Here is the Market Update through January 23, 2014. Please note that the Valley Wide graph represents all of the MLS. The table below that graph just represents recordings for new and resales for Maricopa County.
We have decided to put these graphs into a Market Update Book for you to use at listing appointments, at Open Houses or with Buyers. They are printed in full color!! Just let us know how many you would like and we will bring them by your office. This will be Volume 1 2014.
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!
The comments are:
Active Listings and Sales: Total active listings (with no UCB/AWC) have gone up by 1033 units over the last month. As of January 23rd we sit at 25, 118 actives all property types. Sales are at 4549 for the last 30 days (January 23rd), down by 831 units from one month ago! We are currently sitting at a 5.5 months of supply, (based on Active listings with no UCB/AWC). Pending sales are up from the month before as of January 23rd, 5671 vs. one month ago at 5549. Traditionally, 3-4 months of supply indicate a balanced market. December re-sales and new sales in Maricopa County were 6686. In November 2013 they were 5943 . December 2012 was 7,531, this is an 11% decrease in year over year.
Absorption rate: Absorption rate is the % of sales that are sold each month of the inventory. A higher percent means that inventory is moving at a fast rate, and thus is a Seller’s market. Certain areas of town have very high absorption rates, they are:
East Valley 25%
Desert Ridge 32%
Median Price: The median price in Maricopa County for December 2013 was $203,000 in November 2013 it was $200,000. In December of 2012 it was $168,900 for a 20% increase!!!! In December 2007 it was $247,400 and in December 2001 it was $143,800!
Distressed Market Pie Chart: This chart shows you the percentage of distressed properties that are being listed and sold. Short Sales represent 8% of the closings for the last month, and a 3.0 Months of Supply. Distressed Sales (Short Sales and REOs combined) accounted for 17% of the total sales for in the last month. REO property sales equal to 9% of the sales for the last month. Normal non-distressed sales are now 83% of the total!!!!!
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. Prices have risen by 46% since November of 2011!
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 news letter 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)
East Valley: 4.0
Paradise Valley: 12.2
Luxury ($1mil+): 15.5
Camelback Corridor: 4.4
Cave Creek: 12.3
Apache Junction: 7.6
Fountain Hills: 8.8
Desert Ridge & Tatum Corridor: 3.1