Phoenix Real Estate Market News Data & Trends Report
Current Average Sales Price – $235,833
Average Days On Market – 63 for average agents… 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, 20,225, an increase of 2,000 (10%) in the past month; an increase of 5,000 (25%) over the past four months. Equity sales, 18,382 (91 %); Short Sales, 887 (4.4%); REO, 937 (4.6%); HUD, 69
New Listings 9/13 – 8,816; 9/12 – 8,966; 9/11 -10,093
NOTE: The growth in inventory is not a spike in new listings… it’s a result of the decrease in 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, 9,515 vs. 16,468, 10/12, a decrease of 42% year-over-year. Equity, 5,819 (61%); Short Sales, 3,044 (32%); REO, 356 (4%); HUD, 296 (3%)
Closed Sales, 91-9/30/13, 6,333 vs. 6,401 9/12, a decrease of 10% year-over-year. Equity, 5,205 (82% vs. 61% 9/12); Short Sales, 630 (10% vs. 26% 9/12); REO, 389 «6% vs. 10% 9/12); HUD, 109 (2% vs. 3% 9/12) CASH, 33.4% vs. 43.7% 9/12
A really positive note is the high percentage of equity sellers which means that our market continues it’s march toward market normalcy and balance. The current inventory of 20,415 (10/2) represents a 3.2 month supply of re-sale homes for sale. A balanced market is a 4-6 month supply… or another way to look at it is that 91% of the active homes for sale are equity sales… a balanced market is 97%, so we’re getting very close to that mark.
We currently have a 2 month supply of homes under $400,000… this means that this area of the market is still competitive as this is the area where most homeowners and investors can afford to purchase in our market. We are still seeing some very nice homes that are priced well get multiple offers.
Between the $400,000 to $1,000,000 price point we’re at a balanced market… there is about a 5.5 month supply. So as a Buyer there is some room to negotiate with Sellers.
What does all this mean???!!!!
If you’re a Seller – now is the time to sell. Yes, we’re coming into the historically slow season to sell… but the truth is, more homes are coming on the market and if you’re considering selling – now is the time to list to be one of the “few” rather than wait until next year and be more in a Buyers market where they have all the bargaining chips.
If you’re a Buyer – the market is coming back more in your favor… but if you’re considering buying – don’t wait. Interest rates have recently declined and there are less buyers in the market so you can often times have your pick of the great homes without a ton of other offers!
If you’re an Investor – be patient my flipping friends… the market is shifting away from a Sellers market 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!
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!