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Market update: Low inventory keeps market strong

BY REALTOR LISA BAKER Hunt Real Estate ERA

In February, 324 MLS listing sales closed in Glendale and 313 in Peoria. As the week of March 14 closed, there were only 130 active and available listings (not counting properties already under contract or pending close of escrow) in MLS in Glendale and 95 active listings in Peoria. That’s 40% of one month’s inventory in Glendale, down from 63.6% last month, and 30% of one month’s inventory in Peoria, down from 40.9%.

Maricopa County’s active inventory is 48% of February’s sales, a significant drop from the 60.2% of January’s closed sales we saw this time last month.

The average number of days a listing spent on the market in Maricopa County decreased from 35.1 days in January to 32.7 days in February. According to The Cromford Report, 50% of sales closed in Maricopa County during February sold for over the listing price, up from 44% of January sales, driving up the closing price per square foot from $288.42 in January to $297.23 in February.

According to Freddie Mac, as of March 10, National Mortgage Rates reported U.S. weekly averages of 3.85% for a 30-year fixed, 3.09% for a 15-year fixed, and 2.99% for a five-year ARM.

According to ShowingTime, the platform Realtors use to schedule most of the MLS showings, Peoria listings in the $300,000 to $399,999 range had an average of 21 showings per listing, and Glendale listings 18.8 showings during February. Not all showings are scheduled through ShowingTime, so actual numbers are typically higher.

According to MLS statistics, 72% of Maricopa County buyers financed their home purchase in February, while the rest paid cash. Buyers using a conventional mortgage to buy a three-bedroom detached house with two bathrooms paid a minimum of $270,000 in Maricopa County, $280,000 in Glendale, and $327,000 in Peoria. Conventional financing made up 77.4% of February’s financed sales.

In February, FHA buyers in Maricopa County paid a minimum of $185,000 for a detached home with three bedrooms and two baths.

Peoria FHA buyers paid a minimum of $362,000, and Glendale FHA buyers paid $305,000. FHA buyers made up 8.1% of financed purchases in February. Maricopa County VA buyers making a similar purchase paid a minimum of $290,000, $340,000 in Peoria, and $359,000 in Glendale. Home sales financed with VA loans made up 7.7% of February’s financed sales.

The remaining financed transactions used other financing methods. For the week ending Feb. 27, 4% of Maricopa County sellers contributed to their buyers’ closing costs.

At the other end of the market, the highest-priced home sale in Maricopa County last month sold in Paradise Valley for $13.7 million. The highest-priced home sales in Peoria and Glendale were $1.295 million and $1.55 million, respectively.

If your finances are also a little low on inventory, please know that you are not alone. Homeowners, tenants and landlords are encouraged to reach out to the Department of Housing and Urban Development’s housing counseling program at 1-800-569-4287 or go to consumerfinance.gov/housing for assistance. PT

Lisa R Baker is a Realtor and a community volunteer in Glendale. Reach her at me@lisarbaker.com.

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