Arizona real estate market update!


Thank you Sarah Moran of Equity Title for providing me some up to date info on the Arizona real estate market!

This is the Market Update through the end of May 2011.

Good News: Total active listings have dropped by another 3051 units over the beginning of last month. As of June 12, we sit at 31,227 Actives. Sales are at 9963 for the last 30 days (as of June 12), which is trending up. We are currently sitting at a 3.1 months of supply. If you subtract out the AWC Contracts (which are included in Actives in the Cromford Report), we are at 2.4 months of supply. Traditionally, 3-4 months of supply indicate a balanced market. We are teetering on a Seller’s Market!

Distressed Market: This represents the percentage of distressed properties that are being listed and sold. Short Sales currently represent 21% of the Closings and 39% of the active Listings for a 5.7 Months of Supply. Distressed Sales (Short Sales and REOs combined) accounted for 65% of the total sales for May.

Closings: There were 8848 closings in May 2011 vs. 8536 closings in May 2010 ~ which equates to a 4% increase over last year! 

Reality Check: The Median Sold Price for Maricopa County for May 2011 was $120,000. In May 2006, the Median Sold Price was $253,418! In May 2000, the Median Sold Price was $125,000. Use this at your listing appointments to help explain what has happened to our market and get realistic list prices!

We currently sit at a 3.1 months of supply valleywide. And we are finally seeing movement in the high-end market. In the MLS, there were 98 properties that sold for $1+ million for the month of May – and currently in the $1+ million segment, there is a 12.3 months of supply – down drastically from previous months. An astounding 93% of the closed MLS Sales for May were less than $400,000!

MONTHS OF SUPPLY

East Valley: 2.7

NorthWest: 3.0

Paradise Valley: 6.1

Luxury ($1mil+): 12.3

Southwest: 2.7

Peoria/Glendale: 2.5

Camelback Corridor: 3.8

Cave Creek: 4.4

Ahwatukee: 3.3

Scottsdale: 4.8

Apache Junction: 3.3

Fountain Hills: 4.4  

Buckeye: 3.4  

Desert Ridge & Tatum Corridor: 3.3  

Thank you again Sarah Moran from Equity Title Agency for providing this “we are teetering on a seller’s market” info! LOVE THAT!  Sarah can be reach at Equity Title at sarahm@eta-az.com or 602-769-1438.

Having a dream is good, owning one is better!

 

Leslie Pelletiere, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

http://www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

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