The following Information is
provided by Michael Orr and The Cromford Report.
June was a particularly powerful
month for closed sales, but leaves us starting July with a weaker backlog of
sales.
8,721 closed listings are what we
see right now and this number will change over the next week or two as
corrections are posted. Helped by its 22 working days, June 2015 had the
highest number of closed listings since May 2013!
Overall demand remains normal with
little signs of change. However, overall supply continues to dwindle. The most
interesting indicator to watch is which price ranges have an increasing
supply and which are reducing.
For single family active
listings (excluding UCB which have a contract but are taking back-up offers)
within Greater Phoenix supply of homes are as follows:
•
Under $100,000 - down to 251 from
277 last month
•
$100,000 to $199,999 - up to 2,672
from 2,605 last month
•
$200,000 to $299,999 - down to
3,412 from 3,542 last month
•
$300,000 to $499,999 - down to
4,315 from 4,408 last month
•
$500,000 to $999,999 - down to
2,525 from 2,705 last month
•
$1,000,000 and over - down to 1,346
from 1,622 last month
In contrast to previous months, the
price range between $100,000 and $199,999 got a little relief while the luxury
market lost the most supply in percentage terms. The latter was partly due to a
larger number of expiring and cancelled listings.
Here are the basic ARMLS numbers
for July 1, 2015 relative to July 1, 2014 for all areas & types:
•
Active Listings (excluding UCB):
19,548 versus 24,440 last year - down 20.0% - and down 3.9% from 20,351 last
month
•
Active Listings (including UCB):
23,228 versus 27,695 last year - down 15.9% - and down 5.3% compared with
24,595 last month
•
Pending Listings: 7,007 versus
6,426 last year - up 9.0% - but down 10.4% from 7,819 last month
•
Under Contract Listings (including
Pending & UCB): 10,747 versus 9,681 last year - up 11.0% - but down 10.9%
from 12,063 last month
•
Monthly Sales: 8,721 versus 7,228
last year - up 20.7% - and up 5.6% from 8,261 last month
•
Monthly Average Sales Price per Sq.
Ft.: $135.79 versus $129.67 last year - up 4.7% - but down 0.3% from $136.16
last month
•
Monthly Median Sales Price:
$214,990 versus $198,000 last year - up 8.5% - and up 0.9% from $213,000 last
month
Pricing did not change much over
the last month, with a slight increase in the monthly median and a slight
decrease in the price per square foot. However, pricing is substantially higher
than it was 6 months ago.
The busy spring is now well and
truly over and we are entering the summer doldrums. Contract signings and
closings will slow and we are likely to see directionless trends until we get
to the end of September.
So what conclusion should we draw
from these statistics? If your home is currently on the market, you may not be
seeing as many showings as you did in the spring. If you are buying, you may
have more negotiating power right now in some price points. If you want to list
your home, use the summer to make repairs, clean up clutter and let us help you
stage your home. Then call us to list your home in September to catch the
buyers before Thanksgiving arrives.
Please call us today if you would
like more information! We are here to help you in any way we can!
