Happy Spring! This is such a great time of year in Fountain Hills! We are winding down our festival and outdoor event season and preparing to hunker down for the hot summer, but there are a few great events coming up that really make Fountain Hills special! And of course, one of my favorite holidays, Easter, is just a few short weeks away. For those of you who celebrate Easter, we wish you a wonderful and blessed holiday!
Here are just a few of our upcoming events for April that we have to look forward to!
April 1 – April Fools Day
April 1 & 2 – Fountain Hills Music Fest
April 5-13 – Passover
April 6 – Concerts on the Avenue
April 8 – Easter
April 10 – National Siblings Day
April 11 – National Pet Day
April 13 – Concerts on the Avenue
April 18 – Tax Due Date
April 18 – National Garlic Day
April 20 – Concerts on the Avenue
April 22 – Earth Day
April 27 – Concerts on the Avenue
In terms of the real estate market, the Spring Market in Fountain Hills has looked a little different than what we have come to expect over the last couple of years. This was expected of course, given the sky-high interest rates. Current homeowners who locked in lower rates over the last 8 years are loathed to give up those low rates to take their chances in the current mortgage environment. Many buyers have also been pushed to the sidelines, frustrated by their diminished buying power in the face of increasing rates and increasing prices. Cash is king currently, with an increasing proportion of purchases transacted by cash buyers unconcerned with interest rates.
Here is a snapshot of key Fountain Hills stats going into April.
The key takeaway from the stats above is that prices are still increasing but at a much slower rate. The expected “crash” has not materialized, which speaks to the resilient local economy and the stable demand for homes in this region. New listings have increased slightly, and the months of supply is up considerably from last year. However, the months of supply is well within the “normal” range. According to the Cromford Index, Fountain Hills is still solidly in a “seller’s market”, although it is decidedly more balanced than it was a year ago (100 is considered balanced and anything over 100 is considered a seller’s market. A year ago, the Cromford index was 634).
The big elephant in the room is mortgage interest rates. While the economic outlook for the Greater Phoenix area is strong, and our region continues to be a destination of choice for home buyers fleeing higher-priced markets, continued upward pressure in future rates could bring the market even closer to balance and put more downward pressure on prices. If mortgage rates continue to stabilize or even come down, we could see increasing demand for homes.
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,