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44% of Sales Closed Over Asking Price

By Eric Karlene - March 17, 2021
44% of Sales Closed Over Asking Price New Listing Counts Lowest in Over 20 Years For Buyers: 44% of sales through the Arizona Regional MLS have closed over asking price in the last 30 days. The median amount over asking price for all price ranges combined is $10,000 with a range between $1 to $310,000. (I know what you’re thinking, “$1 over? What is this, ‘The Price is Right&r

2/26 - End of Month Update

By Eric Karlene - February 25, 2021
February 25 - Here is our latest table of Cromford® Market Index values for the single-family markets in the 17 largest cities (CMI at 100 is a Blanaced Market) We have 11 cities moving in favor of sellers and 6 moving in favor of buyers. The average change in CMI over the past month is +3.5%, down from +5.7% last week. Avondale is the first large city to exceed 1,000, although El Mir

Not Expecting This!

By Eric Karlene - September 22, 2020
  Seasonally things start to slow down a little bit after the kids go back to school. When I saw this report, I was actually surprised. I thought things would be leveling off. I follow the Cromford report daily to see what changes are happening in the market. This is what they posted today. "I have to admit I was not expecting the daily CMI chart to look like this: Having reached a pl

7/19 Daily Observation

By Michael Orr - July 19, 2020
 At times like these, appraisers have a tough job. Prices have risen fast over the past few weeks but the comps that appraisers are looking at stretch much further back in time, including April, May and June, when pricing was much weaker. The result is we are seeing many more agreed sales where the appraisal comes in low. This can be frustrating for the buyers and sellers, causing some sales

Contracts Accepted in 8 Days or Less Under $400K

By Eric Karlene - July 09, 2020
Top 5 Cities Selling Over Asking Price Contracts Accepted in 8 Days or Less Under $400K For Buyers: Greater Phoenix has a population of approximately 4.8 million people and 1.4 million single family homes, condos and townhomes in total inventory. As of July 8th, only 8,579 of these units were available for sale through the Arizona Regional MLS. If that number doesn’t cause you to gasp, th

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