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November 20-21
The Amy Jones Group
Welcome Back, Weekend Warriors! Happy November!
This is the Amy Jones Group's weekly newsletter, detailing local events, recent real estate news, and open houses.
This week, we're bringing you these fall fun-filled events happening around the Valley!
Our Team is Growing
We are hiring!
Real Estate Professionals, Showing Assistant & A Spanish Speaking Bilingual Real Estate Agent
The Amy Jones Group is growing! 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 reply to this post directly!
Email your resumes to - [email protected]
Market Update
As we head closer and closer to the holidays, we are starting to see a seasonal decline in inventory that certainly wasn’t on anyone’s holiday wish list. We had a short period of time where demand waned and new listings were coming to the market faster than expected and we thought we might be headed towards a balanced market. Much of the stress of the highly competitive market had caught up to our buyers and sellers, big companies were on the scene purchasing large quantities of inventory, and the market did what it should have when frenzy hit and pumped the breaks.
I’d describe the current market in the same way that I would those carnival rides that slowly teeter from side to side until they finally stop and let you off. Our inventory has gone up and down just a few hundred homes over the last few months putting us in nearly the same inventory situation as we were a year ago but with less new construction and more resale closings due to supply chain demands and labor shortages in the building cycle. We are no longer seeing the extreme scarcity of inventory that we saw earlier in the year, but we are still sitting at about a third of the inventory that we would need to be in a true balanced market and until we get there, prices will continue to rise. In fact, prices rose a staggering 4% just over the last month and with contracts pending up, we’re expecting to report some strong numbers before we ring in the new year.
With active listing counts down by 7% in the East Valley year over year, Zillow reporting much of its inventory from their failed iBuying program going to large market investors who intend to keep the properties as rentals, and builders selling less not due to demand but do to their inability to fill orders, we’re skipping into the third week of November with less than 8,000 homes available on the market. We know that its tough for our buyers to compete out there, especially in the East Valley where we’ve got just 225 available single family homes compared to nearly twice that two years ago, and we know that prices rising more than 27% year over year is difficult to swallow and in many times simply unaffordable for some, but our thriving town and continuous influx of people and population counts necessitates a reset as to what housing prices will be in Arizona for the long term.
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Meanwhile, our sellers are looking for what could change their selling conditions and while inventory is low, we are watching things like increasing interest rates, lack of affordability, potential for slower population growth or household formation but with the max conventional loan limit increasing for the sixth year in a row to $625,000 for conventional financing, Arizona continuing to rank in the top 10 states for population growth due to domestic migration, and the Arizona Department of Economic Opportunity reporting in October that unemployment claims have dropped to a pre-pandemic level and W2 incomes are up 3.4% year over year and rising - it’s unlikely that any of these will create much of downward impact on our real estate market. Holiday shoppers are relentless about their home search with renewed energy and with both pending listings and listings under contract up in the East Valley almost 7%, it appears a new home is on many people’s list.
This time of year always brings on the speculation about what the housing market will look like in the coming year. With the average dollar per square foot chart chugging upwards, it’s clear that passing a peak in frenzy is not the same as hitting the market’s ceiling. With investors still playing a big role in our market, their shift in demand would start to quickly build up our inventory and we’d likely start to see a decrease in rental rates before we saw a decrease in resale pricing. The more availability of rentals, the more competitive they’ll need to be for tenants, the lower the rents will go, the more likely the buying of new rental properties by large scale companies will cease. It’s not imminent, but it is a likely next step.
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Local Events - Happy November!
Client Appreciation & Pie Party
For the sixth year in a row, we are bringing our family and yours together to celebrate the holiday season at the Veteran’s Oasis Park in Chandler. Due to COVID, we moved things outdoors last year and loved it SO MUCH, we’re doing it again!
We’re going to be reserving a ramada with tables for lots of family fun - sweets and treats from our friends at Someburros, holiday crafts and lawn games for the kids, live music from our returning entertainer Taide Pineda, and don’t forget - our resident photographer, bringing her creativity and fun to your FREE family photo sessions.
In fact, the whole day is free! Come by any time on November 21, 2021 between 1-4pm to enjoy some sweet treats, tunes, activities and crafts, family photos and of course - the tradition that started it all, a free pie to take home for your Thanksgiving table from our friends at Fidelity National Title.
Oh, and one last, but very important thing - our clients are the absolute most giving, most caring, most amazing people in the world and because of that - we always want to give YOU the chance to give back because we know you are SO good at it. We are going to be collecting canned foods and non perishable items for the United Food Bank again this year - please, please, please bring something with you if you can? And of course, if you are a family in need or know of a family who is struggling - email us at [email protected] so that we can make a difference in YOUR holiday season.
Don’t forget to RSVP by November 7th so we’ll know how many goodies to get, how many pies to order, and how many boxes to bring to collect food for our friends at the United Food Bank. This event is, and has always been open to everyone - our clients, your friends, your family, your out of town guests, people who you want to introduce us to - spread the word, let’s make this the best family holiday event yet!
RSVP here - bit.ly/AJGPie21
Zoo Lights - Phoenix Zoo
Sunday, November 20th at 8:00 pm
Join in on the holiday fun with millions of lights, hundreds of displays and performances throughout the zoo!Sample tasty treats from some of Phoenix’s favorite food trucks.
Enjoy fascinating animal encounters and fun entertainment.
Partake in our Win for Wildlife Auction and Raffle to win incredible items.
Get ready for an exclusive drive-thru preview of the 30th anniversary of ZooLights – the Valley’s beloved holiday tradition. Indulge in kettle corn and hot cocoa as you journey through the jungle to experience millions of sparkling lights and dazzling displays.
Gather your family, friends, clients or colleagues for an all-ages evening to support Arizona’s most treasured conservation organization, the Phoenix Zoo.
Reservations on sale now!
Arizona Bao & Dumpling Festival - Chandler
Saturday, November 20th at 8:30 am
Join us this Saturday, November 20th in Gilbert's Downtown Heritage District for this long-standing tradition as we celebrate the past and future of our community. This year's parade is brought to you by the Gilbert Half Marathon.
Step off is at 8:30 AM and the route will run on Gilbert Road between Elliot Road and Juniper Avenue.
Parking information: glbrt.is/ParadeParking2021
Be prepared for multiple road closures happening throughout Gilbert from 6 AM - 12 PM: glbrt.is/GDRoadClosures
This event is fully accessible by strollers, wheelchairs and walkers. Leashed pets are allowed at this event, but please remember to pick up after your furry friend!
There will be two American Sign Language interpreters on-site at the announcement stand near Dutch Bros Coffee (located near Gilbert Road and Juniper Avenue) from 8:00 - 10:30 AM.
Check out more Gilbert Days activities, including the inaugural Gilbert Days Music Festival 
Farmer's Market - Chandler
Saturdays, October - June from 9:00 am to 1:00 pm
The Downtown Chandler Farmers Market features dozens of local farmers, gourmet food vendors and artisans. The Market happens every Saturday in Dr. A.J. Chandler Park West and runs from 9 a.m. – 1 p.m.
Come down, shop around and grab a bite to eat at one of the many restaurants in the Downtown. We have something for the whole family!
Safety precautions will be enhanced in coordination with the guidelines set forth by the Center for Disease Control in response to COVID-19. For more information, please visit downtownchandler.org/farmersmarket.
Thank you to our sponsors:
First Credit Union
Lifetime Windows & Doors
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