Market Update through March 24th, 2013.

Market Update Book: We have put this complete report into a printed, magazine format! Great to use with Buyers or at Listing Appointments. Please feel free to contact any of our Business Development Managers and we will get these books over to your office.

Below is the commentary for the market charts:

Inventory (All Areas & Types in MLS): Total active listings (without AWCs/UCBs) have dropped by 640 units in the last month. As of March 24th, we sit at 16,778 Actives for All Property Types. Sales are at 7393 for the last 30 days (as of March 24th), up by 595 units from one month ago. Pending Sales are up from the month before – as of March 24th, there are 11,247 Pending vs. 10,928 Pending one month ago. We are currently sitting at a 2.3 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 February 2013, there were 7074 Re-Sales and New Sales in Maricopa County, compared to January 2013 when there were 6462. In February 2012, there were 7293. That equates to a 9% increase month-over-month, but a 3% decrease year-over-year!

Prices: The Median Price for Maricopa County in February 2013 was $173,226; in January  2013 it was $170,000. This marks a 2% increase. In February 2012, the Median Price was $130,000 – so we are currently at a 33% Increase year-over-year! Looking back at past years Median Sales Prices: February 2007: $259,087 – but in February 2001: $132,499.

Distressed Market Pie Chart: This chart shows you the percentage of distressed properties that are being listed and sold. Short Sales represent 15% of the Closings for the last month for a 1.3 Months of Supply. Distressed Sales (Short Sales and REOs combined) accounted for 27% of the total sales for the last month. REO Sales represent 12% of the sales from last month. Don’t avoid these listings! They are closing with greater success rate! Note: Normal, non-distressed slaes are now 73% of the market! This is up 6% over last month.

Luxury: The Luxury Market of $1,000,000+ continues to have the lowest absorption rate of any market segment. There was a 7% absorption rate for the month of February. Only 83 properties in all of the MLS were sold for more that $1,000,000 in February 2013.

View the market charts below: