Market Update through March 18th 2012.
Please note that the Valley Wide graph represents all of the MLS. The table below that graph just represents recordings for new and re-sales for Maricopa County.
Total active listings have dropped by 1622 units over the beginning of last month. As of March 18th, we sit at 22,972 Actives for Single Family Homes and Condos.
Sales are at 7447 for the last 30 days (as of March 18th), down by 335units from one month ago! We are currently sitting at a 3.1 months of supply.
Pending sales are up from the month before as of March 18th, 12,433 vs one month ago at 11,743 up 6%. If you subtract out the AWC Contracts we have approximately 14,684 active listings, which gives us approx. 1.9 months of supply. Traditionally, 3-4 months of supply indicate a balanced market.
Distressed Market Pie Chart: This chart shows you the percentage of distressed properties that are being listed and sold.
Short Sales represent 26% of the Closings for the last month, and 36% of the active listings for a 4.0 Months of Supply.
If you take the AWC's out we drop down to .7 months of supply!
Distressed Sales (Short Sales and REOs combined) accounted for 47% of the total sales for in the last month. REO property sales equal to 21% of the sales for the last month. The listing success rate for Short Sales is 68.8% !
Closings: There were 7293 closings in February 2012 vs. 6373 closings in January 2012. This is a 18% decrease. There were 6520 closings last year in February. This is a 3% increase. For the Year 2011 there was 12% increase over 2011 in units. (Maricopa county new construction and re-sales).
Reality Check: The Median Sold Price for Maricopa County for February 2012 was $130,000. In February 2007, the Median Sold Price was $259,087! In February 2001, the Median Sold Price was $139,722.
Luxury: The Luxury Market of $1.0 Million and above continues to be the lowest absorption rate of any market segment. There was a 4% absorption rate for the month of February. Only 46 properties in all of the MLS were sold for more than $1.0 million.
MONTHS OF SUPPLY
East Valley: 2.4
NorthWest: 3.1
Paradise Valley: 10.4
Luxury ($1mil+): 26.5
Southwest: 2.8
Peoria/Glendale: 2.3
Camelback Corridor: 3.3
Cave Creek: 5.1
Ahwatukee: 2.9
Scottsdale: 4.8
Apache Junction: 2.8
Fountain Hills: 4.2
Buckeye: 2.9
Desert Ridge & Tatum Corridor: 2.7
Residental Market Update
Valley Comparison February 18, 2012 to March 18, 2012
Valleywide Distressed Properties Comparison
Residental Market Update
East Valley Comparison
February 15, 2012 to March 15, 2012
Source: Equity Title
De Payne
Business Development Manager
602.769.5561
depayne@eta-az.com
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