Similar to the Consumer Confidence Index, the SCI mirrors ARMLS subscriber reaction to changing Arizona real estate market conditions and their experience with current Phoenix home buyers and Phoenix home sellers. This sentiment influences subscriber investment and strategy regarding their professional real estate activities. Please note that ARMLS subscribers are comprised of Arizona licensed real estate agents and brokers.
Similar to the Consumer Confidence Index published by the Conference Board, the relevance of the SCI lies in being the only economic indicator derived from the firsthand, up close observations of REALTORS® who operate at the front line of real estate in the Valley.
Following two months of point declines in 1.8 to 2.8 range, May’s Subscriber Confidence was buoyed in all three indices. The overall Subscriber Confidence Index rose 1.3% to 84.6, while the present confidence rose only .1% to 83% and the Expectation Index rose 2.2% to 85.8%. All three indices have remained above 80% since January, an indication of a higher level of confidence relative to Q3 and Q4 of 2011.
The ARMLS® Subscriber Confidence Index™ (SCI) is derived from survey responses from a representative random sampling of ARMLS subscribers who have closed at least one transaction in the previous twelve months.
So what does this mean for Phoenix home buyers and sellers? Well, as Summer approaches, we are quickly coming into the busiest time of year for home closings in North Phoenix so we still need to keep a close eye on comparative homes sales over the past six months. We are clearly seeing a bit of a buying frenzy for homes priced at or below $250,000 and much of this home buying consists of all cash transactions. Contact us about Greater Phoenix homes for sale, or about listing your property in the Greater Phoenix Valley and we can discuss with you what is going on in the Phoenix Arizona real estate market.