JUNE 2014 MARKET REPORT MARICOPA COUNTY

June 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 Flex MLS system.  Please note that MLS search results fluctuate as data is added to the system and the figures below were obtained on 7/4/2014.
 

(click any graph for larger view)

Closed Sales Report Analysis:

Sellers:
The month of June saw a 2.9 percent decrease in the number of closed sales compared to the prior month.  The statistics show that we had 6,507 residential homes sell in June in Maricopa County compared to 6,699 in the month of May.  This compares to 7,286 closed sales in June of last year, so we are definitely seeing a decrease in sale activity.  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 increase from $256,008 to $263,846.  This is a 6.6 percent increase and does NOT follow the trend for the month of June in prior years.  In this report, June has typically seen a decrease or very little change 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.
 

 

Active Listings Analysis:
 

Sellers:

At a time of year when we normally see the number of active listings increase, June actually saw a slight decrease of 3.4 percent over the prior month.  We have a total of 20,155 residential homes actively listed in Maricopa County as of 7/4/14.  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 has 9,785 active listings – a number significantly lower than our current market.  This shift will impact the price of a home, how quickly it sells, and the terms a buyer is seeking when purchasing a home.

Buyers

In June, buyers had 702 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.
 

Distressed Sales Analysis:
 

June saw a milestone – for the first time in many, many years, traditional sales accounted for 90 percent of all sales!  A few years ago, nearly 90 percent of all sales were distressed sales.  Bank-owned sales and short sales decreased from 11 percent in May to 10 percent in June.  A foreclosure home, also known as a bank-owned home or REO property, is one that the seller no longer owns – it has been taken over by the lender who had a note on the home.  A short sale transaction is for a home that is being sold for less than what is owed to the mortgage company and the seller must negotiate with the mortgage company or lender to “forgive” a portion of the debt in order to avoid foreclosure.
 

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.