Happy Mother’s Day to all the Moms, Mi-Mi’s, Aunties, mother figures, and important women in our lives! May is an excellent time to remember Mom, and there is no better place to do so than in Fountain Hills! From Mother’s Day Brunches and Teas, to local artisan gifts and boutiques, flower shops, and bakeries, you’ll find no end to the options to treat your hard-working Mom!
Of course, May is also a day of remembrance, with Memorial Day on May 29. Memorial Day is the day that we pray for those who have lost their lives in service to our country. Be on the lookout for details regarding the annual ceremony, held at the Fountain Hills Veterans’ Memorial.
Here are just a few of our upcoming special days in May that we look forward to!
May 1 – May Day
May 2 – Teacher Appreciation Day
May 3 – National Bike to School Day
May 4 – May the FOURTH be with You!/National Star Wars Day
May 5 – Cinco de Mayo
May 6 – Kentucky Derby
May 12 – International Nurse’s Day
May 14 – Mother’s Day
May 18 – Internationa Museum Day
May 20 – World Bee Day
May 26 – Fountain Hills High School Graduation Day
May 28 – National Brisket Day
May 29 – Memorial Day
In terms of the real estate market, the big news is interest rates. They are currently down a full percentage point from a month ago, to around 6.1%. Buyers who may have been looking for sellers desperate to make a deal and rock bottom prices have been a little disappointed as more buyers are competing for available homes. As has been the issue for over 2 years, supply is still not meeting demand, which has kept prices higher compared to the same time last year.
Here is a snapshot of key Fountain Hills stats going into May.
While prices are significantly higher than last year, they have dropped a little over the previous month, based on current data. However, an uptick in pending contracts, likely due to stabilizing and decreasing interest rates, has not been factored into the data yet, and won’t for a few more weeks when those contracts close. What is driving the prices is not so much strength of demand, but lack of supply, which is a merry-go-round we have been on for a while. Demand is still pretty weak compared to 2020-2021. The small dip in interest rates may have gotten a few buyers off the fence, but many more fear the volatility and are waiting it out. It seems the volatility may have a bigger impact on buyers than the high rates themselves since volatility injects a lot of unknown risk into transactions.
Our expert team is ready to assist you to evaluate your home in this current market and to ensure that you realize the biggest return possible on your investment. Your success is our success, and we are dedicated to serving the Fountain Hills community. Give us a call to see how we can help! 480-315-1575
Until next time,
Karen
