Happy New Year!!!
Phoenix Real Estate Market News Data & Trends Report
Current Average Sales Price – $244,692
If you’re considering selling your home this year… now is the perfect time to start working on getting it ready for sale! The peak selling season is between February to May in Phoenix while the weather is sunny and spring training is in town! With all of our market appreciation over the last couple of years, you may have equity that you didn’t know about! Contact us for a FREE Home Value Report!
Active listings as of 1/1/2014 – 24,136 homes vs. 17,164 homes on 1/1/12, an increase of 40% year-over-year and an increase of only less than 90 homes over the last month.
Equity/Traditional Sale Listings – 22,111 homes (92%); Short Sales – only 980 homes (4%); REO/Bank Owned Homes – only 1005 homes (4%); HUD -40 homes for sale
We’re currently at a 4.6 month supply of homes, meaning it would take a home about 4.6 months to sell if it came on the market today. That does represent a balanced market – meaning it favors neither the Buyer or the Seller… but as the new year starts we will start to see more Sellers put their home up for sale and we’ll slowly start to shift towards a Buyers market… meaning there are more Sellers in the market than there are Buyers and Buyers will have a better negotiating power!
Under Contract and only accepting Backup offers or Pending listings – 8,030 homes
Equity/Traditional Sale Listings – 60%; Short Sale – 27%; REO/Bank Owned Homes – 6.5%; HUD, 7%
Sold/Closed Sales for 12/1 through 12/31/13 – 5,878 homes vs. 6,764 homes in December, 2012, a decrease of 13% year-over-year.
Equity/Traditional Sale Listings – 4,958 closed sales (84.5% vs. 63% 12/12); Short Sales – 450 closed sales (7.5% vs. 23.4% 12/12); REO/Bank Owned Homes – 365 closed sales (6% vs. 10.4% 12/12); HUD – 105 closed sales (1.5% vs. 3% 12/12)
This is quite a change year over year… you can see that the distressed sales (Short Sales & Bank Owned homes) are old news!!! Phoenix is back to an equity market… but a safe equity market.
**CASH sales in December, 2013 ended up at 34% vs. 45% in December, 2012. This in in large part due to the majority of the investors backing out of the market.**
Sold/Closed Sales for all of 2013 – 85,076 sales vs. 89,291 sales in 2012, a decrease of 5%
Equity/Traditional Sale Listings – 66,793 closed sales (78.5% vs. 56.4% 2012); Short Sales – 9, 510 closed sales (11% vs. 26% 2012); REO/Bank Owned Homes – 6,585 closed sales (7.7% vs. 14.6% 2012) HUD – 2,187 closed sales(2.6% vs. 3% 2012)
**CASH, 32,158 (38% vs. 46% 2012)**
What does all this mean???!!!!
If you’re a Seller – If you’re considering selling this year… NOW IS THE TIME! The peak selling season is between February to May in Phoenix while the weather is sunny and spring training is in town! With all of our market appreciation over the last couple of years, you may have equity that you didn’t know about! Contact us for a FREE Home Value Report!
Being that we’re in a balanced market, homes are going to take a little bit longer to sell… so 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, placing the home in the MLS and praying it will sell 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!
We have all sorts of marketing secrets to share to help get your home sold quickly and for top DOLLAR! Just give us a call today at 480.442.9809 to schedule your marketing consultation.
If you’re a Buyer – More homes come on the market and that will play into your favor! More homes to choose from and more Sellers on the market mean that you’ll have better negotiation power to get a home for a great value!
If you’re an Investor – We’re seeing an increasing number of listings that are coming on the market that need some cosmetic updating… we’re closing in on a really good market to pick up homes with comfortable margins for flipping.
We have a full-time team of real estate professionals on staff for you! We’re here to help tailor a custom marketing plan for your home for sale, help you find a great new home to move into or help you continue to build wealth in real estate by investing! Call us today at 480.442.9809!