Hello Everybody!
Here is the Market Update through the end of September 2011. 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.
Inventory: Total active listings have risen by 282 units over the beginning of last month. As of October 8, we sit at 27,268 Actives for Single Family Homes and Condos. Sales are at 8111 for the last 30 days (as of October 8), down by 328 from August. We are currently sitting at a 3.4 months of supply. If you subtract out the AWC Contracts (which are included in Actives in the Cromford Report), we are at 2.6 months of supply. Traditionally, 3-4 months of supply indicate a balanced market. Now is the time to take listings!
Distressed Market Pie Chart: This chart shows you the percentage of distressed properties that are being listed and sold. Short Sales represent 26% of the Closings for September (compared to 25% in August) and 38% of the active Listings for a 4.9 Months of Supply. Distressed Sales (Short Sales and REOs combined) accounted for 64% of the total sales for September. This is down 2% from last month! The listing success rate for Short Sales is 64.3%! Don’t avoid these listings! They are closing with greater success rate!
Closings: There were 7676 closings in September 2011 vs. 6653 closings in September 2010. This is a 15% increase. (The number includes Maricopa County new construction and re-sales.)
Reality Check: The Median Sold Price for Maricopa County for September 2011 was $125,000 – a 5% increase over August 2011!. In September 2006, the Median Sold Price was $258,844! In September 2000, the Median Sold Price was $137,000. Use this at your listing appointments to help explain what has happened to our market and get realistic list prices!
Luxury Market: We saw a significant drop in Luxury Sales. In the MLS, there were only 48 properties that sold for $1+ million for the month of September – and currently in the $1+ million segment, there is an 21.5 months of supply – which is up from last month’s 17.9.
RIGHT CLICK HERE to download a PDF of the graphs
MONTHS OF SUPPLY IN THE PHOENIX AREA
East Valley: 2.6
NorthWest: 3.4
Paradise Valley: 12.4
Luxury ($1mil+): 21.5
Southwest: 3.0
Peoria/Glendale: 2.6
Camelback Corridor: 3.7
Cave Creek: 4.0
Ahwatukee: 3.3
Scottsdale: 5.3
Apache Junction: 3.3
Fountain Hills: 8.9
Buckeye: 3.5
Desert Ridge & Tatum Corridor: 2.4
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