Loaded or no, most people can find some guidance with statistics of sales and listings. Here's a quick breakdown of the Arizona Regional Multiple Listing Service Numbers through the first quarter of 2013.
Report Overview
This report includes MLS data for the past 36 months in Maricopa County
only as provided by the FlexMLS system. Please note that searches
fluctuate daily when running these reports; these figures were obtained
on 4/5/13.
A reminder that you need to meet with a real estate professional to see
how statistics impact the area where you are considering selling or
buying – blended statistics will not be as accurate as a more detailed
report that your real estate professional can provide to help you with
your decision making.
Total # of Pending Sales (36 month overview)
Pending Sales Analysis:
Sellers:
Pending sales in March increased by 10% over the month of February for a
total of 6,823 homes moving to under contract or pending status.
Sellers should continue to monitor these numbers to determine what type
of activity there should be on their homes as we move into the spring
months.
Buyers:
This stat is an indicator that buyer activity continues to remain very
high – this is normal market activity for the month of March when
compared to the prior two years. Educated and savvy buyers understand
that a competitive market gives them fewer options for home choices,
negotiating on price AND looking for concessions from a seller.
Although this may vary from area to area AND from price range to price
range, buyers need to make sure they are fully informed as to the
individual market in which they have an interest. This will give them
the best chance of being competitive in the search for a home.
Average Days on Market (36 month overview)
Average Days on Market:
Sellers:
The month of March saw the average days on market decrease from 71 to
69 days. Considering we were at 139 days a few years ago, there is no
doubt the current market continues to have an impact on how quickly
homes are selling.
Well-priced homes continue to go under contract within a very short
period of time. If a home isn’t selling in today’s market, there is no
doubt that it is because
buyers see the price as being too high.
Buyers
Inventory continues to move quickly. As a result, buyers need to be
aware that competition for great homes continues to remain very high,
especially in the lower price ranges. The importance of having a
reliable lender AND real estate professional to guide you through this
process has never been more important.
Average Sales Price (36 month overview)
Average Sales Price Analysis:
Sellers:
March saw the average sales price of a home in Maricopa County increase
by 2.2% from $225,803 to $230,876; this is the highest average in the
36-month reporting period but it does follow the same pattern for the
month of March in the prior two years. Sellers need to remain diligent
about pricing homes according to the current market and not be tempted
to overprice because they see prices on the increase. Just because the
average sales price remains high does not mean that sellers are
automatically getting more for their homes. Sellers are encouraged to
spend time with their real estate professional to determine what is
happening in their local market.
Buyers:
For buyers, it remains very important to be aware of this shift in the
price of homes. Just a little over one year ago, the average sales
price was $158,517. We have seen a 22.7% increase just since March of
2012. As prices remain high, buyers may find it more and more difficult
to find a home that is affordable. Interest rates remain low, so
buyers still have the edge in financing options. More than ever, you
need to work with your real estate professional to make sure you have
the best possible information regarding the market value of homes and to
carefully monitor this trend to see how it will impact the
availability, pricing, and terms associated with purchasing a home.
REO, SHORT SALE & NON-DISTRESSED SALES COMPARISON
MARCH 2013
Distressed Sales Analysis:
A bank owned/foreclosure home is one that the seller no longer owns –
it has been taken over by the lender(s) who had a note on the home.
Short sales are homes where the seller is negotiating with the bank to
“forgive” a portion of the debt in order to avoid foreclosure.
The market continues to shift, as we saw 74% of sales in the month of
March classified as “non-distressed” sales. This is the highest this
has been since this report was first generated several years ago.
Bank-owned sales saw a decrease from 13% to 11%, and short sales
remained steady at 15% of all sales that closed last month. Sellers and
buyers need to monitor this trend to see how the market continues to
respond to the current inventory.
As always, I appreciate helping you, your referrals, and answering your questions - even the "loaded" ones! - James
