Month of LOVE

Welcome back to our What's Up Southeast Valley for the month of January! Happy New Year!

The real estate market is changing with each moment and we're finding new ways to connect with you, our community and local small businesses throughout it all! Welcome to Fall in Arizona, we are so excited to be on this journey with you!

We LOVE our clients, community, local businesses, giving back and serving YOU. Let's have an incredible month together!

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Our Team Around Town

This month has been full of fun as we stepped out, stepped up, and stepped into the lives of our community! From Women in Leadership events, to the House of Refuge volunteer day, buyer's walk throughs and more - Check out all of the fun and follow us on SOCIAL!

We're Hiring!

The Amy Jones Group is RAPIDLY growing! We are hiring Real Estate Sales Professionals for our Gilbert office. On pace to serve more than 165 families in 2021 alone, we are looking for EXPERIENCED agents to join our Southeast Valley team. Known for our excellent client care, exceptional negotiation skills, world class digital marketing, and being trusted advisors in the SE Valley for more than a decade - we are looking for hard working, ethical, creative, real estate professionals who love to learn and thrive in a team environment, where giving back and giving to each other is important to our overall success. For more information on who we are and how to apply, visit https://www.amyjonesgroup.com/careers or send your resume to [email protected]!

Is it hot or is it cold? In Arizona, we could be talking about coffee, tea, or the weather (hint: it’s both depending on the time of day!) but what we’re really talking about is the REAL ESTATE MARKET! Now wait a minute, many of you might be saying, there is nothing COLD about the real estate market in Arizona, is there? Well, let’s take a look at the numbers:

Active Listings (excluding UCB & CCBS): 4,876 versus 5,180 last year - down 5.9% - and down 15.6% from 5,776 last month

Active Listings (including UCB & CCBS): 8,380 versus 9,727 last year - down 13.8% - and down 2.9% compared with 8,630 last month

Pending Listings: 7,798 versus 7,070 last year - up 10.3% - and up 22.6% from 6,359 last month

Under Contract Listings (including Pending, CCBS & UCB): 11,302 versus 11,617 last year - down 2.7% - but up 20.8% from 9,353 last month

Monthly Sales: 7,114 versus 7,354 last year - down 3.3% - and down 23.3% from 9,271 last month

Monthly Average Sales Price per Sq. Ft.: $274.45 versus $217.47 last year - up 26.2% - and up 2.5% from $267.87 last month

Monthly Median Sales Price: $433,500 versus $339,000 last year - up 27.9% - and up 2.0% from $425,000 last month

 The downward trend in supply that started in late October continued throughout January, taking us to another record low - the lowest number of active listings at the end of January we have ever recorded. Last year's 5,181 struck as as extremely low at the time, but we have 6% less in 2022. However most of the missing supply is at the high end of the market. 

Demand looks very strong when you look at pending listings, up more than 10% compared with this time last year. But active listings in UCB and CCBS status have collapsed compared to a year ago - 3,504 down 22.9% from 4,547.

The outlook for February is for prices to keep rising and demand to weaken slightly - because as we’ve learned in the last year, prices will CONTINUE to rise until we have MORE houses than people who want to buy them.

So, where’s the cold part, you ask? Here are three trends that we’re watching closely -  

1.The total number of active listings without a contract is now higher than a year ago. This is the first time this has happened since June 2019. This is a tiny sign that a new cooling trend might be developing. Watch carefully to see if it is confirmed by other signals. (Explanation: We still have less overall ACTIVE/UCB/CCBS listings than a year ago but more in ACTIVE status than a year ago.)

2. The lowest number of active rentals we have ever seen was 1,283 on July 29, 2021 and we’ve improved rental supply 67% since then. So far in 2022 there have been 18% more rental listings added to the ARMLS database than in the same period of 2021. We had 2,146 rental listings active yesterday compared with 1,708 on the same day in 2021. The long term average is 4,657. This is the process we suggested might cool the market. With more rental supply, rents will likely stop rising so fast. This will gradually diminish demand for homes from investors wanting to rent out their properties long term. 

New construction will continue to be a viable option, especially for our renters looking to transition out of a variable monthly payment into a secure mortgage and some time left on their lease to accommodate the average 10-14 month build time that most builders are averaging. Supply chain issues and labor shortages impeded their ability to keep up with demand over the last two years but we are starting to see some lot availability, some flexibility in interest lists and lotteries - each community is going to be different and having a specialist to help guide you through the intricacies of purchasing new construction can make that dream a reality.

One thing is certain, national housing experts continue to highlight suburban cities that are amenity rich as one of the fastest growing segments of our market. To see how this prediction could help your family in 2022, reach out to us today!

BeLocal Business Buzz

Monday Market Update

Thursday Market of The Moment

Every week, our trusted Title partner, Don Czajkowski with Fidelity National Title has a meeting of the minds to talk about the ever changing real estate market, especially right now. This week, Mindy was a featured guest talking about inventory, new home builds, interest rates, tips to release the equity in your home, alternatives and options to give yourself more time to find a property to purchase when selling and what the Amy Jones Group has been up to this month. Check out all of the recent broadcasts below starting with the one from this week!

Through Her Eyes

Live.Love.Local - Connecting The Southeast Valley

Connecting with the community lights up our souls and we couldn't be more thrilled to get to know those who run our small businesses. It's so important that we support local, especially right now. Each business below is open, taking appointments, reserving parties and staying safe by following our state guidelines. Let's all do our part in keeping the economy alive, so that when it comes time to fully get back to life, we can all thrive once more.

Community on Purpose Podcast

👏 Congratulations! Mazel Tov! ¡Felicidades!

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