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
10/5/2014.
Sellers:
The month of September saw a 3.06 percent decrease in the number of closed sales compared to the prior month. It is interesting to note that the number of closed sales in September in the past 3 years is nearly identical! Last month’s numbers showed that we had 5,605 residential properties sell in Maricopa County compared to 5,782 in the month of August. For sellers, this decline means that fewer homes are selling. As a result, sellers need to continually monitor their local market to make sure they are pricing and staging their homes to attract the best buyers.
The average sales price decreased slightly from $257,055 in August to $255,518 in September, a decrease of 0.60 percent. This is the third month in a row that we have seen a drop in the average sale price. With the shift and leveling off in other numbers, sellers need to pay attention more than ever, as we are seeing prices drop, homes remaining on the market for a longer period of time, and fewer homes moving to pending status. In some price ranges and in some locations, sellers are offering incentives to buyers and real estate professionals to ensure that their home is selling. Sellers who are serious about selling need to ensure that their home is one of the best-priced homes in their local market in order to attract qualified buyers.
The month of September saw a 3.06 percent decrease in the number of closed sales compared to the prior month. It is interesting to note that the number of closed sales in September in the past 3 years is nearly identical! Last month’s numbers showed that we had 5,605 residential properties sell in Maricopa County compared to 5,782 in the month of August. For sellers, this decline means that fewer homes are selling. As a result, sellers need to continually monitor their local market to make sure they are pricing and staging their homes to attract the best buyers.
The average sales price decreased slightly from $257,055 in August to $255,518 in September, a decrease of 0.60 percent. This is the third month in a row that we have seen a drop in the average sale price. With the shift and leveling off in other numbers, sellers need to pay attention more than ever, as we are seeing prices drop, homes remaining on the market for a longer period of time, and fewer homes moving to pending status. In some price ranges and in some locations, sellers are offering incentives to buyers and real estate professionals to ensure that their home is selling. Sellers who are serious about selling need to ensure that their home is one of the best-priced homes in their local market in order to attract qualified buyers.
The month of September saw the
number of homes in pending status drop from 4,472 homes to 4,168, a 6.8%
decrease over the previous month. It is very important for sellers to
continue to monitor this statistic, as it is a strong indicator of the number
of buyers and sellers that were able to come to agreement on the terms of a
contract on a home. It will also impact the number of closed sales in the
months to come.
September numbers showed the
months of inventory increased slightly to 3.51 months – a number that has been
increasing now for the past five months. This is the highest number we
have seen since March of this year. This statistic indicates that we have
settled very comfortably into a “traditional” or “balanced” market. This
will be important to monitor, as an increase in the months of inventory point
towards more homes competing for buyers and more homes staying on the
market. Sellers who want to sell need to ensure that the home price is
attractive to buyers with the shift in the market. When demand is low, the
buyers have a better opportunity to negotiate the price down and repairs up!
Buyers:
Buyers remain very active in today’s market. However, we are seeing fewer sales this past month. This could be due to the seasonal shift or it could also be influenced by sellers and buyers not agreeing to the terms of a sale such as inspection repair items, or having an unacceptable appraisal. Even though inventory shows a balanced market, most areas are favoring the buyers due to low demand.
This decline in sales pricing is an indicator that buyers have a small amount of relief when it comes to the average sales price. This is the lowest average sales price since February of this year. Educated and savvy buyers are taking advantage of these small shifts in the market, especially in light of recent interest rate 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.
Buyers also need to make sure they are fully informed regarding the individual market in which they have an interest. This will give them the best chance of being competitive in the search for a home. Buyers will want to monitor the inventory of areas they prefer. This past month showed an increase to 3.51 months of inventory – much better than the 1.29 months we had a couple of years ago. This has the result of giving buyers more “buying power” than in the past several months.
Buyers remain very active in today’s market. However, we are seeing fewer sales this past month. This could be due to the seasonal shift or it could also be influenced by sellers and buyers not agreeing to the terms of a sale such as inspection repair items, or having an unacceptable appraisal. Even though inventory shows a balanced market, most areas are favoring the buyers due to low demand.
This decline in sales pricing is an indicator that buyers have a small amount of relief when it comes to the average sales price. This is the lowest average sales price since February of this year. Educated and savvy buyers are taking advantage of these small shifts in the market, especially in light of recent interest rate 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.
Buyers also need to make sure they are fully informed regarding the individual market in which they have an interest. This will give them the best chance of being competitive in the search for a home. Buyers will want to monitor the inventory of areas they prefer. This past month showed an increase to 3.51 months of inventory – much better than the 1.29 months we had a couple of years ago. This has the result of giving buyers more “buying power” than in the past several months.
Last,
buyers should also make sure they are working with a lender who is
knowledgeable about the latest lending trends and options.
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?
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?
