Market Update – Through April 21, 2013

Equity Title presents the Market Update through April 21, 2013. We also provide the Market Update Book: this complete report in printed, magazine format. This is a great tool to use with Buyers or at Listing Appointments.

Let one of our Business Development Managers know how many Market Update Books you would like and we will get them to your office!

Here is the commentary followed by the charts:

Inventory (All Areas & Types in MLS): Total active listings (without AWCs/UCBs have dropped by 611 units in the last month. As of April 21st, we sit at 146, 080 Actives for all property types. Sales are at 8671 for the last 30 days (as of April 21st), up by 1178 units from one month ago. Pending Sales are up from the month before – as of April 21st, there are 11,416 Pending VS. 11,213 Pending one month ago. We are currently sitting at a 2.0 months of supply (based on Active without AWC/UCB). Traditionally, 3-4 months of supply indicate a balanced market. Now is the time to take listings!

Sales: In MArch 2013, there were 8658 Re-Sales and New Sales in Maricopa County, compared to February 2013 when there were 7073. In March 2012, there were 9581. That equates to a 22% increase month-over-month, but a 10% decrease year-over-year!

Prices: The Median Price for Maricopa County in March 2013 was $179,000; in February 2013 it was $173,266. This marks a 4% increase. In March 2012, the Median Price was $139,000 – so we are currently at a 29% increase year-over year! Looking back at past years Median Sales Prices: March 2007: $259,087 but in March 2001: $138,800.

Distressed Market Pie Chart: This chart shows you the percentage of distressed properties that are being listed and sold. Short Sales represent 14% of the Closings for the last month for a 1.3 Months of Supply. Distressed Sales (Short Sales and REOs combined) accounted for 26% of the total sales for the last month. REO Sales represent 11% of the sales from last month. Normal, non-distressed sales are now 74% of the market! That is the highest it has been in 5 years!

Luxury: The Luxury Market of $1,000,000+ continues to have the lowest absorption rate of any market segment, although, there was a slight increase with an *% absorption rate for the month of March. There were 104 properties in the MLS were sold for more than $1,000,000 in March 2013.