Here is the Market Update through April 1st, 2017. 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.
Active Listings and Sales: Total active listings, have gone up by 388 units over the last quarter. As of April 1st we sit at 19,397 actives all property types not including contingent contracts. Sales are at 8,943 as of April 1st, up by 2053 units since January 1st! Pending sales are up from the Quarter before as of April 1st, 7,714 vs. one quarter ago at 4,935. We are currently at 2.2 months of supply. Traditionally, 3-4 months of supply indicate a balanced market. March re-sales and new sales in Maricopa County were 10,818. In December, they were 8,685. March of 2016 was 9,639. This is a 12% increase in year over year.
Quarter 1 2017 was the largest quarter unit sales since Quarter 1 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 37%. Certain areas of town have higher absorption rates, they are:
- Northwest Valley 49.7%
- South East Valley 49.67%
- Apache Junction 49.64%
- Peoria and Glendale 47%
- Desert Ridge 44%
- Southwest Valley 41%
- Ahwatukee 38%
Median Price: The median price in Maricopa County for March 2017 was $244,900. December 2016 it was $243,500. In March of 2016 it was $229,000 for a 16% increase!!!! In March 2011 it was $120,000 and in March 2006 it was $260,000!
Median Prices have risen by 126% since August 2011 which was the bottom of the Market!
Real Estate is still a good investment!
Luxury: The Luxury Market of $1 Million and above has the lowest absorption rate, of any market segment, however there was an upward trend. In March 2017 there were 137 properties in all of the MLS sold for a 7% absorption rate.
MONTHS OF SUPPLY (with UCB listings) (Single Family Only)
- South East Valley: 2
- Northwest: 2
- Paradise Valley: 11
- Luxury ($1mil+): 15
- Southwest: 2.5
- Peoria/Glendale: 2.1
- Camelback Corridor: 4.3
- Cave Creek: 4.5
- Ahwatukee: 2.6
- Scottsdale: 5.5
- Apache Junction: 2
- Fountain Hills: 6.7
- Buckeye: 2.7
- Desert Ridge & Tatum Corridor: 2.3