Days on Market

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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* 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.

 

Homes sell quickly in Phoenix

Seasonality not withstanding, it’s pretty easy to see the downward trend in the number of days homes sit on the market for sale in Phoenix - from 46 days in August 2016, to 41 days in August 2017, to 37 days last month (August 2018.)

Assuming the trend holds true, we should see homes sitting on the market a little longer as we head into the fall / holidays, before the market picks up steam again in the spring.

- 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.

 

Tempe Market holds seasonal trends

The Median number of Days on Market in Tempe over the last 3 years has fluctuated between 27 in Summer 2015 and 55 in Winter 2016, without much of a trend upwards or downwards. In other words, the market hasn't gotten much hotter or cooler over the last 3 years.

However, the seasonality is very easy to see. The Tempe market heats up in the spring and summer months, with homes selling faster from January through July. Then, like clockwork, the market slows down again, with homes taking longer to sell from July through January.

- Chris Butterworth

 

What else can I do for you?

Learn about my full-featured  eNewsletter service .

Learn about my full-featured eNewsletter service.

Read my blog  about using email and building a tribe.

Read my blog about using email and building a tribe.

 
 

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.