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.