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:
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.
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.
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:
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.
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.
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
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