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House hunting moves fast these days. 

The average number of days a listing is on the market in Maricopa County dropped to 28.7 days from 34 last month as prices continue to climb. According to the Cromford Report, 56% of sales closed in Maricopa County during April sold for an amount over the listing price, up from 50% of March sales.

April  saw 415 MLS listing sales closed in Glendale and 420 in Peoria. Today, there are 179 active and available listings (not counting properties already under contract or pending close of escrow) in MLS in Glendale and 143 active listings in Peoria. 

That’s 43% of one month’s inventory in Glendale, up from 23.5% in March, and 34% of one month’s inventory in Peoria, up from 27%. Today’s Maricopa County inventory is 47% of April’s closed sales, up from 39.9% in March. 

The number of showings in the $200,000 to $299,000 range dropped 13.6% in Peoria and 18.6% in Glendale. Not all showings are scheduled through ShowingTime, so actual numbers are typically higher but unlikely to make up for the drop in this range. 

According to ShowingTime, the platform Realtors use to schedule most of the MLS showings, showings of Peoria listings in the $300,000 to $399,999 range averaged 20.13 showings per listing, and Peoria traffic in the $200,000 to $299,999 range averaged 25.51 showings per listing. In Glendale, homes in the $300,000 to $399,999 range averaged 16.86 showings per listings, and in the $200,000 to $299,999, the average was 28.67 showings per listing.

According to Freddie Mac, mortgage rates are continuing to decline. As of May 14, reported weekly national mortgage rates average 2.94% for a 30-year fixed, 2.26% for a 15-year fixed rate, and 2.59% for a five-year ARM.

FHA buyers in Maricopa County paid a minimum of $205,000 for a detached home with three bedrooms and two baths in April, and that was paid in Glendale. 

Peoria FHA buyers paid a minimum of $290,000. Conventional financing buyers saw minimums of $208,500 in Maricopa County, $240,000 in Peoria and $270,00 in Glendale. Maricopa County VA buyers paid a minimum of $242,500, Peoria VA buyers paid $260,000, and Glendale VA buyers saw a 16% jump in their minimum to $332,000.

According to MLS statistics, 75% of Maricopa County buyers financed their purchases in April, up slightly from March. Conventional financing made up 75% of those sales, FHA financing 9.5%, VA financing 5.2%, and the remaining sales used other financing methods. For the week ending April 25, only 3% of Maricopa County sellers contributed to their buyers’ closing costs. 

If your finances need to pick up a little speed, know that you are not alone. If you’re a homeowner, contact your lender to see what programs they are offering. If you’re a tenant, rental assistance is available through the Arizona Department of Housing website at saveourhomeaz.gov. If you’re a landlord, you can apply for aid at arizonatogether.org/grants.