After we set a record 144 days over 100 degrees in a calendar year, we are finally enjoying the cooler temperatures of fall.
In the housing market, we’re still “waiting for the fall”—the cool-down we typically see going into the autumn season.
During September, 379 MLS listing sales closed in Glendale and 415 in Peoria.
At this writing, there are 212 active and available listings (not counting properties already under contract or pending close of escrow) in MLS in Glendale and 287 active listings in Peoria. That’s 56% of one month’s inventory in Glendale (down from 64% in August) and 69% of one month’s inventory in Peoria (down from 71% in August).
Overall, Maricopa County dipped slightly with today’s inventory at 87% of September’s closed sales (down from 89% last month).
With the seller’s market holding steady, in Maricopa County, only 9% of sellers contributed to buyer’s closing costs last month, a sharp drop from 24% in August and 31% in July.
Showing traffic is still holding strong. According to ShowingTime, the platform Realtors use to schedule most MLS showings, during September, listings in the $200,000-$299,999 range in averaged 16.55 showings per listing in Glendale and 15.4 in Peoria.
The next closest was the $300,000-$399,999 range, with 12.78 showings per listing in Glendale and 10.61 showings per listing in Peoria. And not every showing is scheduled through ShowingTime, so the actual numbers are higher.
Interest rates are still holding low and even dipped slightly. According to Freddie Mac, as of Oct. 15, U.S. weekly averages were 2.81% for a 30-year fixed, 2.35% for a 15-year fixed-rate, and 2.9% for a five-year ARM.
Amid the rising costs and competition among buyers, I’ve been asked about entry-level prices for detached homes in the West Valley. In September, the lowest price buyers found for a detached house with at least three bedrooms and two baths varied depending on the type of financing.
In Glendale, conventional buyers spent a minimum of $145,000, FHA buyers spent $185,000 and VA buyers spent $253,000.
Peoria buyers, with a conventional loan, spent a minimum of $215,000, FHA buyers spent $220,000 and VA buyers spent $240,000.
In Maricopa County, buyers paid a minimum of $145,000 with a conventional mortgage, $180,000 with FHA, and $200,990 with a VA loan. Countywide, buyers using financing made up for 66% of MLS sales in September.
If you’re struggling right now, there are people to contact who can help you out before you start to fall. If you’re a homeowner, contact your lender to see what programs they are offering.
Lisa R. Baker is a Realtor who sells homes in Glendale and Peoria. For more information, visit lisarbaker.com.