Real Estate Market Statistics May 2014 – Phoenix

May 13, 2014 By Nathan Mitchell

Real Estate Market Statistics May 2014 – Phoenix, Arizona

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Monthly Home Sales for Phoenix, Arizona May 2014

Real Estate Market Statistics May 2014 – Phoenix Monthly Sales

Homes sales in the Phoenix area are down, predictably, year over year. This continues to signify a lower buyer demand for homes in the Valley.

New inventory for resale homes

Real Estate Market Statistics May 2014 – Phoenix New Inventory

New inventory for resale homes is down and should start to flatten out as we move closer to summer.

Total inventory for resale homes

Real Estate Market Statistics May 2014 – Phoenix Total Inventory

Total inventory for resale homes remains flat month over month, up almost 50% year over year.

Active inventory vs. homes under contract (UCB)

Real Estate Market Statistics May 2014 – Phoenix Actives vs. UCB

Months supply of inventory

Real Estate Market Statistics May 2014 – Phoenix Months supply of inventory

New list prices

Real Estate Market Statistics May 2014 – Phoenix New list prices

Sale Prices

Real Estate Market Statistics May 2014 – Phoenix Sale prices

Sales Price Forecast

Real Estate Market Statistics May 2014 – Phoenix Sales price forecast

Pending foreclosures

Real Estate Market Statistics May 2014 – Phoenix Pending foreclosures

Distressed sales

Real Estate Market Statistics May 2014 – Phoenix Distressed sales

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While home buying demand is still down, we are seeing fewer and fewer distressed sales each month. This is a great indication of the real estate market getting healthier overall. 90% of homes sold in the Valley are normal sales.

Average days on the market

Real Estate Market Statistics May 2014 – Phoenix Average Days on Market

We are seeing what appears to be a balancing of the market, with monthly supply staying under 4 months and days on market flattening out.

Buyer demand continues to be a question mark in the current real estate market. There is definitely potential for a greater influx of home buyers:

Retiring baby boomers
Boomerang buyers (buyers with a previous short sale or foreclosure)
First time home buyers

We can only wait and see what factors will come into play that will help these potential buyers to decide to enter the real estate market and purchase a home.

Real Estate Market Statistics April 2014 – Phoenix

April 15, 2014 By Nathan Mitchell

Real Estate Market Statistics April 2014 – Phoenix, Arizona

Monthly home sales for Phoenix, Arizona April 2014

As predicted last month, the sales for resale real estate increased in March by close to 23% month over month. Year over year numbers are down by about 18%, which is also in line with last months numbers. We should see a decent increase in monthly sales again next month.

New inventory for resale homes

New inventory for resale homes continues to follow predictable trends for this time of year. 10,557 new resale homes came on the market for the month, representing an 8.8% month over month and year over year increase.

Total inventory for resale homes

29,939 total homes were on the market in Phoenix at the time of this publication. We’ll be able to see more in the coming months, as to how the total inventory increase plays out. It does appear at this point that we have a slowing of the increase in total resale inventory.

Active inventory vs. homes under contract (UCB)

Months supply of inventory

Months supply of resale home inventory has seen a slight down-tick as buying increases. This is another typical condition for this time of year.

New List Prices

As predicted last month, the average list price for resale homes has also come down a bit month over month. As days on market remain in the 80-90 range, we should continue to see slight downward pressure on new list prices.

Sale Prices

Sales price forecast

Pending foreclosures

Distressed sales

Average days on market

As monthly sales climb, we see downward pressure on days on market.

The market seems to be acting very predictably at this time. Continued buying and slightly lower new list prices should continue to fuel a healthy real estate market for the Phoenix Metro area.

Real Estate Statistics March 2014 – Phoenix

March 13, 2014 By Nathan Mitchell

Real Estate Statistics March 2014

Phoenix, Arizona

Monthly home sales for Phoenix, Arizona March 2014

As is typical for this time of year, we have seen a bump up in sales for February, to the tune of about 700 units. The number of home sales for February 2014 isn’t quite what we saw this time last year (it’s about 17% lower).

We should see another bump in home sales for the month of March as we get into the busy season for real estate here in the Valley.

New inventory for resale homes

New inventory is down almost 11% month-over-month. As you can see above, this is following last year’s trend quite closely. The difference we see here is the amount of new inventory for resale homes year-over-year. We have almost 11% more homes coming on the market in February 2014 than we did for 2013. This will add to our total inventory, as you can see below.

Total inventory for resale homes

The continued increase in new home listings, coupled with lower buying activity results in a higher resale home inventory.

Active inventory vs. Homes under contract (UCB)

Actives vs. UCB continue to diverge as we approach a more normal market. UCB on the Arizona Regional Multiple Listing Service stands for Under Contract – Accepting backups. UCB is a common label for short sales that are under contract.

Months supply of inventory

New List Prices

Average list prices should continue to flatten out and possibly drop a bit, as the average total days on market begin to rise.

Sales Prices

Sales price forecast

Pending Foreclosures

We continue to see lower pending foreclosures on a monthly and yearly basis. Hopefully the trend will continue, as the market becomes more and more healthy.

Distressed Sales

Average days on the market

We are at a 12 month high for days on market. We should start to see this statistic flatten as we move into the heat of the home buying season.

It’s always tough to predict the future. If history is any indicator, then we should start to see the number of home sales pick up as we move along in the month of March and into April.

With the continued rise of resale home inventory, home buyers will continue to have more choices, which should lead to less multiple offer situations on average. This should lead to an overall flattening of home sale prices and initial listing prices.

Are you a home buyer and just starting to research the housing market? Don’t miss this article on how to receive the most up to date home sale information that is available on homes for sale in the Phoenix metro area.

5 Critical Real Estate Market Stats That You Will Know

March 12, 2014 By Nathan Mitchell

In the previous post, 1 Click To Instant Access, you gained direct access to the coveted “real time” sales data for the real estate market. This live information gives you the advantage over your average buyer, who regularly relies on old information from bigger “3rd party” websites.

You now search for homes more effectively.

Having the latest sales data is just the beginning and a key building block to your home purchase success.

It is critical that you put this information into perspective.

Where should you begin?

A great by-product of having this home buying and selling information at your fingertips is the fact that you can actually track it’s history. By looking at the past real estate market, you will gain greater insight on how things are today.

If you have been researching the real estate market for a while now, you might have picked up a feel for the current climate.

If you’re just now jumping into the real estate market, sometimes taking in so much information at once can feel like drinking from a fire hose. It can be very difficult to keep anything, much less the sales numbers and averages straight.

With that in mind, we have compiled all of the numbers for you and put them into easy to understand charts.

Now It’s Easy For You.

Getting to know the real estate market here in the Phoenix Metro area is very simple, now that you have us on your side.

Every month, we post the historical sales data from the Arizona Regional Multiple Listing Service right here on our site. This market report will help you understand the current real estate market climate.

You always have access to the following statistics and more:

Number of monthly home sales, compared month to month and year to year.
Monthly resale home inventory levels.
How many months supply of resale home inventory.
Average and median resale home listing prices.
Average and median monthly sales prices.

Click here to see our latest installment of our monthly real estate market updates.

With our Multiple Listing Service home search tool and our monthly market statistics, you will quickly understand the reality of your real estate market.

In very little time, you’ll probably know more about the real estate market in Phoenix than many agents do!

To your success.

Real Estate Statistics February 2014 – Phoenix

February 11, 2014 By Nathan Mitchell

Real Estate Statistics February 2014

Phoenix, Arizona

Home Sales For Phoenix, Arizona February 2014

New Inventory – Resale Homes

Total Inventory – Resale Homes

Active Inventory vs. UCB (Homes Under Contract)

Months Supply Of Inventory

New List Prices

Sales Prices

Real Estate Statistics February 2014

Sales Price Forecast

Pending Foreclosures

Distressed Sales

Average Days On Market

Click here to see the report in it’s entirety.

Football Is Over, Time To Get Back To Business.

With January at a close, we see some similarities and differences with the more recent historical real estate sales data. The winter months (Dec, Jan, Feb) are almost always our slowest months across the board in regards to real estate sales here in Arizona. That has held true for this winter.

Monthly Home Sales Are Down.

Monthly home sales here in the Phoenix Metro area have dipped to 4,797 units for the month of January, which is roughly a 17% drop year over year and nearly a 20% drop month over month.

The drop in monthly home sales indicates a weakening of demand. Meanwhile, we’re starting to see a rise in new listings (inventory) on a monthly basis. We have seen a rise in resale home inventory by 11% year over year and nearly 80% month to month, bringing our total real estate inventory to 28,464 units.

Our Supply Of Home Inventory Is Increasing.

When we take the drop in monthly sales and increasing inventory into consideration, we start to see our months supply of home inventory increase. Most real estate professionals will tell you that the closer we get to 6 months worth of inventory, the closer we get towards a buyers market. As you can see from the above graphic (Months Supply of Inventory), we have 5.93 months of real estate inventory here in Phoenix.

We are at a balance of the market, if we’re not already in a buyer’s market.

Good News For Buyers.

This is excellent news for home buyers here in Phoenix, Arizona, as more inventory means more choices. Less demand also means that there is less competition than the average buyer has experienced over the past several years. That means less offers per home listed – not as many multiple offer situations (on a single home for sale) as we’ve seen in the recent past.

What does this mean for sellers? Take a look at the new list price graphic:

Time For a Reality Check?

What we’re seeing now, with the jump in new listing inventory is the possibility that these new home sellers are not quite in tune with what the market is up to. Less demand for homes and rising home inventory, typically are not a good mix. Home sellers will need to come to terms with the reality of less home buying demand and price their homes accordingly, to be able to get their homes sold at the best price and in a reasonable amount of time.

We are just barely starting 2014 and the real estate market seems to be making a shift. There is nothing that we can do, except watch to see how this year plays out. Be sure to stop back frequently to stay informed on the direction of our market.

We are always here to answer your questions, so please ask in the form below.

Real Estate Statistics January 2014 – Phoenix

January 21, 2014 By Nathan Mitchell

January 2014 Real Estate Statistics

Phoenix Arizona

Monthly Homes Sales for Phoenix, Arizona January 2014

New Inventory Resale Homes

Total Inventory

Active Inventory vs. UCB (Homes Under Contract)

Months Supply Of Inventory

New List Prices

Sales Prices

Sales Price Forecast

Foreclosures Pending

Distressed Sales

Average Days On Market

November 2013 Real Estate Statistics – Phoenix

December 8, 2013 By Nathan Mitchell

November 2013 Real Estate Statistics – Phoenix

See October 2013 Real Estate Statistics Here

Monthly Home Sales for Phoenix, Arizona November 2013

New Inventory (New Listings)

Total Inventory

Active Home Listings

Months Supply of Inventory

New List Prices

Sale Prices

Foreclosures Pending

Distressed Sales

Average Days on Market

Click Here to see the market report in it’s entirety.

Phoenix Rentals – Statistics November 2013

November 6, 2013 By Nathan Mitchell

Phoenix Rentals – Statistics November 2013

Compiled data from the Arizona Regional Multiple Listing Service. The median lease price is $1095, the average is $1,263. The average days on market is 44. The Rent Check Quotient™ is derived by dividing the number of leases per month by the number of closed sales, as reported in the Arizona Regional MLS monthly sales report.

See the report in it’s entirety here.

Phoenix Rentals – Statistics November 2013 – Average Closed Leases

Closed Rental Units Per Month

As is typical this time of year, we’re starting to see some softening in the market. If history is a good indicator, we should start to see more movement and closed units starting February 2014.

Find out what your investment property is worth. Click here.

October 2013 Real Estate Statistics – Phoenix

November 1, 2013 By Nathan Mitchell

October 2013 Real Estate Statistics For Phoenix

See September 2013 Real Estate Statistics Here

Monthly Home Sales for Phoenix, Arizona October 2013

October 2013 Real Estate Statistics for Phoenix Arizona:

Monthly homes sales for Phoenix Arizona are down once again. 10.5% month over month and 2.5% year over year. This is continuing to follow the normal trending for this time of year.

New Inventory (New Listings)

Total Home Inventory

Active Listings vs. Under Contract Taking Backups

Months Supply of Home Inventory

New Home Listings Prices

Home Sale Prices

Pending Foreclosures

Distressed Home Sales

Average Days on Market

Click here to see the Market Statistics Report in it’s entirety.

September 2013 Real Estate Statistics – Phoenix

September 18, 2013 By Nathan Mitchell

September 2013 Real Estate Statistics for Phoenix, Arizona

Monthly Home Sales for Phoenix

September 2013 Real Estate Statistics:

Monthly home sales for Phoenix, Arizona and the metro area are down just over 14.1% month over month. Home sales are down year over year as well, with a 6.9% drop. While we don’t like to see home sales fall, this is nothing to be alarmed about yet. We’ll have to continue to watch the sales numbers in order to see if there is a developing trend.

New Inventory (New Listings)

As you might expect, inventory tends to rise, as home sales in the Valley start to slow.

Total Home Inventory

Months Supply Of Inventory

Months supply of (home for sale) inventory has risen to 3.03. Here in Arizona, the Phoenix Metro area, a 6 months supply of inventory is often considered a balanced market. We are quite a ways away from having 6 months of inventory at this point.

New Inventory List Prices

September 2013 Real Estate Statistics: New List Prices

While the year over year numbers for new list prices are up substantially, we’re starting to see a bit of flattening over the past few months.

Home Sale Prices – Phoenix Arizona

Home sale prices are up year over year, we may start to see some flattening and/or softening if sales continue to slow.

Home Pricing Forecast September 2013

Pending Foreclosures September 2013

September 2013 Real Estate Statistics: Pending Foreclosures

Pending foreclosures continue their decline with the overall strengthening of the real estate market.

Distressed Home Sales

Home Sales Average Days on Market – September 2013

Overall, we’re beginning to see some slowdown in sales as we move into the fall months of 2013, which is typically expected. We should start to see more slowing, getting into the holidays. This news can be good for potential buyers who have been taking a “wait and see” approach on whether or not to enter the real estate market. With the slow down in sales, buyers will begin to see more available homes and will have more potential homes to choose from, without the fear of having multiple offers on every home they see.

See the latest ARMLS STAT report in it’s entirety. Click Here.

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