Real Estate Blog

 

Monthly Median Sales Price Up 9.1%
Monthly Sales Up 3.7%

For Buyers:
Buyers looking for larger single family homes under $200K may want to consider the Southwest Valley with 50% of all sales occurring under $185K and an average size of 1,929 square feet. Pinal County provides the largest single family home for the money with an average sale at 2,057 square feet and a median sales price of $154K. The Southwest Valley (which includes Southwest Phoenix, Buckeye, Good-year, Litchfield Park, Avondale, Tolleson and Laveen) has seen the sales price per square foot for single family homes rise 9.4% since this time last year. Pinal County (which includes Apache Junction, Gold Canyon, San Tan Valley, Florence, Casa Grande and Maricopa) has only seen a 2.6%

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Listings Under Contract up 12%

Monthly Median Sales Price up 7.1%

For Buyers: If you’ve been frustrated over the past 5 months with high buyer demand for well priced properties within your price range, you should be seeing some relief now. August is typically a slow time for buyer activity across all price ranges and 2016 is no different. Contracts in escrow began their decline in June, dropping nearly 17% from a high of 13,432 in May to 11,190 by the first week of August. Active listings have also declined nearly 10%, down to 19,783 since their peak in March at 21,924. At this time of year, many sellers are tired of being on the market, making it a good time to revisit those listings that weren’t picked up during the peak or

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Monthly Sales Up 7.7%   Listings Under Contract Up 5.6%

For Buyers:

Unless you’re looking for a property in the lowest price ranges, there’s a decent amount of supply to choose from in the Phoenix Metropolitan Area. As prices rise, most buyers will adjust what they buy in terms of size or location in accordance with their budget. Over time, we’ve seen the average size home purchased continue to rise, even when prices were at their highest. For example, in 2002 the average sized home purchased was 1,607sf. It rose to 1,632sf in 2006, then 1,715 in 2011 and 1,762sf so far in 2016. Of properties sold under $200K in 2006, the average size is currently 1,388sf. Between $200K-$300K, the average size is 1,829sf. $300K-$500K is 2,385sf. $500K-$1M is

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June 20 - West Phoenix, South Phoenix and the Southeast Valley continue to have the majority of fastest selling times in the Phoenix Metro area.

85034 in Phoenix (surrounding Sky Harbor Airport) currently has the lowest average days on market for sales in the last 90 days at 18.5 days followed by Youngtown 85363 at 21.8 days

85264 Fort McDowell and 85263 Rio Verde have the two highest average days on market at 302 and 205 days respectively closely followed by 85377 Carefree at 202 days.

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June 9 - The Cromford Market Index for the single family market in the largest 17 cities is still looking positive

We have 12 cities improving over the last month, with the following most significant:

  1. Fountain Hills - up 19%
  2. Avondale - up 16%
  3. Cave Creek - up 9%
  4. Mesa - up 7%
  5. Paradise Valley - up 6%
  6. Goodyear - up 5%

Only Buckeye saw a significant deterioration for sellers, down 5%, but another 4 cities saw slight moves towards neutrality.

Overall the market is improving for sellers with the high end market helped by a large number of cancellations, as sellers take their homes off the market, probably just for the summer.

June 6 - Looking at the Greater Phoenix super luxury market at $6 million and above we see 5 sales

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June 1 - A couple of statistics that came out this morning suggest a stronger market.

Only 182 homes were purchased by third parties at trustee sales in Maricopa County during May. However this represents 65% of all the auctions, so only 98 properties went back to the beneficiary (or lender). This is the lowest monthly total of REOs created since October 2006, almost 10 years ago. Also 65% is the highest percentage of properties catching a bid since April 2006, more than 10 years ago.

The total dollar volume of homes closed through ARMLS during May was $2.464 billion. This is up 10% from May 2015 and the highest monthly total since June 2006

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This is the first time we have ever seen the city of Phoenix doing worse than any other city during a monthly comparison period. It has not dropped much, from 134.2 to 131.4, and is still comfortably inside the "seller's market" zone. However every other city either improved of just deteriorated by a very tiny amount.

The situations in Fountain Hills and Paradise Valley have improved greatly thanks to a drop in the number of active listings and an uptick in demand measurements.

Avondale is still way out in front thanks to its ridiculously poor supply. We have to go back to 2011 to find a Supply Index reading over 100 in Avondale.

Apart from the places already mentioned Mesa and Goodyear are seeing the strongest percentage improvement

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Listings Under Contract Up 6.5%
Monthly Median Sales Price Up 9.9%

For Buyers
May is often the last month of “buyer season” before the summer slowdown.  In anticipation of hotter temperatures, graduations and upcoming summer vacations, many home buyers would prefer to get their contracts into escrow and closed before the end of June.  As a result, there are many areas of the valley where there are currently more properties in escrow than active for sale.   Not surprisingly, those areas are concentrated where the average sale price is under $250,000 in parts of the Southeast Valley (such as North Tempe, West Mesa, North Chandler and North Gilbert), South Phoenix, and most of the West Valley.  This is temporary, buyers can expect relief from

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