Market Update – Through April 21, 2013

Equity Title presents the Market Update through April 21, 2013. We also provide the Market Update Book: this complete report in printed, magazine format. This is a great tool to use with Buyers or at Listing Appointments.

Let one of our Business Development Managers know how many Market Update Books you would like and we will get them to your office!

Here is the commentary followed by the charts:

Inventory (All Areas & Types in MLS): Total active listings (without AWCs/UCBs have dropped by 611 units in the last month. As of April 21st, we sit at 146, 080 Actives for all property types. Sales are at 8671 for the last 30 days (as of April 21st), up by 1178 units from one month ago. Pending Sales are up from the month before – as of April 21st, there are 11,416 Pending VS. 11,213 Pending one month ago. We are currently sitting at a 2.0 months of supply (based on Active without AWC/UCB). Traditionally, 3-4 months of supply indicate a balanced market. Now is the time to take listings!

Sales: In MArch 2013, there were 8658 Re-Sales and New Sales in Maricopa County, compared to February 2013 when there were 7073. In March 2012, there were 9581. That equates to a 22% increase month-over-month, but a 10% decrease year-over-year!

Prices: The Median Price for Maricopa County in March 2013 was $179,000; in February 2013 it was $173,266. This marks a 4% increase. In March 2012, the Median Price was $139,000 – so we are currently at a 29% increase year-over year! Looking back at past years Median Sales Prices: March 2007: $259,087 but in March 2001: $138,800.

Distressed Market Pie Chart: This chart shows you the percentage of distressed properties that are being listed and sold. Short Sales represent 14% of the Closings for the last month for a 1.3 Months of Supply. Distressed Sales (Short Sales and REOs combined) accounted for 26% of the total sales for the last month. REO Sales represent 11% of the sales from last month. Normal, non-distressed sales are now 74% of the market! That is the highest it has been in 5 years!

Luxury: The Luxury Market of $1,000,000+ continues to have the lowest absorption rate of any market segment, although, there was a slight increase with an *% absorption rate for the month of March. There were 104 properties in the MLS were sold for more than $1,000,000 in March 2013.

 

Foreclosure Data – March 2013

Here is the foreclosure data through the end of March 2013.

Share this info with your Buyers! Use it at Open Houses! Print, Post, Save and Email this information! Everyone wants to know about Real Estate and what is happening in our Market! Be the knowledgeable source…and when you get a contract, use Equity Title!

Here is the Take Away:
Default Properties: The status of a property currently within the Foreclosure process after the Bank records a Notice of Trustee Sale due to lack of borrower making payments for at least 90 days. Properties remain in this status until there is a recorded Trustee Sale or Cancellation of Trustee Sale.
  • At the end of March 2013, there were 9,194 Active Default Residential Properties. This is down from the previous month when there were 9,750Active Default Residential Properties.  FYI: The All-Time high was in December of 2009 when there were 47,606 Active Default Residential Properties.

Foreclosures: When the Bank either sells the property at the Trustee Sale (Auction) or takes the property back via Trustee’s Deed.

  • Foreclosures hit an All-Time, one-month high in March 2010 with 5,451. In March 2013, there were 901 Foreclosures. This was down by 79 units from February.

REO Properties: Properties that the bank owns due to lack of sale at the Trustee Sale (Auction).

  • At the end of March 2013, there were 4,597 Residential REO Properties – vs. the previous month when there were 4,713. This is down by 116 REO units – from last month! In March 2012, there were 7,408 REO Properties – so we are down by 38% from then. There are approximately 933 REO Properties listed in the MLS, with an additional 1,470 REO Properties that are in UCB and Pending Status in the MLS. This means that there are approximately 2,194 REO Properties that are Foreclosed on, but have not yet been listed in the MLS.

Sales:

  • Short Sales currently represent approximately 14% of the total sales for Maricopa County
  • REO Sales currently represent approximately 11% of the total sales for Maricopa County
  • Normal Sales now represent 75% of the total sales – the highest point in the last 5 years!

Prices:

  • Valleywide, prices have increased by 46% since the market low in August 2011.
  • Properties that were previously underwater, may no longer be

 

Market Update through March 24th, 2013.

Market Update Book: We have put this complete report into a printed, magazine format! Great to use with Buyers or at Listing Appointments. Please feel free to contact any of our Business Development Managers and we will get these books over to your office.

Below is the commentary for the market charts:

Inventory (All Areas & Types in MLS): Total active listings (without AWCs/UCBs) have dropped by 640 units in the last month. As of March 24th, we sit at 16,778 Actives for All Property Types. Sales are at 7393 for the last 30 days (as of March 24th), up by 595 units from one month ago. Pending Sales are up from the month before – as of March 24th, there are 11,247 Pending vs. 10,928 Pending one month ago. We are currently sitting at a 2.3 months of supply (based on Active without AWC/UCB). Traditionally, 3-4 months of supply indicate a balanced market. Now is the time to take listings!

Sales: In February 2013, there were 7074 Re-Sales and New Sales in Maricopa County, compared to January 2013 when there were 6462. In February 2012, there were 7293. That equates to a 9% increase month-over-month, but a 3% decrease year-over-year!

Prices: The Median Price for Maricopa County in February 2013 was $173,226; in January  2013 it was $170,000. This marks a 2% increase. In February 2012, the Median Price was $130,000 – so we are currently at a 33% Increase year-over-year! Looking back at past years Median Sales Prices: February 2007: $259,087 – but in February 2001: $132,499.

Distressed Market Pie Chart: This chart shows you the percentage of distressed properties that are being listed and sold. Short Sales represent 15% of the Closings for the last month for a 1.3 Months of Supply. Distressed Sales (Short Sales and REOs combined) accounted for 27% of the total sales for the last month. REO Sales represent 12% of the sales from last month. Don’t avoid these listings! They are closing with greater success rate! Note: Normal, non-distressed slaes are now 73% of the market! This is up 6% over last month.

Luxury: The Luxury Market of $1,000,000+ continues to have the lowest absorption rate of any market segment. There was a 7% absorption rate for the month of February. Only 83 properties in all of the MLS were sold for more that $1,000,000 in February 2013.

View the market charts below:

Become a Part of the Equity Title Agency Team!

Equity Title Company has provided the best in people and technology to ensure that real estate transactions close in a friendly, efficient, and professional manner. Our prosperity and continued growth can be attributed to our focus on what has made us successful: our satisfied customers. Our Staff of committed professionals is focused on giving our clients a competitive edge in their marketplace. At Equity Title Company, our technical expertise and “Service makes the difference” attitude continually put us ahead of our competition. Our mission is to provide consistent superior, quality service for our customers. With our philosophy of “commitment to service,” Equity Title Company plays a vital role in insuring the American Dream.

Equity Title Company is growing fast and will be opening two new branches this year along with adding staff in existing offices. If you want to work with a company that has a wonderful history, great benefits, a Senior Management Team that understands the business, and great people, then contact us today to discuss your future! Please submit a cover letter along with your resume.

Equity Title is looking for qualified applicants for a variety of open positions within our company. Below are the open positions.

Business Development Manager -

Positions open in: Scottsdale, AZ | Litchfield, AZ

Job Description:

• Leads our efforts for product market expansion, product marketing strategy, product sales, establishing partnerships and strategic relationships for the expansion of the business in their territory

• Develops marketing and sales strategies in conjunction with sales manager Develops “elevator “speeches, positioning statements, and other sales resources
• Liaison with other functional groups for product features, enhancements, marketing, operations, customer support, and escrow staff
• Maintain current knowledge of products offered by competitors
• Management of strategic efforts and projects related to assigned products and services
• Be the spokesperson and customer-facing product specialist that can explain in detail the application of the products and services to industry business needs
• Create and provide educational and sales presentations to industry trade associations and other external groups, internal groups, and customers
• Makes outbound lead generation and sales calls to potential and existing customers by telephone and e-mail to qualify leads and sell products and services
• Handles inbound sales lead calls for qualifying products and services to convert calls into sales or routes to appropriate sales representative
• Attend trade shows and other industry related meetings.
• Some local travel required

Job Qualifications:

• Outside sales experienced required
• Knowledge of Microsoft Office applications.
•. Ability to write routine reports and correspondence. Ability to speak effectively before groups of customers or employees of organization.
• Identifies and resolves problems in a timely manner; Gathers and analyzes information skillfully; Develops alternative solutions; Works well in group problem solving situations; Uses reason even when dealing with emotional topics.
• Manages difficult or emotional customer situations; Responds promptly to customer needs; Solicits customer feedback to improve service ; Responds to requests for service and assistance; Meets commitments.
• Speaks clearly and persuasively in positive or negative situations; Listens and gets clarification; Responds well to questions; Demonstrates group presentation skills; Participates in meetings.
• Balances team and individual responsibilities; Exhibits objectivity and openness to others’ views; Gives and welcomes feedback; Contributes to building a positive team spirit; Puts success of team above own interests; Able to build morale and group commitments to goals and objectives; Supports everyone’s efforts to succeed; Recognizes accomplishments of other team members.
• Writes clearly and informatively; Edits work for spelling and grammar; Varies writing style to meet needs; Presents numerical data effectively; Able to read and interpret written information.
• Approaches others in a tactful manner; Reacts well under pressure; Treats others with respect and consideration regardless of their status or position; Accepts responsibility for own actions; Follows through on commitments.

Escrow Officer-

Positions open in: Chandler, AZ | Litchfield, AZ | Scottsdale, AZ

Job Summary:

The Escrow Officer maintains ownership and customer support through-out the life of a file. Additional duties include new contract/order data review and entry, creating new files in Impact along with assigning processing tasks to the CSU accordingly. In this role, the escrow officer will be the point of contact with the client/customer. The escrow officer takes ownership to ensure progression of the file, fulfills preliminary and secondary contact to identify and obtain required or missing information, provides customer service and communicates with all parties to the transaction through-out the life of the file.

-Interface with customers to communicate file status, resolve queries, and avoid\solve problems that arise.
-Monitor, assign and complete tasks as provided in Impact and departmental reports
-Act as liaison with other departments and business units for escalation and vendor management
-Act diligently in ensuring completion of curative matters
-Screen new orders for necessary information for thorough order entry completion
-Receive and initiate proactive customer service telecommunication
-Locate necessary information utilizing SharePoint and/or Infodex
-Communicate with the customers and internal workgroups as defined in process
-Contact and welcome clients/customers for each order
-Schedule all real estate settlements in accordance with lenders, signing agents, customers, etc.
-Conduct mail away closings and maintain original documents when required
-Re-work if needed and provide final figures to clients/customers accordingly
-Provide wiring information or certified funds information to clients/customers
-Ensure quality work in a timely and efficient matter
-Meet or exceed pre-determined Service Level Agreements as created by the company
-Monitor and complete tasks as provided in workflow, work queue, and departmental reports
-Complete other duties as assigned

Job Qualifications:

-Must have high school diploma or equivalent, associate’s degree preferred
-3+ years escrow\title industry experience
-Intermediate MS Office skills
-Impact experience, a plus
-Call center experience desired
-High level of professionalism and integrity required
-Excellent verbal and written communication skills
-Strong problem solving skills
-Must have the ability to be self-directed and work independently in a fast paced environment
-Ability to work well as part of a team

Thank you for your interest in positions with Equity Title!

Foreign Investor Panel Seminar

From Cindy Davis at Equity Title Northwest -

I’ve just had great feedback on the ”Foreign Investor Panel – How to get and Manage Foreign Investors.” Here’s some information and a video from our class. 

Investors from around the world are very attracted to the US real estate market and even more specifically to Arizona’s real estate market. According to Susanita de Diego from Coldwell Banker in Canada, this interest is due to our climate, reasonable home pricing, and amenities like our many golf courses.  During the seminar we learned that many Canadians prefer to research homes, communities, and real estate agents on the internet before making a home purchase. 

So, be sure your internet presence is up and running effectively. You can even gear webpages, Facebook post and tweets towards collecting more foreign investor leads. To boost your web presence – I’ve scheduled these classes:

  • WordPress Blogging/Website class instructed by Cindy Davis on Thursday, April 4th at 9:30am at Equity Title Northwest Branch – 6685 W Beardsley Rd., Ste 205, Glendale, AZ 85308
  • Facebook 102 instructed by Mariessa Mahfouz on Thursday, April 11th 9:30am at Equity Title Northwest Branch – 6685 W Beardsley Rd., Ste 205, Glendale, AZ 85308
  • Youtube – Making a Channel and Marketing with Videoinstructed by Cindy Davis on Thursday, May 2nd at 9:30am at Equity Title Northwest Branch – 6685 W Beardsley Rd., Ste 205, Glendale, AZ 85308
  • Linkedin instructed by Mariessa Mahfouz on Thursday, May 9th at 9:30am at Equity Title Northwest Branch – 6685 W Beardsley Rd., Ste 205, Glendale, AZ 85308
Click here to view the video of the Foreign Investor Seminar!

Sarah Moran’s Service – Equity Title Agency

Sarah – you are so attentive and thoughtful. This video [http://youtu.be/8dNy6yRscsI] is a wonderful testament to the true spirit and fellowship we share in the Coldwell Banker Biltmore office; and even more so with you and Equity Title as part of the team!

 Kim Kane, Coldwell Banker

Thank You, Sarah for the great class you put together at the Microsoft in Fashion Square, it was very thoughtful, insightful and well prepared. I wish all these type of classes from “other title Co.’s” were as well thought out and presented in such a professional manner. You can be well assured that I will reccommend your services in the future and of  course I have enjoyed the service of EQUITY TITLE myself. Thanks again.

Barney (B.J.) Gonzales

Sarah Moran and her team at Equity Title provide incredible customer service and attention to detail. I try to use the Biltmore Equity Title office on all of my transactions and encourage agents and clients to do the same.

Sarah is one of the best networkers and marketing minds I know. She is my go-to for fresh marketing ideas and for assistance in implementing new marketing methods.

 

Trevor Halpern, Coldwell Banker

Equity Title’s Experience

I have really enjoyed my relationships with the team at Equity Title and feel they work to accommodate their buyer clients, seller clients and agent clients with 100% satisfaction. Each escrow officer has impressive years of experience and solid knowledge that benefits each transaction in escrow. Trust and confidence is important in this business, and I, along with many of my agent colleagues, have experienced both in our dealings with the Equity team. The staff is also friendly, helpful, knowledgeable and always accommodating.

 

-April Noble REALTOR®

Transaction Coordinator/Real Estate Assistance Services

Coldwell Banker Residential Brokerage

Market Update through End of February 2013

Here is the Market Update through February 21st, 2013 . Please note that the Valley Wide graph representsall of the MLS. The table below that graph just represents recordings for new and re-sales for Maricopa County.  We have added a new bar to the Valley wide graph that shows what the listings are with no AWC’s in them.

Below are the comments:

Total active listings, (with no UCB/AWC) have dropped by 526 units over the last month. As of February 21st, we sit at 17,353 Actives All Property Types. Sales are at 6433 for the last 30 days (as of February 21st), up by604 units from one month ago!  We are currently sitting at a 2.7 months of supply, (based on Active listings with no UCB/AWC). Pending sales are up from the month before as of February 21st,10,860 vs one month ago at 9,280 . Traditionally,  3-4 months of supply indicate a balanced market.  Now is the time to take listings!

January 2013 re-sales and new sales in Maricopa County were 6,463 in December 2012 they were 7,531. That is a 14% decrease from month to month.  January 2012 was 6,373. That is a (1.0%) increase! The median price in Maricopa County for January 2013 was $170,000 in December 2012  it was $168,903. This marks a 1% increase! January 2012 it was $128,121for a 33% increase!!!! In January 2007 it was $261,090 and in January 2001 it was $135,000!

Distressed Market Pie Chart: This chart shows you the percentage of distressed properties that are being listed and sold. Short Sales represent 17% of the closings for the last month, and a .9 Months of Supply.  Distressed Sales (Short Sales and REOs combined) accounted for 32% of the total sales for in the last month. REO property sales equal to 15% of the sales for the last month.  Normal non-distressed sales are now 67% of the total!!!!!! The listing success rate for Short sales is 60.5% ! Don’t avoid these listings! They are closing with greater success rate!

Check out our new graph! It is the last one! 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. Only 63 properties in all of the MLS were sold for more than $1.0 million.

Praise for Equity Title’s News Update

Mike Orr, of the Cromford Report and the ASU W.P. Carey School of Business, spoke at the Arcadia Home Tour. See what our clients are saying about our news updates!

You hit it out of the park with your Mike Orr news update just now. Really great graphics and information, easily absorbable by most people.

This is a really good presentation of Equity Title awareness of what Realtors can expect by working with Equity.

Tim Knittel    

Realty Executives  

To view Mike Orr’s Full Presentation, please click here.

Foreclosure Data Through End of January 2013

 

Default Properties: The status of a property currently within the Foreclosure process after the Bank records a Notice of Trustee Sale due to lack of borrower making payments for at least 90 days. Properties remain in this status until there is a recorded Trustee Sale or Cancellation of Trustee Sale.
  • At the end of January 2013, there were 10,286 Active Default Residential Properties. This is down from the previous month when there were 10,683 Active Default Residential Properties. FYI: The All-Time high was in December when there were 47,606 Active Default Residential Properties.

Foreclosures: When the Bank either sells the property at the Trustee Sale (Auction) or takes the property back via Trustee’s Deed.

  • Foreclosures hit an All-Time, one-month high in March 2010 with 5, 452. In January 2013, there were 1, 339 Foreclosures. This was up by about 40 units from December.

REO Properties: Properties that the bank owns due to lack of sale at the Trustee Sale (Auction).

  • At the end of January 2013, there were 5,618 Residential REO Properties – vs. the previous month when there were 5,789. This is down by 171 REO units – from last month! In January 2012, there were 8,539 REO Properties – so we are down by 34% from then. There are approximately 1,232 REO Properties listed in the MLS, with an additional 1,042 REO Properties that are in UCB and Pending Status in the MLS. This means that there are approximately 3,344 REO Properties that are Foreclosed on, but have not yet been listed in the MLS.