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Welcome back for What's Up Southeast Valley!

Here are our latest updates for the months of July & August - Check out what the Real Estate Market is doing, our Summer Events and what The Amy Jones Group has been up to for the last month!

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📈 Market Update

💬 What the Market Says

The months of June and July 2019 were both exceptionally strong, especially considering the market was looking wobbly back in January.

Let us start with the basics - the ARMLS numbers for August 1, 2019 compared with August 1, 2018 for all areas & types:

• Active Listings (excluding UCB & CCBS): 13,746 versus 15,686 last year - down 12.4% - and down 11.0% from 15,442 last month
• Active Listings (including UCB & CCBS): 17,920 versus 19,415 last year - down 7.7% - and down 10.5% compared with 20,030 last month
• Pending Listings: 6,479 versus 5,655 last year - up 14.6% - and up 0.6% from 6,642 last month
• Under Contract Listings (including Pending, CCBS & UCB): 10,653 versus 9,384 last year - up 13.5% - but down 5.1% from 11,230 last month
• Monthly Sales: 9,325 versus 8,543 last year - up 9.2% - but down 1.7% from 9,483 last month
• Monthly Average Sales Price per Sq. Ft.: $170.16 versus $160.79 last year - up 5.8% - but down 1.2% from $172.21 last month
• Monthly Median Sales Price: $280,000 versus $265,000 last year - up 5.7% - and up 0.4% from $279,000 last month

In July we saw the unusual 8.5% drop in active listings (excluding UCB & CCBS), which fell 4.1% below the 2018 level on July 1, well on August 1 this gap expanded to an astonishing 12.4%. Much of this decline was due to the low number of listings activated during June - 8,731 is our current count, the second lowest number for June since 2001 and down 11% from June 2018. On top of a very busy month for contracts and closings this has caused the supply to tighten dramatically.

👉 What It Means For You

9,325 closed listings is another strong monthly total for July. The 9.2% growth over July 2018 is a little misleading, however. This is because July 2019 had 22 working days, so the number of closings per day was 424. July 2018 had only 21 days so 407 closings per day. The difference is 4%.

Dollar volume for July was $3.1995 billion. This is the highest total for any July in history.

Pricing is showing no excitement whatsoever, behaving as if the market was normal. This cannot last. Remember that sales pricing is a trailing indicator, often as much as 12 months behind the leading indicators. 

We expect to see fireworks in pricing over the next 12 months. In fact the current situation reminds us of 2004. The huge imbalance between supply and demand and the absence of distressed properties are very similar.

These are very interesting times, unlike the past 5 years which were stable and predictable. Now we wait to see if the rest of August acts in the same way.

👩🏻‍💼 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, you'll want to hire a team of experts who have top negotiating skills, cutting-edge marketing, and extensive market knowledge.

🙈 In Case You Missed It...

🔥 HOT on the Market! Don't Miss out!

👏 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...