Days on Market

Tempe shows stability for time on market

The Median Number of Days on the Market was 35 days for homes sold in Tempe last month. This was up just a day YoY from 34 days last May. The seasonal pattern shows longer times to sell in the fall/winter and shorter times in the spring/summer, but otherwise the market has been mostly consistent over the last few years.

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- Chris Butterworth

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* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.

 

Gilbert homes continue to sell quickly

Last month we saw that prices continued to rise in Gilbert; this month we can see that Gilbert homes are still selling quickly. The median Days on Market for homes sold in April was 37 days, up 12% from last year’s blistering 33 days, and equal to the marketing time from April ‘17.

The trend is following the same seasonal pattern as the last couple of years, although Feb, Mar, and Apr all had a few days more on the market than the same months in 2018.. Is the market cooling off at all? Or was 2018 just a really “hot market” year?

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- Chris Butterworth

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Simple MLS Charts is supported by readers like you. If you find these charts useful, please consider becoming a patron with a small monthly pledge on Patreon.

* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.

 

Glendale homes sitting on market longer

We’ve seen recently that prices in Glendale have continued to rise over the last few years. However, comparing February’s sales activity with the last few Februarys’ shows a sobering trend - the median number of days on the market for February sales has risen from 45 in Feb ‘16 to 51 days last month.

A modest 13% increase over the course of 3 years can’t be considered a “market slowdown”, especially since prices have increased during that time frame. However, it’s definitely something to be aware of and to keep our eyes on.

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- Chris Butterworth

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Simple MLS Charts is supported by readers like you. If you find these charts useful, please consider becoming a patron with a small monthly pledge on Patreon.

* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.

 

Laveen Homes Sold Quickly in January

The Median number of days a home was on the market for sale in Laveen was a scant 41 days in January. That’s a 24% reduction from Jan 2017, and the lowest time on market in recent history (the chart dates back to 71 days in 2014.)

If this is the slow time of year, and Laveen’s market is already heating up, look out come springtime..!

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- Chris Butterworth

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Simple MLS Charts is supported by readers like you. If you find these charts useful, please consider becoming a patron with a small monthly pledge on Patreon.

* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.

 

Chandler Homes Selling Faster in 2018

Homes in Chandler have sold faster this year than they did last year. The median days on market is lower in 2018 (Orange line) for every single month, compared with the same month in 2017 (Red line.)

Fewer days on market means the homes are selling faster. This could be because:

  1. The homes for sale this year are inherently more desirable. This is unlikely to be the case, as there hasn’t been a sea change in the Chandler real estate landscape in the last 10 months.

  2. There are fewer homes available for sale, so buyers move quickly when a new home hits the market. This is unlikely to be true as well, since we have seen nearby cities’ volumes either increasing or flat; I doubt Chandler’s volume has decreased against the other cities’ trends.

  3. There are more buyers than there were last year, so they need to act quickly in order to secure a contract. Ding Ding Ding! This is our most likely answer.

Homes selling faster should also lead to lower inventory levels and higher prices (the old Supply and Demand rule from basic economics.) But this isn’t a chart about lower inventory or higher prices.

The real question is: Where are all these buyers coming from?

I don’t know that answer yet. If you do, I recommend heavy marketing in that area.

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- Chris Butterworth

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Simple MLS Charts is supported by readers like you. If you find these charts useful, please consider becoming a patron with a small monthly pledge on Patreon.

* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.