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 6/1/13.

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.

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Closed Sales Report Analysis:

Sellers:
The month of May saw an astounding 8.5% increase in the number of closed sales when compared to the prior month. The statistics show that we had 8,385 residential homes sell in May in Maricopa County. This is the highest number since June of 2011.  For sellers, this means that there are fewer homes remaining on the market and that buyers continue to be extremely active and successful.

Buyers:
For buyers, this mean that the shortage of inventory remains as an important factor in buying a home or investment property. Buyers should continue to carefully work with their real estate professional to understand the market AND how they can be competitive with the market demand and other buyers who may be in a financial position that is more appealing to the seller.

 

 

 

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Average Sales Price Analysis:

Sellers:
May saw the average sales price of a home in Maricopa County increase by 4% from $237,810 to $247,476; this is the highest average in the 36-month reporting period. Sellers need to remain diligent about pricing homes according to the current market and to understand how this increase impacts individual homes.  Sellers are encouraged to spend time with their real estate professional to determine what is happening in their local market.

Buyers:
This stat is an indicator that buyers continue to pay more for homes than in the past 36 months. 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 regarding 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.

 

 

 

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Average Days on Market Analysis:

Sellers:
The month of May saw the average days on market decrease from 67 to 63 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.  With home prices and buyer activity on the increase, it should come come as no surprise that 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 strong likelihood 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.

 

 

 

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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 significantly shift, as we saw 78% of sales in the month of May classified as “non-distressed” sales.    This is the highest this has been since this report was first generated several years ago. Bank-owned sales dropped to 9% of closed sales, and short sales remained at 13%.  The number of distressed sales has been consistently decreasing each month.  Sellers and buyers need to monitor this trend to see how the market continues to respond to the current inventory.

Would you like to know what is happening in your neighborhood?

Would you like to know the value of your home?

Do you need help deciding whether to sell or not or would you like to know if now is the right time to buy?

I would be very happy to get that information for you!  Contact me TODAY and let me know.

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