Here is the Market Update through October 1st, 2016. Please note that the Valley Wide graph represents all of the MLS. The table below that graph represents recordings for new and re-sales for Maricopa County.
Because there are less swings in the Market we have decided to update you once per quarter. We also have changed the graphs to compare to the last 90 days so you can see the swings in the market. So this set of graphs compares 7/1 to 10/1.
We also offer a Market Update Book for you to use at listing appointments, Open Houses or with Buyers. They are printed in full color!!! Just let us know how many you would like and we will arrange to bring them by your office. E-Mail me at firstname.lastname@example.org
Tip: These are great to use when managing your clients expectations. Point out the absorption rate by area to let them know how fast things are selling!
My Comments are:
Active Listings and Sales: Total active listings, (with no UCB/AWC) have gone down by 328 units over the last quarter. As of October 1st we sit at 20,234 actives all property types. Sales are at 7,140 for the last 30 days (October 1st), down by 1908 units since July 1st! We are currently sitting at a 2.8 months of supply, (based on Active listings with no UCB/AWC). Pending sales are down from the Quarter before as of October 1st, 6175 vs. one quarter ago at 6,903. Traditionally, 3-4 months of supply indicate a balanced market. September re-sales and new sales in Maricopa County were 8,798. In July they were 8,796. September of 2015 was 8,160 this is a 8% increase in year over year. September 2016 was the largest September unit sales month since 2006!
Absorption rate: Absorption rate is the percent of sales that are sold each month of the inventory. A higher percent means that inventory is moving at a faster rate, and thus is a Seller’s market. The total absorption rate is 29%. Certain areas of town have higher absorption rates, they are:
- South East Valley 40%
- Northwest Valley 41%
- Southwest Valley 33%
- Peoria and Glendale 41%
- Ahwatukee 31%
- Desert Ridge 32%
- Apache Junction 32%
Median Price: The median price in Maricopa County for September 2016 was $242,925. July 2016 it was $235,000. In September of 2015 it was $222,812 for an 9.0% increase!!!! In September 2010 it was $129,760 and in September 2005 it was $252,000!
Tell your buyers that Real Estate is a great investment! Median Prices have risen by 105% since August 2011 which was the bottom of the Market!
The last graph gives you the average dollar per square foot of solds by month on a line chart going back one year.
Luxury: The Luxury Market of $1.0 Million and above continues to be the lowest absorption rate of any market segment. There was a 6% absorption rate for the last month. There were 89 properties in all of the MLS were sold for more than $1.0 million.
Please click on the link below to take you to the Graphs. You can save/print/email them from there! Use these with all of your clients, as a newsletter and at open houses! Everyone wants to know what is happening in Real Estate – Be the authority!! Remember that you can always go to www.eta-az.com and click on Sales and Marketing then Market Update for this info as well!
Equity Title has great marketing tools and programs to help you get more business – call me to set up an appointment!
MONTHS OF SUPPLY (with AWC/UCB listings) (Single Family Only)
- South East Valley: 2.5
- Northwest: 2.4
- Paradise Valley: 12.8
- Luxury ($1mil+): 17.0
- Southwest: 3.0
- Peoria/Glendale: 2.5
- Camelback Corridor: 3.7
- Cave Creek: 5.0
- Ahwatukee: 3.3
- Scottsdale: 5.6
- Apache Junction: 2.9
- Fountain Hills: 6.6
- Buckeye: 3.3
- Desert Ridge & Tatum Corridor: 3.1
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