April 2019 Sales Report

By Buying, Mike's Articles, Phoenix Metro Real Estate News, Selling April 8, 2019

Once again we report on the Valley residential real estate market. For the month of March 2019, we find that the housing market across Greater Phoenix has improved significantly during March but has yet to catch up with 2018.

Though significantly higher, we don’t pay too much attention to the month to month changes as these are seasonal in nature.

Supply without a contract is up almost 10% from a year ago. However, it’s 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. The supply side of things remains tight.

Mike Orr reports, “What we experienced starting in September 2018 was a minor but noticeable drop in demand. That declining trend is now being replaced by growth in demand…Under contract listings are only 2.3% lower than this time last year. At the start of March they were 11.5% lower. If this improvement keeps up then under contract listing counts could even overtake 2018 during April. We will have to wait and see.”

Bottom line? Whereas we find month to month market movement, our long term trend for the past 8 years has been, considering everything, healthy, stable, and still increasing in value.

Closings are improving as well. March was up 30% from February. Because of the surge in contract activity we expect the gap to close further in April. With demand comfortably exceeding supply, prices continue to rise, though not as quickly as they did this time last year.

Orr adds, “Almost all the gloomy statements you may have seen about the Phoenix housing market outside the Cromford Report have proven to be wildly overblown. It is in good shape and, thanks to lower interest rates and higher loan limits, we are seeing demand headed back to normal.”

Bottom line? Whereas we find month to month market movement, our long term trend for the past 8 years has been, considering everything, healthy, stable, and still increasing in value.

About the Author
Michael Bodeen, Associate Broker

     I was born and raised in San Rafael, California, from the mid 50’s to the early 70’s. I had super parents who worked hard to provide 5 kids with a good Catholic education – despite my best attempts to overthrow the knuckle-cracking regime of Sister Mary Anselma. My dad worked as a self-employed butcher until his retirement at 65 and enjoyed many wonderful years until mom passed away in 1992.

     Dad passed away in the fall of 2006 having lived a great and full life into his early 90’s! In California, I attended college in Chico and Sacramento as a “Sosh” major, but like many of my contemporaries, I did not have a clue what I wanted to do when I grew up. Because of my age, I missed the Vietnam War and into my early 20’s I had many typical youthful indiscretions.

     Thankfully, that was a brief period of my life, and with greater thanks, not too much damage was sustained in those early and rebellious years. And by the way, those thanks are due to the answered prayers of faithful relatives who prayed for years that a wayward Michael would turn his life over to the Lord, and in January of 1982 that’s what happened.

     I lived in Sacramento, California in the mid 70’s, and later moved to Truckee, California, which is near Lake

Tahoe and Reno, Nevada. Truckee’s often labeled the “coldest spot in the nation.” Why did I move there?

My father-in-law was a real estate broker in Donner Lake, California, and despite his cantankerous disposition, he seemed very successful in his real estate endeavors. I joined him in sales in July of 1976.

    The Truckee and Lake Tahoe area was a wonderful place to raise a family, but a difficult and cold environment to live in, but we did so for 18 years. In 1994, my wife, Karen, and I visited Scottsdale at a friend’s request, and within 8 months, our family of 5 had relocated to “the valley” – or is it a desert? Whatever it is, it’s warm. At any rate, 24 years have gone by since we made the break from the late great state of confusion, uh, California, and it’s turned out to be a great move.

     As for hobbies, I enjoy family, friends and travel. My kids Robert, Kendra, and Jonathan are now 40,

34, and 31 respectively. I recently became “gramps” for the 4th time as well. It’s a nice time of life. Karen remains as lovely on the inside and outside as the day we were married. We continue to wonderfully grow together as the years advance. As an ordained Christian Chaplain, I volunteer Preaching at Florence Prison with Along Side Ministry. The ministry helps make the formerly incarcerated able to function, even thrive, on “the outside.”

     Should you choose to have me represent you in the sale or purchase of your home, you’ll be receiving my 40+ years of real estate knowledge, counsel, and experience (including negotiation experience).

    Beyond the transaction, I’m always available to you, should you ever need my real estate advice.