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Phoenix Real Estate Update: 6/5/12

June 5, 2012 by · Leave a Comment 

Greater Phoenix Real Estate Update – June 5, 2012

The following stats are sourced from the Arizona Regional Multiple Listing Service (ARMLS) as of 6/05/12.

The data includes Greater Phoenix residential properties (houses, patio homes, town homes, and patio homes).  It excludes land, new construction, multi-family properties (2+ units), commercial properties, mobile homes, and timeshares.

The search area covers a 40-mile radius centered downtown on Phoenix Sky Harbor Airport, creating a circle with an 80-mile diameter.

The red number in “(brackets)” represents the results from the last report that I posted to this blog.  It’s important to note that the bracketed numbers will reflect Phoenix and Scottsdale real estate data from 1-3 weeks prior, depending on the frequency of my postings.  To help interpret the significance of the changes relative to time, I’ve added a field at the top that indicates the number of days since the last status update.

This reporting period covers the past 11 days.  During this time, we have officially seen inventory of all property types drop below 10,000 units within a 40-mile radius of downtown.  Other trends remain consistent with recent reports.  Active inventory continues to slowly dwindle, while AWC/Pending and Sold units show signs of stabilization — a sign of tight supply.

During the last reporting period (end of April/early May),  the average sales price of Phoenix real estate rose 4.2%.  This 11 day reporting period shows an increase of less than 1%.

Likewise, while the median price of Phoenix real estate rose 3.5% last period, this period we’ve only seen a rise of about 2%.  Look for prices to continue to rise as long as demand continues to outstrip supply.

 

Days since last stats update posting: 11

Total Active Inventory: 9,914 units (10,123)

Single Family Homes: 8,152 units (8,312)

Patio Homes: 189 units (210)

Condos/Town Homes/Other: 1,570 units (1,600)

 

Total AWC/Pending Inventory: 18,763 units (19,723)

Single Family Homes: 16,544 units (17,383)

Patio Homes: 207 units (216)

Condos/Town Homes/Other: 2,012 units (2,120)

 

Trailing 30-Day Sales Data

Total Sales: 7,712 units (7,961)

Single Family Homes: 6,631 units (6,792)

Patio Homes: 106 units (139)

Condos/Town Homes/Other: 975 units (1,031)

Average Sales Price (sold properties): $206,209 ($204,471)

Median Sales Price (sold properties): $149,900 ($147,000)

 

While our market is showing definitive signs of strengthening and competition for properties is fierce, it’s always possible to find great opportunities with the right Realtor on your side.  For help with your search, call or email me directly.

If you have any questions about these stats or about the Greater Phoenix real estate market in general, feel free to post them below.

Phoenix Real Estate Update: 5/24/12

May 25, 2012 by · Leave a Comment 

Greater Phoenix Real Estate Update – May 24, 2012

The following stats are sourced from the Arizona Regional Multiple Listing Service (ARMLS) as of 5/24/12.

The data includes Greater Phoenix residential properties (houses, patio homes, town homes, and patio homes).  It excludes land, multi-family properties (2+ units), commercial properties, mobile homes, and timeshares.

The search area covers a 40-mile radius centered downtown on Phoenix Sky Harbor Airport, creating a circle with an 80-mile diameter.

The red number in “(brackets)” represents the results from the last report that I posted to this blog.  It’s important to note that the bracketed numbers will reflect Phoenix and Scottsdale real estate data from 1-3 weeks prior, depending on the frequency of my postings.  To help interpret the significance of the changes relative to time, I’ve added a field at the top that indicates the number of days since the last status update.

This reporting period covers the past 2 weeks.  During that time, we see that Active inventory continues to slowly dwindle, while AWC/Pending and Sold units show signs of stabilization — a sign of tight supply.

Notably, we saw the average sales price increase 4.2% during this time, while the median price rose 3.5%.  Look for this trend to continue as long as demand continues to outstrip supply.

I’ve always been one to let people connect the dots for themselves, but I’ll say it anyway:  “If you’re thinking about buying in the Phoenix market, now is the time!”

 

Days since last stats update posting: 14

Total Active Inventory: 10,123 units (10,327)

Single Family Homes: 8,312 units (8,471)

Patio Homes: 210 units (217)

Condos/Town Homes/Other: 1,600 units (1,639)

 

Total AWC/Pending Inventory: 19,723 units (19,723)

Single Family Homes: 17,383 units (17,354)

Patio Homes: 216 units (219)

Condos/Town Homes/Other: 2,120 units (2,150)

 

Trailing 30-Day Sales Data

Total Sales: 7,961 units (8,036)

Single Family Homes: 6,792 units (6,823)

Patio Homes: 139 units (142)

Condos/Town Homes/Other: 1,031 units (1,071)

Average Sales Price (sold properties): $204,471 ($196,228)

Median Sales Price (sold properties): $147,000 ($142,000)

 

If you have any questions about these stats or about the Greater Phoenix real estate market in general, feel free to post them below.

Phoenix Real Estate Update: 5/10/12

May 10, 2012 by · Leave a Comment 

Greater Phoenix Real Estate Update – May 10, 2012

The following stats are sourced from the Arizona Regional Multiple Listing Service (ARMLS) as of 5/10/12.

The data includes Greater Phoenix residential properties (houses, patio homes, town homes, and patio homes).  It excludes land, multi-family properties (2+ units), commercial properties, mobile homes, and timeshares.

The search area covers a 40-mile radius centered downtown on Phoenix Sky Harbor Airport, creating a circle with an 80-mile diameter.

The red number in “(brackets)” represents the results from the last report that I posted to this blog.  It’s important to note that the bracketed numbers will reflect Phoenix and Scottsdale real estate data from 1-3 weeks prior, depending on the frequency of my postings.  To help interpret the significance of the changes relative to time, I’ve added a field at the top that indicates the number of days since the last status update.

This reporting period, about 13 days from the last, reveals that inventory continues to dwindle across the board, including sales.  As long as Active inventory remains scarce, we’ll see it filter through into Sold data.

The average sales price dipped slightly, while the median price rose a few thousand dollars as buyers continue to vie for limited inventory.

Our market remains a strong seller’s market.  New listings in the sub-$300k segment receive literally dozens of showings the first day they’re listed and 10-20 offers are not uncommon for opportunities that are priced right.

Days since last stats update posting: 13

Total Active Inventory: 10,327 units (10,796)

Single Family Homes: 8,471 units (8,886)

Patio Homes: 217 units (228)

Condos/Town Homes/Other: 1,639 units (1,701)

 

Total AWC/Pending Inventory: 19,723 units (20,011)

Single Family Homes: 17,354 units (17,567)

Patio Homes: 219 units (241)

Condos/Town Homes/Other: 2,150 units (2,203)

 

Trailing 30-Day Sales Data

Total Sales: 8,036 units (8,481)

Single Family Homes: 6,823 units (7,124)

Patio Homes: 142 units (141)

Condos/Town Homes/Other: 1,071 units (1,217)

Average Sales Price (sold properties): $196,228 ($197,691)

Median Sales Price (sold properties): $142,000 ($139,545)

 

If you have any questions about these stats or about the Greater Phoenix real estate market in general, feel free to post them below.

Phoenix Real Estate Update: 4/27/12

April 27, 2012 by · Leave a Comment 

Greater Phoenix Real Estate Update: 4/27/12

The following stats are sourced from the Arizona Regional Multiple Listing Service (ARMLS) as of 4/27/12.

The data includes Greater Phoenix residential properties (houses, patio homes, town homes, and patio homes).  It excludes land, multi-family properties (2+ units), commercial properties, mobile homes, and timeshares.

The search area covers a 40-mile radius centered on Phoenix Sky Harbor Airport, creating a circle with an 80-mile diameter.

The red number in “(brackets)” represents the results from the last report that I posted to this blog.  It’s important to note that the bracketed numbers will reflect Phoenix and Scottsdale real estate data from 1-2 weeks prior, depending on the frequency of my postings.  To help interpret the significance of the changes relative to time, I’ve added a field at the top that indicates the number of days since the last status update.

A certain (unpredictable) number of properties at any given time are considered over-priced and/or inherently flawed in some way, such as locational or characteristic defects.  These are the homes that will be the last ones to sell at any given time and will require the most discounting to clear out.  These types of properties ‘pad’ the appearance of available inventory.

This reporting period, about 11 days from the last, reveals that Active and Pending inventory is continuing to dwindle, albeit at only modest rates.

The interesting data regarding this period relates to SOLD inventory and sales prices — both of which demonstrated substantial gains.  As Phoenix real estate values rise, more and more existing homeowners will find themselves no longer ‘under water’ on their mortgages, and appraisers will have data points that they can use to substantiate higher purchase offers.

Days since last stats update posting: 11

Total Active Inventory: 10,796 units (11,130)

Single Family Homes: 8,886 units (9,131)

Patio Homes: 228 units (261)

Condos/Town Homes/Other: 1,701 units (1,739)

 

Total AWC/Pending Inventory: 20,011 units (20,058)

Single Family Homes: 17,567 units (17,539)

Patio Homes: 241 units (243)

Condos/Town Homes/Other: 2,203 units (2,223)

 

Trailing 30-Day Sales Data

Total Sales: 8,481 units (7,995)

Single Family Homes: 7,124 units (6,692)

Patio Homes: 141 units (143)

Condos/Town Homes/Other: 1,217 units (1,160)

Average Sales Price (sold properties): $197,691 ($184,836)

Median Sales Price (sold properties): $139,545 ($135,000)

 

If you have any questions about these stats or about the Greater Phoenix real estate market in general, feel free to post them below.

Phoenix Real Estate Update: 4/16/12

April 16, 2012 by · Leave a Comment 

Greater Phoenix Real Estate Update: 4/16/12

The following stats are sourced from the Arizona Regional Multiple Listing Service (ARMLS) as of 4/16/12.

The data includes residential properties (houses, patio homes, town homes, and patio homes).  It excludes land, multi-family properties (2+ units), commercial properties, mobile homes, and timeshares.

The search area covers a 40-mile radius centered on Phoenix Sky Harbor Airport, creating a circle with an 80-mile diameter.

The red number in “(brackets)” represents the results from the last report that I posted to this blog.

A certain (unpredictable) number of properties at any given time are considered over-priced and/or inherently flawed in some way, such as locational or characteristic defects.  These are the homes that will be the last ones to sell at any given time and will require the most discounting to clear out.  These types of properties ‘pad’ the appearance of available inventory.

Overall active inventory has dropped slightly since last week, while AWC/Pending inventory has slightly risen, but neither significantly.   We’re also seeing a slight drop in # of units sold and sales price data in the trailing 30 day period versus last week’s trailing period.

 

Total Active Inventory: 11,130 units (11,292)

Single Family Homes: 9,131 units (9,250)

Patio Homes: 261 units (276)

Condos/Town Homes/Other: 1,739 units (1,764)

 

Total AWC/Pending Inventory: 20,058 units (19,853)

Single Family Homes: 17,593 units (17,379)

Patio Homes: 243 units (240)

Condos/Town Homes/Other: 2,223 units (2,237)

 

Trailing 30-Day Sales Data

Total Sales: 7,995 units (8,209)

Single Family Homes: 6,692 units (6,916)

Patio Homes: 143 units (143)

Condos/Town Homes/Other: 1,160 units (1,150)

Average Sales Price (sold properties): $184,836 ($186,620)

Median Sales Price (sold properties): $135,000 ($135,000 – unchanged)

 

If you have any questions about these stats or about the Greater Phoenix real estate market in general, feel free to post them below.

Phoenix Real Estate Update: 4/9/12

April 10, 2012 by · Leave a Comment 

Greater Phoenix Real Estate Update: 4/09/12

The following stats are sourced from the Arizona Regional Multiple Listing Service (ARMLS) as of 4/09/12.

The data includes residential properties (houses, patio homes, town homes, and patio homes).  It excludes land, multi-family properties (2+ units), commercial properties, mobile homes, and timeshares.

The search area covers a 40-mile radius centered on Phoenix Sky Harbor Airport, creating a circle with an 80-mile diameter.

The red number in “(brackets)” represents the results from the last report that I posted to this blog.

This reporting period has seen inventory dip slightly relative to the last update of 3/29/12, and so has Pending inventory, as competition for Greater Phoenix real estate remains stiff.

A certain (unpredictable) number of properties at any given time are considered over-priced and/or inherently flawed in some way, such as locational or characteristic defects.  These are the homes that will be the last ones to sell at any given time and will require the most discounting to clear out.  These types of properties ‘pad’ the appearance of available inventory.

Phoenix real estate continues to sell at a torrid pace.  Not surprisingly, average and median sales prices continue to tick up, as the law of supply and demand plays out.

 

Total Active Inventory: 11,292 units (11,627)

Single Family Homes: 9,250 units (9,496)

Patio Homes: 276 units (276 – unchanged)

Condos/Town Homes/Other: 1,764 units (1,853)

 

Total AWC/Pending Inventory: 19,853 units (20,011)

Single Family Homes: 17,379 units (17,472)

Patio Homes: 240 units (249)

Condos/Town Homes/Other: 2,237 units (2,293)

 

Trailing 30-Day Sales Data

Total Sales: 8,209 units (7,482)

Single Family Homes: 6,916 units (6,335)

Patio Homes: 143 units (133)

Condos/Town Homes/Other: 1,150 units (1,014)

Average Sales Price (sold properties): $186,620 ($184,455)

Median Sales Price (sold properties): $135,000 ($131,000)

 

If you have any questions about these stats or about the Greater Phoenix real estate market in general, feel free to post them below.