In June’s Cromford Report, HERSH24k presented some good news for buyers and so-so news for sellers. If you ended up selling your luxury property at the beginning of the summer and buying another luxury property, home affordability was up. For sellers, the current appreciation rates were not proving sustainable in the long term. So what does July have in-store for luxury home buyers and sellers? Let’s take a closer look.
Not a lot of new or different information is presented in the luxury market for July. The Cromford Report says that 41% of new homes sold were between the $300,000 and $500,000 range. So buyers still have a good supply that touches the lower end of the luxury market.
Sellers can expect the typical seasonal summer slowdown consistent for the Greater Phoenix area. The Cromford Report states,
“The peak of the market for contract activity usually hits at the end of April, as it did both this year and last year. So far levels have dropped 17% from the peak, which is closely following last year’s drop of 18% between April and July. If the 2018 market follows last year and previous years, we can expect contracts in escrow to drop about 4% per month until the end of the year. This would be considered perfectly normal, anything more could indicate a non-seasonal drop in demand.”
For more comprehensive insights on the Phoenix Metro residential real estate market, take a look at The Cromford Report infographic for July.
Image Credit: Cromford Associates LLC and Tamber Consulting LLC
Let our vision and our experience provide you a new appreciation of your real estate.