Monthly Real Estate Market Update
December 1, 2013
Over the last 2 months we have seen a dramatic slow down in the real estate market caused by The Government Shutdown, Obamacare's Launch, Higher Interest Rates, Increasing Prices combined with the usual seasonal flux for the holidays. Any one of these factors would have slowed the market and together it seems like we have slammed to a screeching halt. The reality of the market is that these factors have slowed the market down from it's ridiculously fast pace of last spring to a statistically normal market for the Phoenix area. This is leaving a huge window of opportunity for buyers right now due to the lack of competition and the larger number of homes on the market.
Our normal market is when the supply of homes for sale in Maricopa & Pinal Counties reaches between 4 - 6 months. Currently we are at 4.6 months supply which means we are no longer in a seller's market but a balanced market overall. Short Sales are and REOs are still a part of our market and combine for 9.2% of our current inventory. We are still about 20% undervalued in the Phoenix market which means Homes in Phoenix are Still on Sale! Our average interest rate is right about 8% which means our current rates of 4.5% are amazing. There is no need to despair because the rates are no longer at 3.25%. Our current buying market is still favorable and now is the time to move.
City Avg Sales Price/Sq Ft 9/30 Avg Sales Price/Sq Ft 11/30
Tempe $138.20 $139.40
Chandler $136.00 $134.40
Gilbert $124.70 $123.30
Mesa $120.20 $123.55
Ahwatukee $148.10 $143.90
Scottsdale $185.20 $187.30
Brought to you by: Chelsea Elwood, Realtor
Keller Williams Realty East Valley
Want more localized data? Call (602) 748-6136
Want more localized data? Call (602) 748-6136
Click here to check out the November Stats for the Phoenix Real Estate Market in detail. These reports are sponsored by ARMLS (Arizona Regional Multiple Listing Service).
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