Here are the stats for Corte Bella for the week of 09/04 – 09/11:
Active For Sale: 24 (17)
Coming Soon: 0 (1)
Under Contract Contingent on Buyer Sale: 3 (5)
Pending: 6 (4)
Sale Contracts Signed: 2 (-)
Sold Properties: 1 (-)
New Listings: 9 (-)
*() indicates the previous week.
Inventories are rising in Corte Bella in anticipation of the Snowbirds returning. In the 85375 Zip Code, our supply has ballooned to 54 days, which at our current sales rate is roughly 2.6 months inventory.
Recall one of the best indicators agents use to determine the health of the market is called the “Contract Ratio”. The Contract ratio is simply the number of properties under contract divided by the number of active (for sale) properties listed. The higher the ratio the better. In the 85375 Zip Code, there are 86 properties under contract and 187 active properties yielding a very cool (not cold but less than warm) Contract Ratio of 46%. This is the lowest it has been since February of 2017.
The hope is the Snowbirds will come with their checkbooks open and ready to buy this year to help us out of this market. This is a great opportunity for those wanting o buy in Corte Bella as prices will be higher in the future. Mortgage rates are still high at 5.97% for a 30-year, 80% LTV, 0 points loan to a borrower with excellent credit. We are starting to see more interest rate buy-down transactions. Next week, I’ll explain interest rate buy-downs and why it is a great tool in markets like we have today, to benefit both the buyer and the seller.
It is a great time to be a buyer in Corte Bella; not so much for sellers. Someone make sure the Snowbirds get the memo!
WEEKLY MOJO REPORT:
Inventory levels are up (especially in CB): - (for Sellers) + (for Buyers)
Demand is down: - (for Sellers) + (for Buyers)
Mortgage rates are up: - (for Sellers) - (for Buyers)
Market Mojo: - (for Sellers) + (for Buyers)
Have a great week!
I am a year-round Corte Bella resident and I put 100% of my effort into Corte Bella sales transactions although occasionally, I will assist my sales clients relocating to another area in Arizona. As the market changes it is important you have clear picture of the value of your home should you decide to sell. No one knows Corte Bella than I do. I sell Premier Properties with Premier Service.
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