Phoenix Real Estate Market News Data & Trends Report
Current Average Sales Price – $243,096
Average Days On Market – 101 for the MLS… 49 for The Jason Dawson Team!
If you’re considering selling your home– you may have equity that you didn’t know about! Contact us for a FREE Home Value Report!
Active Listings – 23,716, an increase of 3,500 over the past 30 days; plus 7,000 over 11/1/12.
Equity/Traditional Sale listings, 21,400 (90%); Short Sale listings, 1,146 (5%); REO/Bank owned listings, 1,100 (4.5%) HUD listings, 70
NOTE: The growth in inventory is not a spike in new listings as we also reported last month… it’s a result of the decrease in BIG hedge fund investor buyers which has reduced demand. This is better for buyers looking to buy primary residences or second homes as you’ll have a bit less competition.
UCB/Pending Sales – 9,015
Equity/Traditional Sale listings, 5,606 (62%); Short Sale listings, 2,736 (30%); REO/Bank owned listings, 397 (4.5%); HUD listings, 276 ( 3%)
Sold/Closed Sales – 10/1-10/31: 6,068 vs. 7,044 11/12, a decrease of 14% year-over-year. Equity/traditional sales, 5,136 (84.6%); Short Sales, 502 (8%); REO/Bank owned sales, 312 (5%); HUD, 118 (2%)
– CASH sales, 32%. Currently, investors account for about 20% of all sales.
SOLD homes year to date, 1/1-11/1/13: 74,072 total sales vs. 75,720 sales year to date in 2012.
– Equity 77.6% vs. 55% ’12; Short Sales 12% vs. 26.5% ’12; REO 8% vs 15% ’12; HUD 2.7% vs. 3% ’12; CASH 38% vs. 46.5% ’12
What does all this mean???!!!!
If you’re a Seller – we’re excited about the number of equity sellers that are currently active in the market, 90% of the listings on the market are traditional sales! That means that our market is really healthy – Sellers are selling their homes and getting money back out of their once depreciating assets and are able to move into a newer or larger home using their equity.
We’ll see more listings come on the market over the next few months as we head into our traditionally slower months for real estate – November through January – as people focus on the holidays and winter breaks.
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.
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.
Call us today at 480.442.9809 or contact us online for your FREE home valuation report!