Here is the market update through November 4, 2013.
Inventory (All areas and types in MLS): Total active listings (without AWCs/U, CBs) have increased by 2866 units in the last month. As of November 4th, we sit at 23, 675 Actives for All Property Types. Sales are at 5813 for the last 30 days (as of November 4th), down b 841 nits from one month ago! Pending Sales are down from the month before – as of november 4th, there are 6, 109 Pending vs. 6, 664 Pending one month ago. We are currently sitting at a 4.0 months of supply (based on Active without AWC/UCB). Traditionally, 2-4 months of supply indicate a balanced market.
Absorption Rate: Absorption Rate is the percentage of inventory that is sold each month. A higher percentage means that inventory is moving at a fast rate and indicates a seller’s market. Specific areas of the valley have very high absorption rates, for example,
- East Valley: 26%
- Peoria/Glendale: 26%
- Desert Ridge: 33%
- Ahwatukee: 29%
Sales: In October 2013, there were 7086 Re-Sales and New Sales in Maricopa County, compared to September 2013 when there were 7084. In October 2012, there were 7,895. That equates to an 11% decrease year-over-year!
Prices: The Median Price for Maricopa County in October 2013 was $200,000; in September 2013 it was $200,000. In October 2012, the Median price was $163,753 – so we are currently at a 22% increase year-over-year! Looking back at the past years Median Sales Prices: October 2007: $247,000 – but in October 2001: $140,000.
Distressed Market Pie Chart: This chart shows you the percentage of distressed properties that are being listed and sold. Short Sales represent 9% of the closings for the last month for a 2.0 months of supply. Distressed Sales (Short sales and REOs combined) accounted for 16% of the total sales for the last month. REO sales represent 7% of the sales from lat month. Normal, non-distressed sales are now 84% of the market! That it the highest it has been in 5 years!
Luxury: The luxury market of $1,000,000+ continues to have the lowest absorption rate of any market segment, and this moth, we have seen a slight increase in this market segment compared to the previous month. There was a 6% absorption rate for the month of October. There were 77 properties in the MLS tat were sold for more tan $1,000,000 in October 2013.
Months of Supply:
East Valley: 3.9
Northwest Valley: 4.5
Paradise Valley: 10.6
Luxury ($1 mil+): 17.0
Southwest: 4.4
Peoria/Glendale: 3.8
Camelback Corridor: 4.1
Cave Creek: 5.3
Ahwatukee: 3.4
Scottsdale: 7.3
Apache Junction: 4.5
Fountain Hills: 12.1
Buckeye: 4.6
Desert Ridge and Tatum Corridor: 3.0
