Here is the Market Update through the end of March 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.
Good News: Total active listings have dropped by another 2883 units over the beginning of last month.
As of yesterday, we sit at 36,883 Actives, which is the lowest amount in April for the last two years!
Good news for sales, too:
Sales are up to 9135 for the last 30 days, as of yesterday.
We are currently sitting at a 3.8 months of supply.Traditionally, 3.8 months of supply is considered a Balanced Market!
Distressed Market Pie Chart: This chart shows you the percentage of distressed properties that are being listed and sold in Maricopa County.
Short Sales currently represent 20% of the Closings and 38% of the active Listings for a 8.3 Months of Supply ~ This has dropped from the 9.8 months of supply we had in February.
Distressed Sales (Short Sales and REOs combined) accounted for 66% of the total sales for March.
Closings are Increasing: There were 9118 closings in March 2011 vs. 8657 closings in March 2010 ~ which equates to a 5% increase over last year (even without the Tax Credit)!
Reality Check: The Median Sold Price for Maricopa County for March 2011 was $120,100. In March 2006, the Median Sold Price was $260,000!
In March 2000, the Median Sold Price was $132,000.
We currently sit at a 3.8 months of supply in the valley.
This may seem balanced but the high-end market continues to be stagnant.
In the entire MLS, only 88 properties sold for $1+ million for the month of March.
An astounding 94% of the closed MLS Sales for March were less than $400,000!
Related posts:
- Phoenix Arizona Real Estate Market Summary for March 2011
- Phoenix Metro Area Price Range Statistics for March 6th 2011
- Distressed Properties Make Up Almost Half of US Housing Market
- Phoenix Area – HUD Home Auction – March 26th, 2011
- Homeowners – Please Help Your Short Sale Real Estate Agent Help You!
Tags: distressed properties, maricopa county, mark a stafford, phoenix az homes, phoenix home prices, phoenix homes for sale, phoenix metro area
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