January 2015 Phoenix Market Report from Shirley Coomer
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 1/3/2015.
(click any graph or larger image)
Closed Sales Report Analysis:
Sellers: As is normal for the month of DECEMBER, our market showed a significant increase of 29.7% in closed sales between November and December as buyers wanted to finalize the sales process prior to the end of the year. Last month’s numbers showed that we had 5,827 residential properties sell in Maricopa County compared to 4,493 in the month of November. This number is 11.5% higher than December of 2013 and 7.2% lower than December of 2012.
Buyers: Buyers remained very active at the end of the year. It will be important to see what 2015 brings to buyers in the way of pricing, terms, and inventory. Your real estate professional will always be your best resource for the most current information.
Average Sales Price Analysis:
Sellers: Last month saw the average sales price increase from $258,837 to $266,711, a trend that is normal in the month of December. This is the third month in a row we have seen the average sales price increase. This is the highest average sales price we have seen in the past 36 months. However, Sellers need to be aware that many buyers are now requesting home repairs, buyer concessions, and other credits that will impact the bottom line of a Seller. The first quarter of each year normally brings a large influx of inventory that will bring more competition for buyers which may have an impact on pricing, time on market, and terms.
Buyers: This stat is an indicator that buyers paid more, on average, last month. 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 individual market in which they have an interest. This will give them the best chance of being competitive in the search for a home.
Pending Sales Analysis:
Sellers: There was a 6.5% decrease in the number of active listings from November to December. We have a total of 18,86 5 residential properties actively listed in Maricopa County as of 1/3/15. This is the lowest number we have seen since September of 2013. Sellers need to continue to watch this trend as we move into a brand new year AND into a month where many sellers decide to list their home for the first time, potentially creating “new” distractions for potential buyers.
Buyers: The current market means that buyers had fewer new homes to consider this past month. Continue to monitor this statistic, as it WILL be the statistic that indicates how any options you will have in your home search and how quickly you will need to act … the higher the number, the more choices a buyer will have. 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.
Average Days on Market Analysis:
Sellers: Last month s aw the average days on market once again remain steady at 85 days. A little over one year ago, we were at 56 days. 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: This statistic shows that buyers are still remaining active in today’s market BUT they are taking longer than in the past to make decisions because of the increase in inventory. Buyers need to remain aware that the great homes will always draw lots of attention regardless of the real estate market we are experiencing.
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.
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