Market Update – October 3, 2014

Here is the Market Update for 3rd Qtr, 2014.

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.

We also offer a Market Update Book for you to use at listing appointments, at Open Houses or with Buyers. They are printed in full color!!! Just let us know how many you would like and a business development manager will bring them by your office. This will be Volume 3 2014.

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!

The Comments are:

Active Listings and Sales: Total active listings, (with no UCB/AWC) have gone up by 641 units over the last month. As of October 3rd we sit at 23,851 actives all property types. Sales are at 6368 for the last 30 days (October 3rd), down by 54 units from one month ago! We are currently sitting at a 3.7 months of supply, (based on Active listings with no UCB/AWC). Pending sales are down from the month before as of October 3rd, 5524 vs. one month ago at 6116. Traditionally, 3-4 months of supply indicate a balanced market. September re-sales and new sales in Maricopa County were 6930. In August 2014 they were 7203 . September 2013 was 7084 this is a 2 % decrease in year over year.

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. Certain areas of town have very high absorption rates, they are:

Northwest Valley 32% Peoria and Glendale 30% Apache Junction 30% Southeast Valley 31%

Median Price: The median price in Maricopa County for September 2014 was $206,000 in August 2014 it was $209,490. In September of 2013 it was $200,000 for a 3% increase!!!! In September 2008 it was $187,000 and in September 2002 it was $149,500!

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 a 6% absorption rate for the last month. There were 69 properties in all of the MLS were sold for more than $1.0 million.

Use these with all of your clients, as a news letter and at open houses! Everyone wants to know what is happening in Real Estate – 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!

Equity Title has great marketing tools and programs to help you get more business – call any of our business development managers to set up an appointment!

MONTHS OF SUPPLY (with AWC/UCB listings) (Single Family Only)

East Valley: 3.3

Northwest: 3.1

Paradise Valley: 13.3

Luxury ($1mil+): 17.8

Southwest: 3.6

Peoria/Glendale: 3.4

Camelback Corridor: 3.9

Cave Creek: 4.9

Ahwatukee: 4.3

Scottsdale: 5.7

Apache Junction: 3.3