Sellers Gaining More Power?

We have some more interesting data for you. First of all, let us introduce ourselves. We are Williams Luxury Homes, a boutique real estate brokerage based out of Scottsdale, Arizona. We provide all kinds of content here, showing both sides of the coin. If you look at our blog, you’ll see that we’re sharing positive and negative news because, like we said, there are always two sides. We want people to apply this info to how they approach this market. We’re not here to tell you what to do, but we are here to tell you that both good and bad things are going on. On one side of the coin, a person can argue how you should not buy. On the other hand, a person can argue why you should buy. There’s a risk of rates going up more. Prices are likely to continue to rise. as there’s low inventory. People are locked into their mortgages because they don’t want to lose the low rates they got post-pandemic. If they sell, they lose that. So they must buy a much less expensive home or move to a much cheaper market. 

Also Read: How The Lock-In-Effect Is Affecting Greater Phoenix’s RE Market

Latest Details

Sellers are gaining ground in the Valley housing market, particularly in the East Valley. Fresh data from the Cromford Report, a trusted analyst of the residential market in Maricopa and Pinal counties, reveals that new-home buyers might encounter limited options in communities closest to Phoenix and may need to explore further out for a broader selection.

Quick Tidbits:

• Improvement for Sellers: Sellers have increased their advantage over the last month in 10 of the 17 Valley cities and towns tracked.
• Market Balance: The data collected for the Cromford Market Index ranks 17 Valley communities on a scale where 100 is considered balanced..
• Top Seller-Friendly Areas: Goodyear, Paradise Valley, and Chandler are moving in favor of sellers.
• Buyer-Friendly Areas: Queen Creek, Cave Creek, and Maricopa are favorable for buyers.
• Top Seller Advantage Scores:
  • Chandler: 220.6
  • Gilbert: 181
  • Mesa: 160.2
  • Tempe: 156.4
  • Phoenix: 155.9
  • Scottsdale: 131.7

Phoenix REALTORS’ recent data showed that average home sale prices were up year-over-year in March and April, and sellers were getting almost their entire asking price. We recently spoke about this in the below blog.

Also Read: New Data Show Scottsdale Sold-Home Prices Grew Big In April

New Home Construction

Buyers are not likely to benefit from new home construction in Phoenix and nearby communities, according to the Cromford Report’s analysis of new-home construction permits issued in the first quarter of 2024.

New Construction Highlights:

• Single-Family Building Permits: 8,334 issued in Q1 2024, the highest quarterly number since Q1 2022.
• Top Permit Issuances for Q1 2024:
  • Phoenix: 1,250 permits
  • Surprise and Unincorporated Areas: high numbers
  • Buckeye: 583 permits
  • Peoria: 572 permits
  • Queen Creek: 540 permits
  • Goodyear: 540 permits
  • Maricopa: 333 permits
  • Mesa: 291 permits

Permits impacted the market scores assigned by the Cromford Report to the towns and cities in the Valley. The Chandler real estate market, for instance, scored high due to the low number of new homes being created, with only 29 permits issued in the first quarter.

Market Price Trends:

• Square-Foot Price Fluctuation: Frequently fluctuating, topping $300 in April.
• Historical High: $306.39 PPF set in June 2022.
• Current Trends: Prices have risen 7.3% over the last 12 months, with a potential to establish a new all-time high with a 2% increase.
• Price Cuts: Becoming more frequent, especially for homes priced over $3 million.

Williams Luxury Homes

Williams Luxury Homes isn’t your average real estate brokerage in the Phoenix area – it’s a firm with heart and a personal touch. We’ve been around the block, selling over a billion dollars in real estate. Our combined experience adds up to more than 150 years. We’re the go-to source for everything from custom homes and swanky condos to plots of land that you can make your own. If you’re eyeing a spot in Scottsdale, dreaming of Paradise Valley, or considering the vibrant scenes of the Phoenix, Cave Creek, Chandler, Mesa, Tempe and Gilbert real estate markets, we’re the people you want to talk to. We’re a diverse bunch, speaking multiple languages and ready to help whether you’re buying, selling, investing, or developing. Looking for a house on the green? A place to call home? Maybe an investment or a plot of land to start from scratch? Or perhaps a property that’ll earn you some income? We’ve got your back, making sure your interests are always front and center. We’ve got a range of specialized divisions too. There’s one for celebrities and sports pros, an AI Department for the tech-savvy, Property Management for those who need a helping hand, Project Sales for the big dreamers, and even WLH Studios – our very own marketing agency to put your property in the spotlight.

At the end of the day, Williams Luxury Homes is all about giving you a luxury experience, no matter who you are or what you’re looking for. Stay tuned for more updates, and keep an eye on our site for the latest information on The Valley. Thank you for stopping by WilliamsLuxuryHomes.com