Hello Agents,
I am happy to provide for you the quarterly Market Update through July 17th, 2016. This is a great marketing tool to use at your listing appointments, and to add to your client packages. Please note that the Valley Wide graph represents all of the MLS. The table below that graph represents recordings for new and re-sales for Maricopa County. Below is market breakdown summary, as well as a link to the graphs.
Because there are fewer swings in the Market we have decided to update you once per quarter. This is through July 17th and the next market update will be through September.
Please click on the link below to take you to the Graphs. You can save/print/email them from there. Use these with all of your clients, and information in your newsletter. Everyone wants to know what is happening in Real Estate, so be the authority!! Remember that you can always go to www.eta-az.com and click on Sales and Marketing then Market Update for this info as well!
We also offer a Market Update Book for you to use at listing appointments, Open Houses or with Buyers. They are printed in full color!
Tip: These are great to use when managing your clients expectations. Point out the absorption rate by area to let them know how fast things are selling!
Here is a breakdown of the findings:
Active Listings and Sales: Total active listings, (with no UCB/AWC) have gone down by 604 units over the last month. As of July 17th we sit at 20,335 actives all property types. Sales are at 8,367 for the last 30 days (July 17th), down by 868 units from one month ago! We are currently sitting at a 2.4 months of supply, (based on Active listings with no UCB/AWC). Pending sales are down from the month before as of July 17th 8,367 vs. one month ago at 9,236. Traditionally, 3-4 months of supply indicate a balanced market. June re-sales and new sales in Maricopa County were 10,285. In May they were 9,898 . June of 2015 was 9,747 this is a 6% increase in year over year. June was the largest unit sales month since 2006!
Absorption rate: Absorption rate is the percent of sales that are sold each month of the inventory. A higher percent means that inventory is moving at a faster rate, and thus is a Seller’s market. The total absorption rate is 34%. Certain areas of town have higher absorption rates, they are:
Northwest Valley 51%
Peoria and Glendale 42%
Desert Ridge 43%
South East Valley 42%
South West Valley 46%
Median Price: The median price in Maricopa County for June 2016 was $240,000. May 2016 it was $237,000. In June of 2015 it was $220,603 for an 9.0% increase! In June 2010 it was $141,000 and in June 2005 it was $237,000!
Tell your buyers that Real Estate is a great investment! Median Prices have risen by 102% since August 2011 which was the bottom of the Market!
The last graph gives you the average dollar per square foot of solds by month on a line chart going back one year.
Luxury: The Luxury Market of $1.0 Million and above continues to be the lowest absorption rate of any market segment. There was an 8% absorption rate for the last month. There were 128 properties in all of the MLS that were sold for more than $1.0 million.
MONTHS OF SUPPLY (with AWC/UCB listings) (Single Family Only)
South East Valley: 2.4
Northwest: 2.0
Paradise Valley: 16.1
Luxury ($1mil+): 12.7
Southwest: 2.2
Peoria/Glendale: 2.4
Camelback Corridor: 3.9
Cave Creek: 5.5
Ahwatukee: 2.8
Scottsdale: 5.3
Apache Junction: 3.2
Fountain Hills: 5.6
Buckeye: 5.6
Desert Ridge & Tatum Corridor: 2.8
Equity Title has great marketing tools and programs to help you get more business – call me to set up an appointment!