At HERSH24k we rely on The Cromford Report–check out our “Cromford Report for March.”

Great News Last Month. This Month…

Last month, The Cromford Report revealed, “Cities with the smallest percentage of closing costs were in affluent and retirement areas such as Paradise Valley, Sun City West and Sun Lakes at 2-3%.” This was great news for our luxury home buyers in the Paradise Valley area.

What about this month? It’s a little more mixed, although we still have great news for our luxury home buyers.

Regarding buyers, The Cromford Report states, “All price ranges are below last year’s level of supply with the exception of the $1M+ market, which is up to 1.5%.” This means that the $1M+ market has more supply available to buyers than other price ranges.

The Cromford Report continues, “Buyer competition is typically at its strongest at this time of year and is expected to begin tapering off seasonally in May or June.”

What About Sellers?

This month, The Cromford Report provides information about sellers in the $100-$200K market saying, “more sellers decided not to list their homes on the MLS and many chose to sell to an investor instead. This is ironic considering MLS sales in that price range sell for 12% more per square foot on average compared to normal non-MLS sales.”

What is MLS? MLS, which stands for multiple listing service, is “a service used by a group of real estate brokers. They band together to create an MLS that allows each of them to see one another’s listings of properties for sale. Under this arrangement, both the listing and selling broker benefit by consolidating and sharing information.”[1]

Comprehensive Insights

The Cromford Report publishes monthly commentary and infographics with data on the Phoenix Metro residential real estate market.

We at HERSH24k share a passion for Arizona real estate and are committed to providing our clients with a new appreciation of their real estate. We will regularly spotlight The Cromford Report monthly for our like-minded clients and Market News readers.

Below is The Cromford Report infographic for the month of April:

Scottsdale_Real_Estate

Image Credit: Cromford Associates LLC and Tamber Consulting LLC

For further information, please contact us at 602-758-2400, email us at info@HERSH24k.com, or click here for our contact page. We look forward to saying hello!

Let our vision and our experience provide you a new appreciation of your real estate.

[1] Staff, Investopedia. “Multiple Listing Service (MLS).” Investopedia. February 07, 2018. Accessed April 16, 2018. https://www.investopedia.com/terms/m/multiple-listing-service-mls.asp.

At HERSH24k we rely on The Cromford Report–check out our “Cromford Report for March.”

[1] Staff, Investopedia. “Multiple Listing Service (MLS).” Investopedia. February 07, 2018. Accessed April 16, 2018. https://www.investopedia.com/terms/m/multiple-listing-service-mls.asp.