Phoenix Real Estate Market News Data & Trends Report

September 2013

Current Average Sales Price – $231,302
Average Days On Market – 59 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, 18,209, an increase of 2,700 over the past three months/+ 17% Equity, 16,512 (91%); Short Sales, 801 (4.4%); REO, 816 (4.5%); HUD, 80

Current listing inventory equals a 2.6 month supply.

UCB/Pending, 10,505

Equity, 6,441 (61%); Short Sales, 3,250 (31%); REO, 471 (4.5%); HUD, 334 (3%)

Sold 8/1-31/13, 7,032 vs 7,514 ’12, a decline of 6.5% year-over-year

Equity, 5,663 (80% vs 58% ’12); Short Sales, 741 (10.5% vs 27.5% ’12);

REO, 427 (6% vs 11% ’12); HUD, 201, (3% vs 4% ’12).  CASH, 34% vs 44.5% ’12

YTD closed, 61,679 vs 62,276 ’12

New listings August, 2013 – 9,514; 2012 – 9,577; 2011 – 10,093; 2010 – 12,727

What does all this mean for Phoenix Real Estate Market News?  It means that right now is the best time to list your house for sale if you’re a Seller!

Why?  2 reasons.

1.)  Inventory levels of houses for sale is still relatively low… in favor of Sellers.  For the size of the Phoenix metro area, in order to have a “balanced” market we should have about 30,000 to 35,000 homes for sale on the market… we’re currently just over 18,000.  This is the highest it’s been in the last couple of years and it’s slowly creeping up. Right now there are still more buyers in the market then there are Sellers, but as our listing volume continues to climb, that won’t be the case for much longer.

2.)  Interest rates are continuing to climb, which will slow down Buyers from purchasing.  As the government continues to steadily increase the interest rates this will do 2 things for Buyers… one it will price some buyers out of the market or at least some price ranges and two, if rates continue to rise, some Buyers will view that as unfavorable compared to some of the historic low interest rates we’ve experienced in the last couple of years.
– P.S. – Buyers – it’s still a great time to buy and interest rates are still really low!

For both of these reasons, if you’ve been considering selling – 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.  No obligations… it’s just nice to know how much your house is worth!

Call us today at 480.442.9809 or contact us online for your FREE home valuation report!

 

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