Phoenix Real Estate Market News Data & Trends Report
Current Average Sales Price – $241,727
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Active Listings – 24,041, an increase of only 325 units over previous month
This is equivalent to a 4.6 month supply of homes – meaning that when a new home comes on the market it will take about 4.6 months for it to sell and come off the market.
Equity/Traditional Sale listings – 21,752 (90.5%); Short Sales, 1,150 (4.8%); REO, 1,069 (4.4%); HUD, 70
Note: The macro Phoenix market is now “balanced” with a 4.6 month inventory supply. However, it is still a “sellers’ market” for single family homes priced at $350,000 or less; a “balanced market” for single family homes priced from $350,000-$550,000; and a “buyers’ market” -more than 6 months inventory–for homes priced at $550,000 or higher
UCB/Pending – 8,801
Equity – 5,713 (65%); Short Sales, 2,477 (28%); REO, 414 (4.7%); HUD, 197 (2.2%)
Sold/Closed Sales – 11/1-11/30/13: 5,207, a decline of 23.6% year-over-year
Equity, 4,378 (84% vs. 64%, ’12); Short Sales, 423 (8% vs. 22.3% ’12); REO, 314 (6% vs. 10.7% ’12); HUD, 92 (1.6% vs. 2.8% ’12) CASH 34% vs. 43% 11/12
What does all this mean???!!!!
If you’re a Seller – being that we’re in a balanced market, homes are going to take a little bit longer to sell… something that most agents and homeowners and real estate agents have not experienced in a few years! Choosing the right agent to represent and market your home is going to be more important now than ever – just putting a sign in the yard and placing the home in the MLS won’t necessarily sell the home… a systematic, consistent marketing plan is going to be a key factor in effectively selling homes for top dollar as we head into the new year!
If you’re a Buyer – as we head into the holidays, it’s a great time to buy a home because there generally won’t be as many other buyers in the market… so you’re likely to have less competition when writing offers and also be able to have better negotiating power with sellers.
If you’re an Investor – the market is still shifting away from a Sellers market to a Buyers market as the number of listings increases, which means that soon there will be more home sellers needing to sell and willing to leave some equity in the homes that need to be fixed up and flipped! We’re seeing an increasing number of listings that are coming on the market that need some cosmetic updating… I’m thinking we’re about 2-6 months away from a really good market to pick up homes with really comfortable margins for flipping.
Appreciation by city, 10/1-11/30/13, Single family homes, $200,000-$800,000
Through 9/30/13, the cities below were appreciating at a rate of more than 1% per month for the previous 18 months-appreciation averaging more than 15% annually. However, for the past two months, the residential real estate market in metro Phoenix has stalled-unit sales have decreased more than 20% from the previous year and prices have been virtually flat. This slowdown is likely the result of consumer angst over the federal government’s inability to function legislatively, the government shutdown, the ObamaCare Launch Bomb, and The Middle East mess. Many consumers lack the confidence to commit to a major investment given current economic and political circumstances. Good news in any of these areas should make the slowdown a short term problem. However, right now it is “opportunity time” for buyers to negotiate a favorable price.
|Avg. $$ p/sqft.sale price 9/30
|Avg. $$ p/sqft sale price 11/30
If you’ve been considering selling, or would just like to know the current value of your home – contact us today for a FREE home valuation and we’ll give the value of your house and let you know what it’s worth if you were to list it today.
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