Month of June

Welcome back to our What's Up Southeast Valley for the month of June!

The real estate market is still busy and we're continuing to connect with you, our community and local small businesses!

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

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Join Our Team

The Amy Jones Group is RAPIDLY growing! We are hiring Real Estate Sales Professionals for our Gilbert office. On pace to serve more than 175 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]!

Around Town This Summer

Women in Leadership Breakfast

Taking a look at how we kicked off the month, here are the local listing stats for June 1, 2021 compared with June 1, 2020 for the valley: 

• Active Listings (excluding UCB & CCBS): 4,917 versus 11,917 last year - down 68.7% - and down 3.2% from 5,080 last month
• Active Listings (including UCB & CCBS): 9,361 versus 17,171 last year - down 45.5% - and down 0.8% compared with 9,439 last month
• Pending Listings: 7,873 versus 7,224 last year - up 9.0% - and up 0.6% from 7,829 last month
• Under Contract Listings (including Pending, CCBS & UCB): 12,317 versus 12,478 last year - down 1.3% - but up 1.1% from 12,187 last month
• Monthly Sales: 9,692 versus 7,045 last year - up 37.6% - but down 5.0% from 10,204 last month
• Monthly Average Sales Price per Sq. Ft.: $248.37 versus $179.79 last year - up 38.1% - and up 2.0% from $243.39 last month
• Monthly Median Sales Price: $390,000 versus $293,000 last year - up 33.1% - and up 4.6% from $373,000 last month

We note that the number of active listings is slightly higher than last month. That is entirely because June 1 fell on a Tuesday while May 1 fell on a Saturday. Saturdays tends to have much higher counts because of all the new listings activated on Thursday and Friday. In contrast, Tuesdays and Wednesdays have the lowest counts every week. If we compare the same day of the week, the number of active listings is up from last month by about 7%. When supply is this low, the signal to noise ratio is poor, so we have to look more closely to get a correct impression. Supply is definitely rising, but not at a rate to help buyers very much, or to raise an alarm. It is rising because new listings are coming along at a faster rate than normal. However most of them are getting offers in the first week and they do not last very long. The market remains very hot even though it has cooled since March.

The demand numbers are moderating, with monthly sales down 5% compared with last month. However listings under contract are up slightly which means the downward trend in demand has stalled for now.

The rate of change in both supply and demand are both now moderate, but the rate of change for prices remains very high. We are seeing appreciation rates of 38% if you use price per sq. ft. or 33% if you use monthly medians. Both of these are flattering because part of the rise is due to high end homes taking a larger share of the market than normal for June. But however you measure them, home prices are at nose-bleed levels and will continue to rise while supply remains dramatically below normal. It is 76% below normal at the moment.

The period since June 2020 has been a painful 12 months for buyers and many are likely to be feeling bruised and beaten up. It would not be surprising if demand weakened further because of this, but withdrawing from the market is unlikely to be wise from a financial perspective. Prices still have a quite a lot of upward momentum and mortgage rates could easily move higher than today. Local buyers need to remember that to a buyer from California or Washington, Phoenix still looks like amazingly good value for money, even after another 20% price hike.

Market of The Moment

And what is your alternative? Rents continue to climb at a steep rate and are unlikely to stop rising. At least if you buy a pricey home today you will benefit from the price growth tomorrow in the form of home equity. None of your rent payment will do that.

Sell Now, Move Later

We get it, you have a lot of equity in your home and would love to sell, but where would you go? We hear a lot of concern about sellers being able to find their new home. Interest rates are low and the market is hot, so do not let fear stop you from taking advantage of these opportunities. Our buyer specialists are here to help home buyer’s find the right home, even in this fast paced market with:

• Programs Available to Free Up Your Equity 
• Opportunities to Sell Now and Move When You Are Ready 
• Access to Off-Market and Coming Soon Properties 
• Actively Prospecting to Find New Homes 
• Ready to Sell Marketing 
• Our Buyer's Needs to Potential Sellers 
• Writing Competitive Offers to Win in Today's Market

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.

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!

👏 Congratulations! Mazel Tov! ¡Felicidades!

None of this is possible without our amazing clients.
We'd love to help you or someone you love if we haven't already - or help you again!
Here are the buyers and sellers who made big moves last month...

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