Steven Skarphol Associate Broker MBA, LEED Green Associate Realtor®, ePro®, SFR®, CDPE, MSSC, CSSN Superior Court Real Estate Special Commissioner Zillow Rated 5 êêêêê |
The Skarphol Rapport©
Q2-2017
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8388 E Hartford Dr, Suite 100 Scottsdale, AZ 85255-7806 Cell: 602-595-7200 |
QUARTERLY MARKET UPDATE - FOR BUYERS/SELLERS, INVESTORS & GREEN UPDATE: |
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EXECUTIVE SUMMARY – RESIDENTIAL REAL ESTATE MARKET IN 60 SECONDS BOOM! The first six months of 2017 are off to a roaring start. We have seen this level of annual sales before in the 2004-2005 run-up, so most clients start to ask and worry about another housing BUBBLE. The good news is that the fundamentals are different. First, the 2004 vs 2005 median sales price increased over 40% in one year. Current 2016 vs 2017 median price increase is running about 6.5%. Second, in the BUBBLE, rapid price appreciation was compounded by oversupply, a rush of investors and unfortunately rampant mortgage fraud induced by reckless speculation in the collateralized mortgage bond security market. Today, the supply is about 90-days, which is generally favorable to sellers in most market segments. Less than 60-days’ inventory would be a concern because in 2005 as the BUBBLE was bursting, the inventory was only a 37-day supply. Third, mortgage rates remain low, but tight credit is still moderating the market. Bottom line: Healthy residential market in the short run. Monitoring a hyper-undersupply of product combined with hyper-price appreciation would bring on a yellow caution light.
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Client Testimonials:
“Steve, thank you for the enormous effort you put into getting us our retail location. We appreciate your contributions into making our dream a reality!”
J.Y & T.Y Commercial Retail Spinetic-Spinners "Steve was great!! He worked with us (the sellers) as well as the buyer to facilitate our sale. He went far beyond our expectations in successfully selling a hard-to-sell property. His knowledge of the process, market, environment, and rules and regulations are unsurpassed. I truly have to say that our sale was successful because of Steve. I thoroughly enjoyed working with Steve and highly, highly recommend him."
K.B. Infill Vacant Land with Residential Subdivision Complexities
Market Update – A Closer Look:
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*Take a tour of one of my listings in 3D: Arcadia Lite 85018 - $4,300,000 – 14 Townhouses NEW 2017 Build! (Interactive - Click the blue circle around and walk through the rooms by landing on the white circles.)
GREEN UPDATE:
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SOURCES: Michael Orr, W P Carey School of Business, The Cromford Report, The Information Market,
ARMLS - the most accurate and comprehensive Arizona Real Estate Statistics and Data available.
Phoenix Business Journal, The Rose Law Group /Belfiore – Dealmaker.
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