Here is the Market Update through February 21st, 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. We have added a new bar to the Valley wide graph that shows what the listings are with no AWC’s in them.
Below are the comments:
Total active listings, (with no UCB/AWC) have dropped by 526 units over the last month. As of February 21st, we sit at 17,353 Actives All Property Types. Sales are at 6433 for the last 30 days (as of February 21st), up by604 units from one month ago! We are currently sitting at a 2.7 months of supply, (based on Active listings with no UCB/AWC). Pending sales are up from the month before as of February 21st,10,860 vs one month ago at 9,280 . Traditionally, 3-4 months of supply indicate a balanced market. Now is the time to take listings!
January 2013 re-sales and new sales in Maricopa County were 6,463 in December 2012 they were 7,531. That is a 14% decrease from month to month. January 2012 was 6,373. That is a (1.0%) increase! The median price in Maricopa County for January 2013 was $170,000 in December 2012 it was $168,903. This marks a 1% increase! January 2012 it was $128,121for a 33% increase!!!! In January 2007 it was $261,090 and in January 2001 it was $135,000!
Distressed Market Pie Chart: This chart shows you the percentage of distressed properties that are being listed and sold. Short Sales represent 17% of the closings for the last month, and a .9 Months of Supply. Distressed Sales (Short Sales and REOs combined) accounted for 32% of the total sales for in the last month. REO property sales equal to 15% of the sales for the last month. Normal non-distressed sales are now 67% of the total!!!!!! The listing success rate for Short sales is 60.5% ! Don’t avoid these listings! They are closing with greater success rate!
Check out our new graph! It is the last one! 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. Only 63 properties in all of the MLS were sold for more than $1.0 million.
