July Market Report

July Market Report

  • NAR is reporting that dollar volume of homes purchased by foreign buyers has fallen 36% in the last year.  Tight inventory and Chinese currency government controls and to blame.
  • Realtor.com has reported that since June of 2009, home prices are up 50% from that low.  The average homeowner had $75,000 in equity at the beginning of 2010 has $171,000 in equity.  Of course, it all depends on when you bought your home!
  • As you can see in the months of supply numbers, supply is very low.  In the greater Phoenix market this is the lowest numbers seen since the second quarter of 2012.
  • Supply is tightest in the lower price ranges.  In mid-July Cromford reported that homes priced below the $500,000 price range had only 1.1 months of supply left.  This could contribute to stress being put on the iBuyer option.  The bread and butter home for sale for the iBuyer falls in this price range as both Opendoor and OfferPad average home price is in the mid-$200,000s.
  • Opendoor is showing +4% increase since this time last year, while OfferPad is trailing at -27%.  Zillow has not been in the market long enough to compare.

RobinW

Verdes Lifestyle Team HomeSmart Lifestyles 12645 N Saguaro Blvd. #5 Fountain Hills, AZ 85268

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