April Market Report - Maricopa County
Here are your real estate statistics for last month. Be sure to call if you have any questions about this report or about how the market is performing. This report includes MLS data for the past 36 months for Maricopa County only as provided by the FlexMLS system. Please note that MLS search results fluctuate as data is added to the system and the figures below were obtained on 5/2/2014.
(click any graph for larger image)
Closed Sales Report Analysis:
Sellers:
The month of April saw a 14.8 percent increase in the number of closed sales compared to the prior month. This is somewhat normal for this time of the year. The statistics show that we had 6,849 residential homes sell in April in Maricopa County compared to 5,966 in the month of March. Although this is good news, sellers need to continue to be diligent in pricing and staging their homes, as we are no longer in a seller’s market. The traditional/balance market means a level playing field for both buyers AND sellers.
The month of April saw a 14.8 percent increase in the number of closed sales compared to the prior month. This is somewhat normal for this time of the year. The statistics show that we had 6,849 residential homes sell in April in Maricopa County compared to 5,966 in the month of March. Although this is good news, sellers need to continue to be diligent in pricing and staging their homes, as we are no longer in a seller’s market. The traditional/balance market means a level playing field for both buyers AND sellers.
Buyers:
For buyers, this is great news. It means that buyers are very busy taking advantage of this amazing market due to low interest rates, increased inventory, and more traditional sales from which to choose. The traditional market that we are in now means that there is balance from both the buyer and seller side.
For buyers, this is great news. It means that buyers are very busy taking advantage of this amazing market due to low interest rates, increased inventory, and more traditional sales from which to choose. The traditional market that we are in now means that there is balance from both the buyer and seller side.
Average Sales Price Analysis:
Sellers:
Last month saw the average sales price increase from $258,535 to $261,462. This is the highest average sales price in the 36-month period AND the highest average since June 2008. In this report, March has typically seen an increase in the purchase price. This is great news for sellers; however, as inventory continues to increase, sellers need to be cautious and establish a price that will ensure they are competitive in the market.
Buyers:
Last month saw the average sales price increase from $258,535 to $261,462. This is the highest average sales price in the 36-month period AND the highest average since June 2008. In this report, March has typically seen an increase in the purchase price. This is great news for sellers; however, as inventory continues to increase, sellers need to be cautious and establish a price that will ensure they are competitive in the market.
Buyers:
This statistic is an indicator that buyers still continue to pay more for homes than they have in the past 36 months. Educated and savvy buyers understand that a competitive market gives them fewer options for home choices – even when inventory increases. Although this may vary from area to area and from price range to price range, buyers need to make sure they are fully informed regarding the specific market in which they have an interest. This will give them the best chance of being competitive when making an offer.
Active Listings Analysis:
Sellers:
At a time of year when we normally see the number of active listings decrease, April saw the number remain relatively the same as the prior 3 months. We had a total of 21,996 residential homes actively listed in Maricopa County as of 5/2/14. Sellers need to continue to watch this trend as we begin to see more competition for getting a home sold – we saw our low in this area in May of 2012 when we only had 9,785 active listings. Using a real estate consultant is essential to determine how homes should be priced in order to be competitive AND the terms that will need to be available for prospective buyers in order to take advantage of this market.
At a time of year when we normally see the number of active listings decrease, April saw the number remain relatively the same as the prior 3 months. We had a total of 21,996 residential homes actively listed in Maricopa County as of 5/2/14. Sellers need to continue to watch this trend as we begin to see more competition for getting a home sold – we saw our low in this area in May of 2012 when we only had 9,785 active listings. Using a real estate consultant is essential to determine how homes should be priced in order to be competitive AND the terms that will need to be available for prospective buyers in order to take advantage of this market.
Buyers:
The current market means that buyers had more homes to consider than last month. Continue to monitor this statistic, as it WILL be the statistic that indicates how many options you will have in your home search and how quickly you will need to act…the lower the number, the more likely the competitiveness for lower priced homes will remain part of the current market. As always, market activity is local and should be researched with your real estate professional to determine the activity and desirability of the homes that are of interest to you.
Expired & Cancelled Listing Analysis:
Sellers:
Sellers need to pay close attention to this number. April saw another dramatic increase in the number of homes that DID NOT sell while they were on the market. 2,655 homes left the market without selling. This is the highest number we have seen in one month since June of 2011. The higher number of expired listings, the fewer sellers experienced success in selling their homes. This number shows how many sellers “gave up” on offering their homes for sale to potential buyers. Sellers should remain very focused on monitoring their local market to ensure that they are pricing homes competitively and offering terms that are appealing to buyers.
Sellers need to pay close attention to this number. April saw another dramatic increase in the number of homes that DID NOT sell while they were on the market. 2,655 homes left the market without selling. This is the highest number we have seen in one month since June of 2011. The higher number of expired listings, the fewer sellers experienced success in selling their homes. This number shows how many sellers “gave up” on offering their homes for sale to potential buyers. Sellers should remain very focused on monitoring their local market to ensure that they are pricing homes competitively and offering terms that are appealing to buyers.
Buyers:
For buyers, be aware that there are 2,655 fewer homes available for consideration. At a time when buyers are still actively looking for homes to purchase, this statistic reveals the number of sellers that have not had success in finding a buyer. Continue to watch this trend, along with price, days on market, and list to sales price ratio as important indicators of what buyers need to do in order to be successful in closing on the home of their dreams.
For buyers, be aware that there are 2,655 fewer homes available for consideration. At a time when buyers are still actively looking for homes to purchase, this statistic reveals the number of sellers that have not had success in finding a buyer. Continue to watch this trend, along with price, days on market, and list to sales price ratio as important indicators of what buyers need to do in order to be successful in closing on the home of their dreams.
STOP!
As a reminder, you need to meet with a real estate professional to see how statistics impact the area where you are considering selling or buying. Blended statistics will not be as accurate as a more detailed report that your real estate professional can provide to help you with your decision making.
Would you like to know what is happening in your neighborhood?
Would you like to know the value of your home?
Do you need help deciding whether to sell or not or would you like to know if now is the right time to buy?
I would be very happy to get you that information.
Just contact me and let me know.
Would you like to know the value of your home?
Do you need help deciding whether to sell or not or would you like to know if now is the right time to buy?
I would be very happy to get you that information.
Just contact me and let me know.
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