s mathematical model projected the median sales price for December at $420,000, the actual amount was $412,000. Looking ahead to January, the ARMLS Pending Price Index is projecting the median sales price to drop slightly to $410,000. If January’s median sales price projection is correct, our year-over-year median sales price will have 13.68% from May 2022’s record high of $475,000. Our December’s median price projection missed the mark by $8,000 or 1.9%. This was caused by numerous contracts signed earlier this year which had been assigned a year-end escrow date, in which a status change had taken place and had not been updated.

We began January with 4,910 residential listings under contract. This compares to 8,812 of the same type of listings one year ago. At the beginning of January, the “pending” contracts are 44.28% lower than last year. ARMLS reported 6,806 sales in January 2022. The highest sales volume ever in January occurred in 2021 with 7,076. When January’s numbers are reported this year, we will see a drop in both sales volume and price. If our models are correct, year-over-year sales volume will decline around 45%.

In conclusion, let us share with you two published opinions:

Sam Khater, Freddie Mac’s Chief Economist: “Mortgage application activity sunk to a quarter century low this week as high mortgage rates continue to weaken the housing market. While mortgage market activity has significantly shrunk over the last year, inflationary pressures are easing and should lead to lower mortgage rates in 2023.” While mortgage rates have resumed their decline, the market remains hypersensitive to rate movements, with purchase demand experiencing large swings relative to small changes in rates. Over the last few weeks, latent demand has been on display with buyers jumping in and out of the market as rates move.

Michael Orr of the Cromford Report: “We are still dependent on the whims of the Federal Reserve. If they continue to push the Federal Funds Rate higher in an attempt to curb inflation, then mortgage rates could move higher too, putting a quick damper on any recovery in demand. However, if the 30-year fixed mortgage rate stays between 6% and 6.75%, then we should have confidence that the housing market can operate normally at this level. To achieve confidence, we need several months of interest rate stability. This is by no means certain to happen, but it is possible. Once the fear is removed, we should see more signs of a recovery in demand and volumes will rise back towards a more normal level.”

Want to discuss your home’s value? Let’s chat!

How’s the Encanterra Market? 2/3/2023

Below are the Encanterra Real Estate market numbers so far in January, 2023

As of today, there are:

Active Listings: 33

Under contract: 7

Coming Soon Listings: 3

Have questions about your home? Contact us today!

HOME SPOTLIGHT – 37204 N STONEWARE DR

37204 N STONEWARE DRIVE

QUEEN CREEK, AZ 85140

2 BR + 2.5 BATHS + 2173 SF

GENOVA PLAN

Start the 2023 year off right with a gorgeous home located in Trilogy at Encanterra. This popular Genova plan is ready for you. The home offers a sparkling pool and spa with expanded pavers and tons of backyard privacy. Enjoy your morning coffee in the front courtyard and take in the views on the 14th green. Custom tile-work and upgraded flooring will wow your guests! The gourmet kitchen is well appointed with stainless steel appliances, gas cooktop, warming drawer and so much more! The backyard is like your own tropical paradise with a gas fireplace, putting green, spa and heated pool. And a huge bonus with having the pre-paid solar for amazing energy efficiency. New interior paint, custom window treatments, built in cabinets and so much more. Start living the Good Life today!

OFFERED AT $765,000

LINK TO THE MLS LISTING

Waste Management Phoenix Open 2023

WASTE MANAGEMENT PHOENIX OPEN
February 6-12, 2023

Kick off the new year and one of the first PGA Tour events with a bang! Unlike other tournaments, the Waste Management Phoenix Open makes its spectators central to the event, helping to transform the famous 16th hole into “The Coliseum” and the loudest hole in golf. Don’t miss your chance to be a part of it!

Dubbed “The Greatest Show on Grass,” the Waste Management Phoenix Open at TPC Scottsdale has no problem living up to its name. In addition to playing host to the greatest players in the game, the tournament is the PGA Tour’s best attended event, drawing nearly 500,000 enthusiastic spectators each year. On Thursday, February 9th, the first round of competition begins.

GENERAL ADMISSION

Free Admission on Monday and Tuesday courtesy of Ford Free Days.
Ages 15 and under are FREE all week when accompanied by an adult.

TICKET PRICES

Monday | Tuesday

FREE

General Admission Only

Wednesday | Thursday | Sunday

General Admission Single Daily Ticket

$50

($75 during tournament week Feb. 6-12)

Friday | Saturday

General Admission Single Daily Ticket

$75

($100 during tournament week Feb. 6-12)

Click here to buy your ticket!

We hope you have fun!

Top 5 Interior Trends for 2023

Each New Year ushers in a variety of new trends, from fashion to technology to interior design. Whether you’re looking for ways to spruce up your current home before selling it or you’re starting to plan the style of a new home, the upcoming trends forecasted by designers can provide some inspiration.

Here are 5 of the top interior design trends you can expect to be seeing in 2023:

Calming colors. When it comes to paint colors, wallpaper, and décor, homeowners are increasingly preferring warm, neutral hues that evoke a sense of calm and coziness. Colors commonly found in nature—such as muted browns and greens—are always a safe choice, but shades that are deeper yet still earthy (like mustard yellows, the popular accent color Ultramarine blue, or Pantone’s color of the year for 2023, Viva Magenta) are finding their place as well.
Statement rugs. To complement a more neutral color palette, designers are seeing homeowners opt for statement rugs that are both functional and decorative. With bold colors and patterns, these rugs can essentially serve as “floor art.”
Gold accents. Reflecting the theme of warm over cool tones, gold and brassy fixtures—including lighting, faucets, and cabinet or drawer pulls—will continue to be popular, while brushed nickel has fallen out of favor.
High-gloss wood finishes. From floors to cabinets, matte wood finishes are being swapped out for high-gloss, which brings a polished, eye-catching look to any room.
Biophilic design. While this trend is not exactly new, designers expect to continue seeing homeowners seek ways to bring elements of the natural world into their homes. This often manifests in the use of natural, organic materials, such as bamboo, cork, and wood, as well as decorative objects with freeform shapes. Incorporating these items can add warmth and texture to any interior design.

Sources: good housekeeping & house beautiful

Encanterra Living App in the Apple App Store!

GUESS WHAT!

Now, it is so much easier to download the app, without having to worry about adding it to your home screen! Click the link below to head to the App Store!

You can download the Encanterra Living App with one click and you’ll be on your way to enjoy everything that this app offers! With this app you can easily access amenities like dinner reservations, book a tee time or spa appointment. The app also provides access to an extensive list of handyman services like plumbers, electricians, roofers, you name it! The app can give you up to date information about all the homes listed for sale in the community because it’s linked directly to the MLS. This app is like your one stop shop for anything related to Encanterra. Click the link below to download the app, and start enjoying!

Click here to access the app: Encanterra Living App

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