Dear Agents,
Here is the Market Update through April 4th, 2016. Please note that the Valley Wide graph represents all of the MLS. The table below that graph represents recordings for new and re-sales for Maricopa County.
Because there are less swings in the Market we have decided to update you once per quarter. This is through April 4th and the next market update will be through July 1st!
We also offer a Market Update Book for you to use at listing appointments, Open Houses or with Buyers. They are printed in full color!!! Just let me know how many you would like and we will bring them by your office. This will be Volume 2 2016.
Tip: These are great to use when managing your clients expectations. Point out the absorption rate by area to let them know how fast things are selling!
My Comments are:
Active Listings and Sales: Total active listings, (with no UCB/AWC) have gone down by 646 units over the last month. As of April 4th we sit at 22,482 actives all property types. Sales are at 8,236 for the last 30 days (April 4th), up by 2,245 units from one month ago! We are currently sitting at a 3.4 months of supply, (based on Active listings with no UCB/AWC). Pending sales are up from the month before as of April 4th 7,679 vs. one month ago at 7441. Traditionally, 3-4 months of supply indicate a balanced market. March re-sales and new sales in Maricopa County were 9639. In February they were 6,872 . March of 2015 was 8,580 this is a 12% increase in year over year.
Absorption rate: Absorption rate is the percent of sales that are sold each month of the inventory. A higher percent means that inventory is moving at a faster rate, and thus is a Seller’s market. The total absorbtion rate is 30%. Certain areas of town have higher absorption rates, they are:
• Northwest Valley 38%
• Peoria and Glendale 33%
• Desert Rigde 30%
• Apache Junction 30%
Median Price: The median price in Maricopa County for March 2016 was $229,000 in February 2016 it was $225,000. In March of 2015 it was $211,320 for an 8.0% increase!!!! In March 2010 it was $138,000 and in March 2005 it was $206,192!
Tell your buyers that Real Estate is a great investment! Median Prices have risen by 93% since August 2011 which was the bottom of the Market!
The last graph 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 5% absorption rate for the last month. There were 105 properties in all of the MLS were sold for more than $1.0 million.
Please click on the link below to take you to the Graphs. You can save/print/email them from there! Use these with all of your clients, as a newsletter and at open houses! Everyone wants to know what is happening in Real Estate – Be the authority!! Remember that you can always go to www.eta-az.com and click on Sales and Marketing then Market Update for this info as well!
Equity Title has great marketing tools and programs to help you get more business – call us to set up an appointment! 602-769-8226
MONTHS OF SUPPLY (with AWC/UCB listings) (Single Family Only)
South East Valley: 2.9
Northwest: 2.6
Paradise Valley: 19.3
Luxury ($1mil+): 20.1
Southwest: 3.8
Peoria/Glendale: 3.0
Camelback Corridor: 5.6
Cave Creek: 6.3
Ahwatukee: 6.1
Scottsdale: 7.1
Apache Junction: 3.3
Fountain Hills: 7.0
Buckeye: 3.8
Desert Ridge & Tatum Corridor: 3.8
Sincerely,
Tom Diller
VP- Director of Business Development