Market Reports Archives - Page 4 of 19 - Greater Phoenix Arizona Real Estate

ENCANTERRA REAL ESTATE MARKET: APRIL 2024 UPDATE

As of April 16, 2024, the Encanterra Real Estate market continues to exhibit activity with 46 active listings for the first 2 weeks of April, accompanied by 11 new listings. This indicates a steady stream of properties available for potential buyers, contributing to a diverse and dynamic market.

Pending listings for the same period show 9 properties awaiting closure, with 12 successful closings. The average days on market in Encanterra for April 1-16, 2024, stands at 64 days. Looking at the average list and sale figures, the average list price for April 1-16, 2024 closings, is $876,533, with the average sold price at $848,958. This indicates a 97% sold-to-list price ratio.

Stay tuned for our upcoming newsletter, where we will delve into year-over-year market trends for a more comprehensive analysis. Whether buying or selling in Encanterra, contact us anytime at @Shea Preferred Realty Group for expert assistance.

REAL ESTATE MARKET REPORT – MARCH 2024

See the market report details in March from the year 2023 to 2024 in the slides below. All data is directly from the Arizona MLS.

As we navigate through these market dynamics, potential buyers and sellers are encouraged to stay informed. For expert guidance and support in your Encanterra real estate endeavors, contact us at SHEA PREFERRED REALTY GROUP. Stay tuned next month for further insights into the evolving Encanterra Real Estate Market.

ENCANTERRA REAL ESTATE MARKET: MARCH 2024 UPDATE

As of March 13, 2024, the Encanterra Real Estate market continues to exhibit activity with 44 active listings for the first few weeks of March, accompanied by 8 new listings. This indicates a steady stream of properties available for potential buyers, contributing to a diverse and dynamic market.

Pending listings for the same period show 13 properties awaiting closure, with 10 successful closings. The average days on market in Encanterra for March 1-13, 2024, stands at 85 days. Looking at the average list and sale figures, the average list price for March 1-13, 2024 closings, is $812,390, with the average sold price at $788,100. This indicates a 97% sold-to-list price ratio.

ENCANTERRA REAL ESTATE MARKET: FEBRUARY 2024 UPDATE

As of February 13, 2024, the Encanterra Real Estate market continues to exhibit activity with 57 active listings for the first few weeks of February, accompanied by 8 new listings. This indicates a steady stream of properties available for potential buyers, contributing to a diverse and dynamic market.

Pending listings for the same period show 9 properties awaiting closure, with 5 successful closings. The average days on market in Encanterra for February 1-13, 2024, stands at 75 days. Looking at the average list and sale figures, the average list price for February 1-13, 2024 closings, is $544,800, with the average sold price at $534,000. This indicates a 98% sold-to-list price ratio.

REAL ESTATE MARKET REPORT – JANUARY 2024

See the market report details in the month of January from year 2023 to 2024 in the slides below. All data is directly from the Arizona MLS.

ENCANTERRA REAL ESTATE MARKET: JANUARY 2024 UPDATE

As of January 15, 2024, the Encanterra Real Estate market continues to exhibit activity with 47 active listings for the first half of January, accompanied by 6 new listings. This indicates a steady stream of properties available for potential buyers, contributing to a diverse and dynamic market.

Pending listings for the same period show 3 properties awaiting closure, with 5 successful closings. The number of pending listings has decreased slightly compared to the previous month.

The average days on market in Encanterra for January 1-15, 2024, stands at 53 days, showcasing a moderate timeframe for properties to sell.

Looking at the average list and sale figures, the average list price for January 1-15, 2024, is $658,320, with the average sold price at $635,980. This indicates a 96.99% sold-to-list price ratio.

REAL ESTATE MARKET REPORT – DECEMBER 2023

See the market report details in the month of December from year 2022 to 2023 in the slides below. All data is directly from the Arizona MLS.

Expert Quotes on the 2024 Housing Market Forecast

If you’re thinking about buying or selling a home soon, you probably want to know what you can expect from the housing market in 2024. In 2023, higher mortgage rates, confusion over home price headlines, and a lack of homes for sale created some challenges for buyers and sellers looking to make a move. But what’s on the horizon for the new year?

The good news is, many experts are optimistic we’ve turned a corner and are headed in a positive direction.

Mortgage Rates Expected To Ease

Recently, mortgage rates have started to come back down. This has offered hope to buyers dealing with affordability challenges. Mark Fleming, Chief Economist at First American, explains how they may continue to drop:

“Mortgage rates have already retreated from recent peaks near 8 percent and may fall further . . .”

Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), says:

“For home buyers who are taking on a mortgage to purchase a home and have been wary of the autumn rise in mortgage rates, the market is turning more favorable, and there should be optimism entering 2024 for a better market.”

The Supply of Homes for Sale May Grow

As rates ease, activity in the housing market should pick up because more buyers and sellers who had been holding off will jump back into action. If more sellers list, the supply of homes for sale will grow – a trend we’ve already started to see this year. Lisa Sturtevant, Chief Economist at Bright MLS, says:

“Supply will loosen up in 2024. Even homeowners who have been characterized as being ‘locked in’ to low rates will increasingly find that changing family and financial circumstances will lead to more moves and more new listings over the course of the year, particularly as rates move closer to 6.5%.”

Home Price Growth Should Moderate

And mortgage rates pulling back isn’t the only positive sign for affordability. Home price growth is expected to moderate too, as inventory improves but is still low overall.As the Home Price Expectation Survey (HPES) from Fannie Mae, a survey of over 100 economists, investment strategists, and housing market analysts,says:

“On average, the panel anticipates home price growth to clock in at 5.9% in 2023, to be followed by slower growth in 2024 and 2025 of 2.4 percent and 2.7 percent, respectively.”

To wrap it up, experts project 2024 will be a better year for the housing market. So, if you’re thinking about making a move next year, know that early signs show we’re turning a corner. As Mike Simonsen, President and Founder of Altos Research, puts it:

“We’re going into 2024 with slight home-price gains, somewhat easing inventory constraints, slightly increasing transaction volume . . . All in all, things are looking up for the U.S. housing market in 2024.”

Bottom Line

Experts are optimistic about what 2024 holds for the housing market. If you’re looking to buy or sell a home in the new year, the best way to ensure you’re up to date on the latest forecasts is to partner with a trusted Real Estate Team. Connect with us @ Shea Preferred Realty Group . We are the Top 1% Real Estate Agents in East Valley Arizona. Don’t hesitate to message us!

Source: Keeping Current Matters

ENCANTERRA REAL ESTATE MARKET: DECEMBER 2023 MARKET ANALYSIS

As of December 12, 2023, the Encanterra Real Estate market is presenting a mixed picture.

Active listings for the first 12 days of December stand at 45, with an additional 7 new listings. This indicates a modest increase in inventory, potentially offering a slightly broader range of options for homebuyers, contributing to a more balanced market.

During the same period, pending listings for December 1-12, 2023, total 4, with 7 successful closings. This suggests a robust closing rate, signaling a healthy level of buyer-seller engagement. The higher number of successful closings compared to pending listings could indicate a more expedited transaction process, possibly influenced by motivated buyers and sellers.

The average days on market in Encanterra for December 1-12, 2023, have increased to 78 days. This notable uptick may suggest a slight cooling of the market, giving buyers more time to consider their options and potentially negotiate terms.

Examining the average list and sale figures for December 1-12, 2023, the average list price is $640,269, and the average sold price is $627,414, resulting in an impressive 98.76% sold to list price ratio. This indicates a market where properties are selling close to their listed prices, presenting an opportunity for both buyers and sellers to engage in transactions that are transparent and closely aligned with market valuations.

In summary, the Encanterra Real Estate market in December 2023 reflects a moderate increase in active listings, a strong closing rate in pending transactions, a slightly extended average days on market, and a market where properties are selling at a high percentage of their listed prices. For homebuyers, this may provide a more balanced market with increased inventory and potential negotiation room. For homesellers, it signifies the importance of pricing properties competitively.

Stay tuned for our upcoming newsletter, where we will provide a deeper analysis of year-over-year market trends. Whether buying or selling in Encanterra, contact us anytime at Shea Preferred Realty Group for expert guidance.

THINKING OF THE FUTURE OF THE HOUSING MARKET?

Are you wondering about the Real Estate market for 2024?

These 3 questions may be on your mind…

1. What’s next for mortgage rates?

Historical trends indicate a link between mortgage rates and inflation. With inflation easing and the Federal Reserve pausing rate hikes, experts anticipate a potential decline in mortgage rates.

2. Where Are Home Prices Headed?

Contrary to concerns of a crash, home prices are rising across the nation, but at a slower pace. The Home Price Expectation Survey shows a consensus that prices will continue to climb in the coming years, reflecting confidence in sustained appreciation.

3. Is a Recession Around the Corner?

Recent years saw recurrent recession concerns, but there’s positive news. Despite previous expectations, the likelihood of a recession is decreasing, with leading indicators suggesting a more optimistic economic outlook.

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Mortgage Rates Expected To Ease

The Supply of Homes for Sale May Grow

Home Price Growth Should Moderate

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