Market Update Through August 11, 2013

Here is the Market Update through August 11, 2013. 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.

These graphs are put into 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 any of our Business Development Managers know how many you would like and we will get them to your office.

This is Volume 6 for 2013.

The comments are:

Active Listings and Sales: Total active listings (with no UCB/AWC) have gone up by 1364 units over the last month. As of August 11th, we sit a 17,333 actives all property types. Sales are at 7820 for the last 30 days (as of August 11th), down by 409 units from one month ago! We are currently sitting at a 2.2 months of supply, (based on Active listings with no UCB/AWC). Pending sales are down from the month before as of August 11th, 8,015 vs. one month ago at 8,987. Traditionally, 3-4 months of supply indicate a balanced market. Now is the time to take listings! July 2013 re-sales and new sales in Maricopa were 8,744. In June 2013 they were 8,512. That is a 3% increase from month to month. July 2012 was 8050, this is a 9% increase in year over year.

Absorption rate: Absorption rate is the % of sales that are sold each month of the inventory. A higher percent means that inventory is moving at a fast rate, and thus is a Seller’s market. Certain areas of town have very high absorption rates, they are:

• East Valley 53%
• West Valley 54%
• Northwest 47%
• Peoria/Glendale 55%
• Desert Ridge 53%
• Ahwatukee 55%

Median Price: The median price in Maricopa County for July 2013 was $198,085. This marks a 2.5% increase! July 2012 it was $150,000 for a 32.0% increase!! In July 2007 it was $258,273 and in July 2001 it was $141,682!

Distressed Market Pie Chart: This chart shows you the percentage of distrressed properties that are being listed and sold. Short sales reprsent 12% of the closings for the last month, and a .8 Months of Supply. Distressed Sales (ShortSales and REOs combined) accounted for 20% of the total sales for in the last month. REO property sales equal to 9% of the last month. Normal, non-distressed sales are now 80% of the total!! This is the highest it has been in 5 years!!

Check out our new graph! It is the last one! Gives you the average dollar per square foot of solids by month on a line chart going back one year. Prices have risen by 54% since the bottom of the market in August 2011!

Luxury: The Luxury Market of $1.0 Million and above continues to be the lowest absorption rate of any market segment. We have seen a slight incresae in this market segment. There was a 10% absorption rate for the last month. There were 100 properties in all of hte MLS were sold for more than $1.0 million.