Northlands Peoria Real Estate

Northlands Peoria Real Estate This is your source for everything you need to know about real estate in the community of Northlands, in Peoria, AZ.

08/24/2022

There are some hopeful developments in the market as of the past few weeks. The rate of new listings coming to market is down significantly, although inventory is still rising. This is primarily due to listings sitting longer on the market waiting for a buyer. At the same time, demand seems to be showing signs of life, as pending listings are up over the past few weeks. It's small, but hope is hope, and we should always look for the good news :)

08/11/2022

The rate of new listings being added to the market is continuing to slow, which is very good news. Demand remains very weak and isn't showing any sign of a rebound, but interest rates are back below 5%, so this may spur buyers on a bit if it continues.

We are still adding more active listings than our market needs, but we are seeing the rate of increase starting to cool....
08/04/2022

We are still adding more active listings than our market needs, but we are seeing the rate of increase starting to cool... a bit. At this point, we'll take what we can get. At the very least, the trend is no longer accelerating.

Our current market index still puts us in a "seller's market", meaning we have more demand than we do supply. An index o...
06/29/2022

Our current market index still puts us in a "seller's market", meaning we have more demand than we do supply. An index of 90-110 is balance, so 175 is still well above that. By August / September we will almost surely be at or very close to a buyer's market (

As of today (6/22) here in Northlands, we currently have 13 homes available for sale and 1 coming soon. The average days...
06/22/2022

As of today (6/22) here in Northlands, we currently have 13 homes available for sale and 1 coming soon. The average days on market for active listings is 24 days. The highest priced listing is $1,395,000 on Blue Sky (Summit) and the lowest price is $649,900 on Skipping Rock (Encore). 7 of the 13 active listings have reduced their price, with the average reduction being just under $50k. Times are changing....

06/10/2022

As of today, there are 12 active listings in Northlands and 10 under contract. This is a good ratio, but listings under contract are slowing and active listings are on the rise. We are having fewer showings and offers, but homes ARE still selling.

06/07/2022

What questions do you have about the changing market?

Mortgage rates are WAY up over last year, but we've at least seen a slight cooling over the past couple of weeks. The e...
06/02/2022

Mortgage rates are WAY up over last year, but we've at least seen a slight cooling over the past couple of weeks. The extremely low rates over the past few years have given buyers much greater purchase power, so the rising rates have put a significant dampener on buyer demand in the market. This chart below comes from Freddie Mac and shows us the average mortgage rates over the last year. ***PLEASE NOTE: These are averages and things like credit score, debt to income, etc, will affect a borrowers actual interest rate***

05/31/2022

We have 10 homes available for sale here in Northlands as of today. The average list price per square foot is $323. If you look at all of the sales in the last 6 months, the average list price per foot was $314. Over the coming months, we may start to see this begin to drop as more listings hit the market and sellers have more competition.

Have you noticed a bunch of new listings in the neighborhood? Well, it's not your imagination. This graph below shows ...
05/26/2022

Have you noticed a bunch of new listings in the neighborhood? Well, it's not your imagination. This graph below shows our "days worth of inventory", which is how many days it would take for us to sell everything available for sale. The green line is 2022, the blue is 2021. Inventory is on the rise at a rate that we haven't seen since 2005. In absolute terms, we still don't heave nearly enough for sale, but before long we could very well be into a balanced market, or even potentially a buyer's market (more supply than demand). What questions can I answer for you?

Address

9958 W White Feather Lane
Peoria, AZ
85383

Telephone

+16025294092

Website

Alerts

Be the first to know and let us send you an email when Northlands Peoria Real Estate posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Northlands Peoria Real Estate:

Shortcuts

Share