What's Up Southeast Valley? April 2019
April Showers & Spring Festivities
Welcome back for What's Up Southeast Valley!
Spring in Arizona - It's your festive month of real estate and community content!
👀 Watch our LIVE!
📈 Market Update
💬 What the Market Says
Sales: 8,487 versus 9,645 last year - down 12.0% - but up 30.0% from 6,526 last month.
- Monthly Median Sales Price: $267,000 versus $254,283 last year - up 4.6% - and up 0.8% from $264,000 last month.
- Active Listings (including UCB): 23,399 versus 21,829 last year - up 7.2% - and up 0.9% compared with 23,197 last month.
- Under Contract Listings (including Pending, CCBS & UCB): 11,707 versus 11,985 last year - down 2.3% - but up 13.0% from 10,357 last month.
- Chandler and Gilbert both saw Cromford® Market Index increases, indicating more favorable conditions for Sellers.
👉 What It Means For You
Supply without a contract is up almost 10% from a year ago. However it is down 1.6% from last month and new listings were lower in March 2019 than in March 2018 or 2017. Supply has been chronically low for many years and very little has changed in that department.
Buyers got a break last month as 30-year mortgage rates dropped significantly from an average of 4.41% to 4.08%, which is the lowest they have been since January 2018. On a $267,000 home (the median sales price in Greater Phoenix) the drop equated to nearly $50 per month in savings on principal and interest, which was enough to get many buyers off the couch and looking for homes.
This rate drop combined with an increased conventional loan limit up to $484K and a 32% increase in weekly seller price reductions meant that price ranges between $200K all the way up to $800K saw a combined 19% increase in contracts written over the last 5 weeks. Contract activity is expected to increase at this time of year anyway due to seasonality, but last year over the same 5 weeks it only increased 8.6%.
The drop in mortgage rates could not have come at a better time for sellers. Up until 6 weeks ago the negotiating advantage sellers have been enjoying for years in Greater Phoenix had weakened to the point where the market was on track to enter balance within a matter of months and price appreciation would have begun to slow even more. However by April 4th the average 30-year mortgage rate (as reported by Freddie Mac) had dropped to a 15-month low. This spurred buyer activity and resulted in Listings Under Contract, which were 10.2% below 2018 last month, to sharply increase and surpass 2018’s April count by 0.8%.
👩🏻💼 What You Can Do
If you're looking to buy a home, Contact us today and we can help you create a realistic timeline for purchasing a home and put you in touch with one of our trusted lenders who can show you many different options to help finance your dream home purchase.
If you're looking to sell your home, make sure you receive an accurate and up-to-date home valuation. Since we're in a Seller's market and getting more competitive in April, you'll want to hire a team of experts who have top negotiating skills, cutting-edge marketing, and extensive market knowledge.
🙌 Vendor Spotlight
Cheryl Hughes has been working in the flooring industry for 15 years, the last 4 years with Carpets of Arizona. She offers her cell phone number so that you can reach her with questions when you need answers. She will give you an accurate quote in a timely manner-usually the same day and will treat you with kindness and respect, knowing that making a move can be stressful!
Carpets of Arizona aims to please! They have over 100 5-Star reviews on Facebook, Google, & Yelp - and always make sure you are satisfied with their service.
Interested in hearing about their Home Sellers Advantage Program with the Amy Jones Group? Click the link below to learn more!
🙈 In Case You Missed It...
🔥 HOT on the Market! Don't Miss out!
🚪 Amy Jones Group Open Houses
😀 And The Winners Are...
and Megan Lane
Be sure to attend our FREE Movie in the Park Events this summer with Gilbert Parks & Rec for your chance to win!
Details for future showtimes are below in our
Upcoming Events section.
👏 Upcoming Events
FREE Movie in The Park - Small Foot
Join us April 26 for a FREE movie in the park. We will be showing Smallfoot at 7:15pm in the basin directly outside of the Gilbert Community Center. Come early to enjoy our vendors! Outside food is welcome! Free popcorn from the Amy Jones Group, first come first serve. Parking available in the lot, the Boys and Girls Club and in the lot on the NW corner Gilbert and Elliot Roads.
FREE Movie in The Park - Mary Poppins Returns
Join us May 10th for a movie in the park. We will be showing Mary Poppins Returns at 7:30pm in the basin directly outside of the Gilbert Community Center. Come early to enjoy our vendors! Outside food is welcome! Free popcorn from the Amy Jones Group, first come first serve. Parking available in our lot, the Boys and Girls Club and in the lot on the NW corner Gilbert and Elliot Roads. Please call 480-503-6290 for more information.
Calling all business owners! Join the Amy Jones Real Estate Group for our quarterly business mixer and share your business with other Amy Jones Real Estate Group clients.
Come by Blue32 in Chandler to meet our team of fantastic agents, as well as other local businesses, while sipping on drinks and appetizers provided by our friends at Fidelity National Title Agency - Copper Point.
If you own a local business and want to join our business mixer, please RSVP through the following link: https://www.eventbrite.com/e/amy-jones-group-may-quarterly-business-mixer-tickets-60223962493.
If you can't make this event but want to be kept up to date on our business partnership opportunities or know someone we should meet, please email us at [email protected] or give us a call at 480-25-3857.
Client Appreciation Happy Hour - OHSO Gilbert
This exclusive event was created for our past clients to spend a little 1:1 time with us along with some sips and snacks provided by Fairway Independent Mortgage and Guild Mortgage as a THANK YOU for choosing the Amy Jones Group to help you with your move.
This event will be held on April 18th from 4:30 pm to 6:00 pm at O.H.S.O Brewery in Gilbert.
The address is 335 N. Gilbert Rd. #102, Gilbert, AZ, 85234
If you are a past client of the Amy Jones Group or want us to help one of your friends or family members, please RSVP to our upcoming happy your by calling (480) 250-3857 - we would love to THANK YOU in person for making us the Valley's #1 Real Estate Team in the Valley.
🙉 Spoiler Alert
SAVE THE DATE: Summer Client Appreciation Event
We are so excited to announce that we've picked the movie for our Summer Client Appreciation Event! Every year, we rent out a theater, throw in some popcorn, 200 of our favorite clients and check out a new release together. It's a chance for us to SEE you, THANK YOU, and hang out with you - our clients!
This year the Amy Jones Group Summer Client Appreciation Event will be held Saturday July 20th, 2019 and we'll be seeing The Lion King in live action! We can't wait for this movie to hit theaters and hope you guys are just as excited as we are. Be sure to mark your calendars and save the date. More details to come!
👏 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...