Our business calls for us to micro-watch various neighborhoods for buyers looking for specific homes in certain neighborhoods. We input their search parameters into our real time Multiple Listing Service (MLS) and when the home comes on the market, or otherwise falls into their search parameters, they and us are immediately notified.
What I’ve been observing recently is that the neighborhoods my clients are looking in happen to be red-hot. A few weeks back I showed homes in the $350,000 to $500,000 price range in Ahwatuckee. There were 4-5 homes for sale within their parameters at the time and 3-4 already in under contract in escrow. Seemed like a normal healthy market. These buyers were from out of state and were getting their home prepped to sell, and were thinking to make their move here next spring.
Fast forward to today – two weeks later, this neighborhood has 11 total listings. One active. 10 are under contract/pending including a couple new ones that sold in days.
We’ve watched for years now, a decreasing inventory of homes for sale, but it wasn’t frenetic. This is now our market …The new buyer formula: If you see it, and like it, buy it!
Jonathan and I were at a listing appointment four weeks ago in a north valley neighborhood. The home was a two story with 3200+ SqFt. No pool. The day we viewed it there were 3 other homes for sale, two being the identical floorplan on the same street, and one around the corner dead on similar.
These other homes had been on the market between 21 and 60 days. It looked like we would become the 4th similar home for sale in the neighborhood. Not good if you’re the seller. But then…
Voila, now you see them, now you don’t. In just 6 days, each of those three other listings went under contract. And then, there were none!
We’ve watched for years now, a decreasing inventory of homes for sale, but it wasn’t frenetic. This is now our market in many of our communities, especially under $500,000. No longer can there be a wait and see buyer approach.
The new buyer formula: If you see it, and like it, buy it!
Comparing supply and demand with this time last year we see the following changes for the single-family markets: