Below are the most recent market statistics for the Phoenix marketplace. This information is for the month of August 2013.
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 9/7/2013.
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:
The month of August showed a significant decrease of 9.3% in the number of closed sales. The statistics show that we had 6,260 residential homes sell during August in Maricopa County. This compares to the 6,904 sold in the month of July. This is the third month in a row that we have seen this number decrease. It also is NOT typical for the month of August. In the past 36 months, we have normally seen the number of closed sales increase during August.
Fewer buyers were able to find and successfully close on a home last month when compared to prior months. As prices, interest rates, and inventory continue to rise, buyers need to make sure they don’t get priced out of buying their home.
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New Listings Analysis:
The month of August saw 8,721 new homes enter the market, an increase of 7.5% compared to the month of July. Sellers should monitor this new inventory to see how it might impact the sale of their home – this increase means there are more homes on the market competing for buyer activity. If your home is not selling in this aggressive market, it is more than likely a pricing issue as buyers continue to look for the best value possible.
Buyers pay attention! August brought you 8,721 more choices. Although buyers do have more options, the other statistics in this report reveal that well priced homes are not staying on the market very long. More than ever, it is essential that you take advantage of this new inventory. Spend time with and listen to your real estate professional to develop your strategy for succeeding in a market that is constantly changing.
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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 remained fairly steady last month. Bank-owned sales increased slightly from 8% to 8.4% of closed sales, and short sales decreased from 12.7% to 10.5%. We also saw a slight increase in the number of traditional sales from 79.3% to 81.1%. Sellers and buyers need to monitor this trend to see how the market continues to respond to the current inventory.
Two years ago, REO sales (foreclosures) were 41% of closed sales and short sales were 26% of closed sales. The current numbers show a marked improvement in the overall health of the market.
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