Market Update Through March 10, 2014

Here is the Market Update through March 10th, 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 March and the next market update will be in June!

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 me know how many you would like and I 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!

Comments:

Active Listings and Sales:Total active listings, (with no UCB/AWC) have gone up by 599 units over the last month. As of March 10th we sit at 26,797 actives all property types. Sales are at 5708 for the last 30 days (March 10th), up by 811 units from one month ago! We are currently sitting at a 4.7 months of supply, (based on Active listings with no UCB/AWC). Pending sales are up from the month before as of March 10th, 5708 vs. one month ago at 4897. Traditionally, 3-4 months of supply indicate a balanced market. February re-sales and new sales in Maricopa County were 6029. In January 2014 they were 5741 . February 2013 was 7,073 this is an 15% 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 24%
Northwest 23%
Apache Junction 25%
Desert Ridge 25%
Median Price: The median price in Maricopa County for February 2014 was $194,000 in January 2014 it was $194,950. In February of 2013 it was $173,339 for a 12% increase!!!! In February 2007 it was $259,087 and in February 2001 it was $139,000!

Distressed Market Pie Chart: This chart shows you the percentage of distressed properties that are being listed and sold. Short Sales represent 5% of the closings for the last month. Distressed Sales (Short Sales and REOs combined) accounted for 13% of the total sales for in the last month. REO property sales equal to 8% of the sales for the last month. Normal non-distressed sales are now 87% 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 40% since January 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 5% absorption rate for the last month. There were 87 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!

Click Here for the Graphs

MONTHS OF SUPPLY (with AWC/UCB listings) (Single Family Only)

East Valley: 4.2

Northwest: 4.3

Paradise Valley: 12.1

Luxury ($1mil+): 19.1

Southwest: 4.9

Peoria/Glendale: 4.5

Camelback Corridor: 5.9

Cave Creek: 9.6

Ahwatukee: 4.6

Scottsdale: 8.1

Apache Junction: 4.0

Fountain Hills: 8.1

Buckeye: 5.9

Desert Ridge & Tatum Corridor: 4.0

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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: