Here is the Market Update through November 28th, 2012. We have added a new bar to the Valleywide Comparison Chart: Actives without AWCs – for a more accurate understanding of the current market.
Market Update Book: We have put this complete report into a printed, magazine format! Great to use with Buyers or at Listing Appointments. Let us know how many you would like and we will get them to your office!
*Please note that the Valley Wide graph represents all of the MLS. The table below that graph just represents recordings for new and re-sales for Maricopa County.
Inventory (All Areas & Types in MLS): Total active listings (without AWCs) have picked up by 1048 units in the last month. As of November 28th, we sit at 18,105 Actives for All Property Types. Sales are at 6321 or the last 30 days (as of November 28th), down by 407 units from one month ago. Pending Sales are down slightly from the month before – as of November 28th, there are 10,005 Pending vs. 10,263 Pending one month ago. We are currently sitting at a 2.9 months of supply ( based on Active without AWC). Traditionally, 3-4 months of supply indicate a balanced market. Now is the time to take listings!
Sales: In October 2012, there were 7895 Re-Sales and New Sales in Maricopa County, compared to September 2012 when there were 7030. In October 2011, there were 7135. That equates to an 11% increase month-over month and an 11% increase year-over-year!
Prices: The Median Price for Maricopa County in October 2012 was $163,753; in September 2012 it was $156,898. This marks a 4% increase. In October 2011, the Median Price was $122,300 – so we are currently at a 34% Increase year-over-year! Looking back at past years Median Sales Prices: October 2007: $247,000 – but in October 2001: $140,000.
Distressed Market Pie Chart: This chart shows you the percentage of distressed properties that are being listed and sold. Short Sales represent 23% of the Closings for October and 8% of the Active Listings for a .9 Months of Supply.Distressed Sales (Short Sales and REOs combined) accounted for 36% of the total sales for the last month. REO Sales represent 13% of the sales from last month.The listing success rate for Short Sales is 60%! Don’t avoid these listings! They are closing with greater success rate! Note: Normal, non-distressed sales are 62% of the market.
Luxury: The Luxury Market of $1,000,000+ continues to have the lowest absorption rate of any market segment. There was a 7% absorption rate for the month of October. Only 69 properties in all of the MLS were sold for more that $1,000,000 in October 2012.
MONTHS OF SUPPLY (includes AWCs, Single-Family only)
East Valley: 2.3
NorthWest Valley: 3.5
Paradise Valley: 9.8
Luxury ($1mil+): 14.4
Southwest: 3.0
Peoria/Glendale: 2.7
Camelback Corridor: 3.7
Cave Creek: 3.3
Ahwatukee: 2.8
Scottsdale: 4.9
Apache Junction: 3.4
Fountain Hills: 5.8
Buckeye: 3.4
Desert Ridge & Tatum Corridor: 2.2
Below are the graphs:
