Here is the Market Update through July 3rd, 2014. Please note that the Valley Wide graph represents all of the MLS. The table below that graph just 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. This is through June and the next market update will be through September!
We also offer 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 any of our Business Development Mangers know how many you would like and we will bring them by your office. This will be Volume 2 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 down by 896 units over the last month. As of July 3rd we sit at 24,388 actives all property types. Sales are at 7389 for the last 30 days (July 3rd), up by 177 units from one month ago! We are currently sitting at a 3.3 months of supply, (based on Active listings with no UCB/AWC). Pending sales are down from the month before as of July 3rd, 6481 vs. one month ago at 7082. Traditionally, 3-4 months of supply indicate a balanced market. June re-sales and new sales in Maricopa County were 7855. In May 2014 they were 8208 . June 2013 was 8512 this is an 8% 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 faster rate, and thus is a Seller’s market. Certain areas of town have very high absorption rates, they are:
Northwest Valley 38%
Peoria and Glendale 33%
Apache Junction 32%
Desert Ridge 30%
Median Price: The median price in Maricopa County for June 2014 was $209,000 in May 2014 it was $202,000. In June of 2013 it was $193,085 for a 5% increase!!!! In June 2007 it was $257,000 and in June 2001 it was $142,000!
Distressed Market Pie Chart: This chart shows you the percentage of distressed properties that are being listed and sold. Short Sales represent 4% of the closings for the last month. Distressed Sales (Short Sales and REOs combined) accounted for 10% of the total sales for in the last month. REO property sales equal to 6% of the sales for the last month. Normal non-distressed sales are now 90% of the total!!!!!
The last graph gives you the average dollar per square foot of solds by month on a line chart going back one year. Prices have risen by 35% since June of 2012!
Luxury: The Luxury Market of $1.0 Million and above continues to be the lowest absorption rate of any market segment. There was a 9% absorption rate for the last month. There were 118 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 any of our Business Development Managers to set up an appointment!
MONTHS OF SUPPLY (with AWC/UCB listings) (Single Family Only)
East Valley: 3.0
Paradise Valley: 8.6
Luxury ($1mil+): 11.3
Camelback Corridor: 4.2
Cave Creek: 5.0
Apache Junction: 3.1
Fountain Hills: 6.7
Desert Ridge & Tatum Corridor: 3.4