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Summer 2015
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MARKET WATCH: UPDATEThe Ups and Downs of Supply and Demand
Looking at the MLS, there were 8,319 residential sales in May 2015 compared to 7,445 sales in May 2014. Over the same period we saw active listings decline from 25,584 in May 2014 to 20,357 this year. An 11.7% increase in demand paired with a 20.4% decrease in supply is exert-ing upward pricing pressure. This upward pricing pressure is seen in the median sales price this month, which increased 4.1%. Our median sales price is now 83% of the $255,000 peak reached in June of 2006. This significant monthly increase in median price can be attributed to a major imbalance between supply and demand at the lower price points. There were 4,159 homes sold in May below the median sales price and 5,899 active listings without a contract. Our market has an extremely low inventory of homes available to the entry level buyer. The three main contributing factors to this phenomenon are:
1. Homeowners who would be considering selling are still underwater 2. Investors who purchased bargain assets at the bottom of our market are quite happy with their improving rents and increasing equities, and are not selling 3. Builders have been cautious and are not building. For May in Maricopa County, only 90 newly constructed homes sold for $211,000 or less.
SUMMER 2015
FREE Tool for Buyers!See ANY
LISTING on your phone including
photos, details, pricing
and tours WITH
AUDIO!TEXT
JAYPATEL to
(602) 277-3111 and the
link will be automatically
texted!
Nothing brings a community closer than its members offering help and comfort during stress-ful times. Sometimes the stress is positive, such as when welcoming a new baby. Other times, it comes when managing an illness, spousal deploy-ment, injury, or even the passing of a loved one.
The stress experienced by unpacking and start-ing over in a new neighborhood can also be sig-nificant. One thing we know for sure is that new neighbors’ cupboards are often bare for at least the first few days. What better way to say, “Welcome to the neighborhood” than to walk over with a delicious hot meal.
My wife, Becky, and I have recently started using Food Tidings, a free online tool that allows users to help family, friends, neighbors and com-munity in times of need. It does this by enabling the simple setup and management of meal support schedules. The schedule is created based on the recipient’s needs such as family size, food aller-gies, and food preferences. The newly created schedule can be e-mailed, shared via social media, or added to message boards so that family, friends and new neighbors can sign up to take a meal. In addition, the newly created Food Tidings Shoppe allows those living out of town to have a chef-pre-pared, home-cooked meal delivered right to the recipient’s door.
We realize that starting over in a new neigh-borhood can be challenging. When someone breaks the ice and shares a meal, it can be the beginning of a great relationship! Providing a meal benefits the giver as much as the receiv-er. It’s one of those opportunities that can truly realign one’s perspective and provide a reminder of what community is truly all about.
If you are interested in helping or know someone who would benefit from this
program, please contact Jay at 623-451-0443 or
Proud Sponsor of Food Tidings
JAY PATEL REAL ESTATE TEAM
Programs Offered to Jay’s Home Sellers:CASH OFFER IN 1 DAY — GUARANTEED!*BUY A HOUSE WITH ME & WE WILL BUY YOURS FOR CASH!*IF NOT 100% SATISFIED, FIRE ME!* *Some Conditions Apply
Call Jay at 623-451-0443 to find out more about these great programs!
SELLERS:
STRONG NEGOTIATOR“We moved to Phoenix, and are from out of state - not so familiar with the areas around Phoenix, we depended upon Jay for many of his opinions on areas, schools, future growth etc. Jay was an excellent Realtor—he listened to our requirements, showed us listings that we were interested in, and helped us through the entire process. He was always orga-nized, and was one step ahead of us in explaining what was coming next, and what we should do to prepare for it. during negotiations, he was strong, and walked the fine line of artful negotiation. I would recommend him and would use him again in my next transaction.” —Ed W.
WOULD RECOMMEND JAY PATEL TO ANYONE“I would recommend Jay Patel to anyone for their Real Estate needs. I was very Impressed with his responsiveness. He returned my initial call right away, within minutes and answered my questions with open and honest responses. I was out of town at the time and he made me feel at ease so I was comfortable using esigning to establish my listing with him. We had a contract in 34 days and closed escrow 19 days after that. During the whole time he and his team displayed expertise in handling my question and all those lead-ing a successful close. Thank You Jay!” —Lee R.
SOME OF OUR RAVING FANS
SOLD IN 3 DAYS FOR FULL LIST PRICE!
5515 W. Tether Trl. | 4 BR, 3 BA, 2,745 SF
$346,500
PHOENIX
(623) 451-0443e-mail: [email protected]
Attorney At Law (AZ / NJ / PA)
Juris Doctor
Specializing in Phoenix Real Estate Since 2003 BUY F SELL F RENT F INVEST
Each office independently owned and operated
F
SOLD BY
JAY!
PEORIA
30873 N 125TH DR5 BR, 3 BA, 3,316 SF
SOLD FOR $350,000
SOLD BY
JAY!
GLENDALE
6812 W FIREBIRD DR4 BR, 3 BA, 2,327 SF
SOLD FOR $285,000
SOLD BY
JAY!
PEORIA
12538 W MINER TRL4 BR, 3 BA, 2,754 SF
SOLD FOR $309,700
SOLD BY
JAY!
PEORIA
31498 N 129TH DR4 BR, 3 BA, 3,119 SF
SOLD FOR $423,550
SOLD BY
JAY!
SURPRISE
16322 N 171ST DR4 BR, 2.5 BA, 2,839 SF
SOLD FOR $256,500
SOLD BY
JAY!
PHOENIX
4210 W SELDON LN3 BR, 2 BA, 1,634 SF
SOLD FOR $131,000
SOLD BY
JAY!
PEORIA
12113 W DESERT MIRAGE DR2 BR, 2.5 BA, 2,228 SF
SOLD FOR $305,000
SOLD BY
JAY!
STETSON VALLEY
5507 W DESPERADO WAY5 BR, 3 BA, 2,819 SF
SOLD FOR $298,000
SOLD BY
JAY!
PEORIA
13078 W CHUCKS AVE4 BR, 3 BA, 3,289 SF
SOLD FOR $390,000
SOLD BY
JAY!
PHOENIX
5515 W TETHER TRL4 BR, 3 BA, 2,745 SF
SOLD FOR $346,500
SOLD BY
JAY!
PEORIA
8004 W ROBIN LN3 BR, 2 BA, 2,384 SF
SOLD FOR $350,600
SOLD BY
JAY!
STETSON VALLEY
25121 N 55TH DR5 BR, 3 BA, 2,634 SF
SOLD FOR $307,250
