Here is the Market Update through June, 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 decided to put these graphs 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 me know how many you would like and I will bring them by your office. This will be Volume 5 2013.
The Comments are:
Active Listings and Sales:Total active listings, (with no UCB/AWC) have gone up by 226 units over the last month. As of July 1st we sit at 15,692actives all property types. Sales are at8229 for the last 30 days (as of July 1st), down by 995 units from one month ago! We are currently sitting at a 1.9 months of supply, (based on Active listings with no UCB/AWC). Pending sales are down from the month before as of July 1st, 8,892 vs. one month ago at 9,662. Traditionally, 3-4 months of supply indicate a balanced market. Now is the time to take listings! June 2013 re-sales and new sales in Maricopa County were8512. In May 2013 they were 9703. That is a 12% decrease from month to month. June 2012 was 8394, this is a 1% 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 60%
- Northwest Valley 55%
- Southwest Valley 62%
- Peoria/Glendale 63%
- Desert Ridge 67%
- Ahwatukee 64%
Median Price: The median price in Maricopa County for June 2013 was $193,085 in May 2013 it was $190,000. This marks a 1% increase! June 2012 it was $155,000 for a 24.5%increase!!!! In June 2007 it was $257,000 and in June 2001 it was $142,000!
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, and a .7 Months of Supply. Distressed Sales (Short Sales and REOs combined) accounted for 22% of the total sales for in the last month. REO property sales equal to 8%of the sales for the last month. Normal non-distressed sales are now 78% 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 solds 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 increase in this market segment. There was an 9% absorption rate for the last month. There was 94 properties in all of the MLS were sold for more than $1.0 million.
MONTHS OF SUPPLY (with AWC/UCB listings) (Single Family Only)
East Valley: 1.7
Northwest: 1.8
Paradise Valley: 7.6
Luxury ($1mil+): 11.3
Southwest: 1.6
Peoria/Glendale: 1.5
Camelback Corridor: 2.1
Cave Creek: 3.4
Ahwatukee: 1.6
Scottsdale: 3.0
Apache Junction: 1.7
Fountain Hills: 4.9
Buckeye: 1.9
Desert Ridge & Tatum Corridor: 1.5
Market Update Graphs:
