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MARKET UPDATE
Arizona School of Real Estate & Business
May 12, 2018 | Kristan Weaver
Fletcher Wilcox
V.P. Business Development & Real Estate Analyst
Grand Canyon Title Agency, Inc.
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Data from the Arizona Regional Multiple Listing Service_ Inc. _ Data from U.S. Census Bureau.
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2018 Dollar Sales Volume Hits All-Time High for a First Quarter
Strong demand to own a home in the first quarter of 2018 led to the highest dollar sales volume ever for a first quarter. The previous first quarter with the highest dollar sales volume was in 2005. First-quarter dollar sales volume for both 2005 and 2018 was over $5 billion with 2018 being $445 million higher than 2005. Dollar sales volume measures the strength or weakness of a market. It is calculated by adding the sale price of each sale for a total. The dollar sales volume in this report is for previously owned single-family home sales in Maricopa County. Previously owned single-family home sales are 80 percent of residential sales, making it the most popular residential product for buyers.
When comparing first quarter 2018 to first quarter 2017, there were 16,227 sales in 2018, which was 4 percent higher than the 15,602 sales in 2017. The median sale price in first quarter 2018 was $277,000, a 5 percent increase compared to $255,000 in 2017.
Demand to Own Fueled by Population, Job, and Wage Growth
Population Growth: According to the U.S. Census Bureau, Maricopa County was ranked the county with the greatest increase in population for the second year in a row. The population of Maricopa County increased by 73,650 in the 2017 rankings, or 202 people a day. Finishing second was Clark County, Nev., with a population increase of 47,355, or 130 per day.
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Valley Home Values Are Up. Will Taxes Climb?
STREET SCOUT
By Catherine Reagor | February 27th, 2018
If you own a metro Phoenix home, your latest property valuation is ready. It will soon arrive via mail or email, and most likely you will see an increase from last year.
Overall, the value of single-family homes climbed almost 7.2 percent and condominium values climbed almost 10.5 percent last year, according to the Maricopa County Assessor. Both are pretty close to increases for 2016.
This valuation report will determine how much you pay in taxes, but not this year. And don't be too concerned when you look at the numbers on the government form because its likely your house is worth more.
Confusing? Arizona has one of the most convoluted property tax systems in the U.S.
The new valuations will help determine property taxes you pay in 2019. That's because there's an 18-month delay in the system to give people time to appeal. Property owners have 60 days to appeal if they think their value is too low or high, said Maricopa County Assessor Paul Petersen. Homeowners unhappy with their valuations can start the appeal process online.
Despite last year's increase, the home valuations still seem low, but that's on purpose.
The assessor generally values houses 10-20 percent below market value to cut down on appeals and any potential to inflate values. Your full-cash value on the report should be closest to what your home is actually worth.
The Assessor's Office research shows the median full-cash value for a Valley home was $214,000 last year. The median sales price for the year was closer to $240,000. The limited-cash value, which is almost always lower, is used for figuring out your taxes. And due to Prop. 117, passed by voters in 2012, increases to your house's limited-cash value are capped at 5 percent a year.
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How to Prepare Your Landscape for Summer
Moon Valley Nurseries
Posted by Felipe Benavides on 5/25/2018
Is your landscape ready for the summer? We can do some things to prepare for the summer sizzle so that we can have a beautiful yard throughout the hot summer season! Anyone that has experienced summer in Arizona knows that the daytime and nighttime heat can reach extreme temperatures. Mix in the low humidity and this combination can be hard on desert plants, and even the native plants of the Sonoran Desert.
We asked our experts, and here are some things to consider. Think about these tips to prepare your landscape for the summer heat. Keep reading below, and be sure to Stay Cool!
First, let's talk about our lawn.
Triple digits are right around the corner, and our lawn is starting to feel the heat. Don't worry though, we can still walk barefoot in the grass. We are transitioning from winter ryegrass to Bermuda grass.
Mowing: Bermuda grass needs the sun to grow. For the grass to receive the most sun, it is a good idea to lower the lawn mower to 1-1.5 inches so that the sunlight can reach the grass. Doing this will help Bermuda grass come out of its dormancy.
Watering (Grass): Water the grass every 1 to 3 days. Also, remember to water deeply. The morning hours are nice and crisp, and the best time to water because it helps minimize evaporation and fungus.
Fertilize (Grass): We can give our summer lawn a boost using the fast-acting Moon Royale Professional Turf Fertilizer. Using the proper fertilizer on your grass is beneficial because it makes the grass handle the heat and drought better, makes it less susceptible to disease, and makes the grass more resistant to insects. Also, an adequately fertilized lawn requires less water and minimal maintenance.
Now, let's talk about the things we should do for our landscape.
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Lake Pleasant Cruises
Desert Belle
Dolly Steamboat
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Ongoing Calendar of Concerts
Event Calendar
Desert Botanical Garden - Ullman Terrace
1201 N. Galvin Parkway, Phoenix, AZ
June 1, Jun 8, Jun 15, Jun 22, 2018
7:30-9:30 p.m.
Members: $25, General Public: $30
(480) 941-1225
McCormick-Stillman Railroad Park
7301 E. Indian Bend Road, Scottsdale, AZ
Recurring event
Starts June 3, 2018 and occurs Sunday every week until July 1, 2018
7:30 PM - 9:00 PM
Free admission.
(480) 312-2312
17208 E. Saragosa Street, Gilbert, AZ. 85295
Join us Saturday mornings June 2nd, 9th, 16th, 23rd, and 30th
Get to see a Clydesdale up close
Donation of $45/family,
$35/couple, or $25/individual is asked at the event.
Three sessions available: 8:30 AM, 9:30 AM, and 10:30 AM.
Call for reservations: 602-803-4051.
Scottsdale Museum of Contemporary Art
7374 East Second Street, Scottsdale, AZ
May 29, 2018 to September 30, 2018
Recurring weekly on Sunday, Tuesday, Wednesday, Thursday, Friday, Saturday
Tuesday, Wednesday and Sunday 12 p.m.-5 p.m.;
Thursday-Saturday 12 p.m.-9 p.m.
$10 museum admission
(480) 874-4666
Desoto Central Market
915 N. Central Ave., Phoenix, AZ
Starting June 1, 2018
Recurring monthly on the 1st Friday
5:00 PM to 9:30 PM
Free
(602) 680-7747
9500 E. Via de Ventura, Scottsdale, AZ
May 29, 2018 to May 12, 2019
Recurring daily
9:00 AM to 7:00 PM
$19.95 per person
(480) 291-5082
Early Look at 4th of July Events
By azfamily.com News Staff
Fountain Park
July 4, 2018
Goodyear Ballpark
July 4, 2018
Surprise Stadium
July 4, 2018
Harolds Corral
July 3, 2018
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