If you’re searching for a home and it seems a little crowded out there, there’s a reason.
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 23.3 showings per listing, and Peoria traffic in the $200,000 to $299,999 range averaged 25.1 showings per listing.
In Glendale, homes in the $300,000 to $399,999 range averaged 20.7 showings per listings, and in the $200,000 to $299,999, the average was 24.2 showings per listing.
These numbers are double and triple the numbers of showings per listing from just one year ago. Considering a closing typically takes 30 days, and the average days on the market is down to 34 days, nearly all of these showings are taking place in the first couple of days a listing is active.
Very crowded indeed. And not all showings are scheduled through ShowingTime, so actual numbers are typically higher.
And prices continue to climb. According to The Cromford Report, 50% of sales closed in Maricopa County in March sold for an amount over the listing price. That’s not only up from 41% of February sales but a sharp increase from the 33% average we’d been seeing consistently since August 2020.
March 2021 saw 450 MLS listing sales closed in Glendale and 408 in Peoria. Today there are 106 active and available listings (not counting properties already under contract or pending close of escrow) in MLS in Glendale and 110 active listings in Peoria.
That’s 23.5% of one month’s inventory in Glendale, down from 37.8% in March, and 27% of one month’s inventory in Peoria, down from 38.6%. Today’s Maricopa County inventory is 39.9% of March’s closed sales, down from 50.3% in February.
According to Freddie Mac, mortgage rates are holding steady. As of April 15, national mortgage rates reported U.S. weekly averages of 3.04% for a 30-year fixed rate, 2.35% for a 15-year fixed rate and 2.8% for a five-year ARM.
March entry-level prices for a detached home with three bedrooms and two baths in the West Valley for buyers using FHA financing saw minimums of $190,000 in Maricopa County, $250,000 in Glendale, and $240,000 in Peoria.
Conventional financing buyers saw minimums of $177,000 in Maricopa County, $257,400 in Peoria, and $253,000 in Glendale. Maricopa County VA buyers paid a minimum of $220,000, Peoria VA buyers paid $308,000, and Glendale VA buyers paid a minimum of $287,000.
According to MLS statistics, the number of Maricopa County buyers who financed their purchases in March held steady at 78%. Conventional financing made up 73.6% of those sales, FHA financing 10.1%, VA financing 5.7%, and the remaining sales used other financing methods. For the week ending March 28, only 4% of Maricopa County sellers contributed to buyers’ closing costs.
If your finances are getting a little crowded, please know that you are not alone. If you’re a homeowner, contact your lender to see what programs they are offering.