Market Update – October 2012

Here is the Market Update through October 15th, 2012

Total active listings,(with no AWC) have picked up by 1662 units over the last month. As of October 15th, we sit at 16,845 Actives All Property Types. Sales are at 6710 for the last 30 days (as of October 15th), down by 642 units from one month ago! We are currently sitting at a 2.5 months of supply, (based on Active listings with no AWC). Pending sales are down slightly from the month before as of October 15th, 10,187 vs one month ago at 10,626 . Traditionally, 3-4 months of supply indicate a balanced market. Now is the time to take listings!

September 2012 re-sales and new sales in Maricopa County were 7030 in August 2012 they were 8257. That is a 15% drop from month to month. Compared to September 2011 7659. That is a (9.0%) decrease! The median price in Maricopa County for August 2012 was $155,000 in September 2012 it was $156,800. This marks a 1% increase. September 2011 it was $125,000 for a 25% increase!!!! In September 2007 it was $248,480 and in September 2001 it was $142,752!

Distressed Market Pie Chart: This chart shows you the percentage of distressed properties that are being listed and sold. Short Sales represent 25% of the Closings for the last month, and 28% of the active listings for a 3.7 Months of Supply. If you take the AWC’s out we drop down to .8 months of supply! Distressed Sales (Short Sales and REOs combined) accounted for 38% of the total sales for in the last month. REO property sales equal to 13% of the sales for the last month. The listing success rate for Short sales is 59% ! Don’t avoid these listings! They are closing with greater success rate!

Luxury: The Luxury Market of $1.0 Million and above continues to be the lowest absorption rate of any market segment. There was a 6% absorption rate for the last month. Only 57 properties in all of the MLS were sold for more than $1.0 million.