May 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
6/3/2014.
(click any graph for
larger view)
Closed Sales Report Analysis:
Closed Sales Report Analysis:
Sellers:
The month of May saw a 2.2 percent decrease in the number of closed sales compared to the prior month. It is not normal for this time of the year to see a decrease in closed sales. The statistics show that we had 6,699 residential homes sell in May in Maricopa County compared to 6,849 in the month of April. In today’s market 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:
In our shifted market, buyers are continuing to buy – they want to take 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.
The month of May saw a 2.2 percent decrease in the number of closed sales compared to the prior month. It is not normal for this time of the year to see a decrease in closed sales. The statistics show that we had 6,699 residential homes sell in May in Maricopa County compared to 6,849 in the month of April. In today’s market 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:
In our shifted market, buyers are continuing to buy – they want to take 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 decrease from $261,462 to $256,008. This is a 2.1% drop and does NOT follow the trend for the month of May in prior years. In this report, May has typically seen an increase in the purchase price. It is very important for sellers to pay attention to this change and monitor this statistic to ensure that they remain 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.
Last month saw the average sales price decrease from $261,462 to $256,008. This is a 2.1% drop and does NOT follow the trend for the month of May in prior years. In this report, May has typically seen an increase in the purchase price. It is very important for sellers to pay attention to this change and monitor this statistic to ensure that they remain 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.
Average Days On The Market Analysis:
Sellers:
This is a VERY important statistic to review this month. The month of May saw an increase of 1 day in the average days on market – from 80 to 81 days. May has normally seen a decrease in this number, so sellers need to monitor this trend. The longer a home is on the market, the more costly it is to sellers, as they continue to pay mortgage payments and all the other fees associated with home ownership. Days on market are controlled by appeal to buyers – in condition and in price. Staging and realistic pricing can dramatically impact a seller’s success in today’s market.
Buyers
Inventory continues to increase, providing buyers with more choices. However, buyers need to be aware that competition for great homes continues to remain high. Great homes will draw great buyers regardless of the real estate market we are experiencing. The importance of having a reliable lender and real estate professional to guide you through this process has never been more important.
This is a VERY important statistic to review this month. The month of May saw an increase of 1 day in the average days on market – from 80 to 81 days. May has normally seen a decrease in this number, so sellers need to monitor this trend. The longer a home is on the market, the more costly it is to sellers, as they continue to pay mortgage payments and all the other fees associated with home ownership. Days on market are controlled by appeal to buyers – in condition and in price. Staging and realistic pricing can dramatically impact a seller’s success in today’s market.
Buyers
Inventory continues to increase, providing buyers with more choices. However, buyers need to be aware that competition for great homes continues to remain high. Great homes will draw great buyers regardless of the real estate market we are experiencing. The importance of having a reliable lender and real estate professional to guide you through this process has never been more important.
Expired & Cancelled Listing Analysis:
Sellers:
Sellers need to pay close attention to this number. The month of May saw another dramatic increase in the number of homes that DID NOT SELL while they were on the market – a 12 percent increase. 2,976 homes left the market without selling. This is the highest number we have seen in one month since June of 2011. The higher this number, 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 2,976 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!
Sellers need to pay close attention to this number. The month of May saw another dramatic increase in the number of homes that DID NOT SELL while they were on the market – a 12 percent increase. 2,976 homes left the market without selling. This is the highest number we have seen in one month since June of 2011. The higher this number, 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 2,976 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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