Here is the Market Update through May, 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! Please let any of our Business Development Managers know how many you would like and we will get them delivered to your office! This is Volume 4 of the Market Update Book for 2013.
Here are the comments:
Total active listings, (with no UCB/AWC) have dropped by 91 unites over the last month. As of June 3rd, we sit at 15,410 Actives All Property Types. Sales are at 8946 for the last 30 days (as of June 3rd), up by 91 units from one month ago! WE are currently sitting at 1.7 months of supply, (based on ACtive listings with no UCB/AWC). Pending sales are down from the month before as of June 3rd, 9,810 vs. one month ago at 10,927. Traditionally, 3-4 months of supply indicate a balanced market. Now is the time to take listings!
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 58%
- Northwest Valley 51%
- Southwest Valley 57%
- Peoria/Glendale 63%
- Desert Ridge 70%
May 2013 re-sales and new sales in Maricopa County were 9,703 in April 2013 they were 9,032. That is a 7% increase from month to month. May 2012 was 8,934. That is a (9.0%) increase! The median price in Maricopa County for May 2013 was $190,000 in April 2013 it was $184,000. This marks a 3% increase! May 2012 it was $152,000 for a 25% increase! In May 2007 it was $259,530 and in May 2001 it was $139,000!
Distressed Market Pie Chart: This chart shows you the percentage of distressed properties that are being listed and sold. Short Sales represent 12% of the closings for the last month, and a 1.0 Months of Supply. Distressed Sales (Short Sales and REOs combined) accouted for 22% of the total sales for in the last month. REO property sales equal to 10% 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 our our new graph – it is the last one! It 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. We have seen a slight increase in this market segment. There was an 11% absorption rate for the last month. There were 134 properties in all of the MLS sold for more than $1.0 million. This is a slight increase over last month’s 109!
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!
Months of Supply (With AWC/UCB listings) (Single Family Home Only):
- East Valley: 1.7
- Northwest: 2.0
- Paradise Valley: 7.8
- Luxury ($1mil+): 8.9
- Southwest: 1.8
- Peoria/Glendale: 1.6
- Camelback Corridor: 2.7
- Cave Creek: 3.1
- Ahwatukee: 2.0
- Scottsdale: 3.6
- Apache Junction: 3.0
- Fountain Hills: 4.5
- Buckeye: 2.2
- Desert Ridge & Tatum Corridor: 1.4
