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The Real Phoenix Market...

By
Real Estate Agent with Keller Williams Integrity First

An analysis courtesy of our Team Leader at the office...I thought I'd share some of the highlights of Susan's analysis...The data was compiled off the ARMLS and includes 36 months aggregate, including March 2007 figures...

  1. The number of sales in March increased to its highest point since August of 2006
  2. The number of new listings increased over the prior month by nearly 3,000 properties, (as of 4/17, there are currently 51,653 active listings--this is a significant increase over any prior months).
  3. The pattern of listings and sales continues to be similar to the prior 35 months.
  4. The AVERAGE sales price increased $13,000;
  5. March was the 2nd highest average sales price during the 36 month period.
  6. Days on market dropped by 6 days; however, this is still the 3rd highest DOM average in the 36 month period.
  7. The average list to sales price ratio dropped to 95.94% -- sellers aren't getting as close to their list price as in the past 35 months.
  8. Homes continue to sell, but there is a tremendous amount of competition in the MLS - and there are the new builds as well!
  9. The average sales price still continues to be high. 
  10. If sellers are pricing their homes well, 1 out of 10 of them can still sell at a great price.
  11. Pricing right the first time is even more important - with all of the competition, homes need to be in perfect condition AND provide amenities that buyers simply can't find in another new or resale home at the same price.

 

Cheers,
Uzi Husain
Arizona Realtor, serving Goodyear & The Phoenix metropolitan area 

Comments (1)

Wendy Cyr
Realty ONE Group - Scottsdale, AZ
"Cyr"iously Dedicated to My Clients' Real Estate!

Stats are a great way to see if our intuition about the market is being reflected in the numbers.  I tell my sellers that they should pretend they are in a Chorus line of Competition - at least that is how it is from the buyers' perspective (who are in charge at the moment).  In order to stand out in this line-up, then, as you have said here, the property has to be well priced, in great condition and ALSO to grab the interest of the buyer.  It's a "sea of sameness" (or so it seems) that blurs the view of the buyers and they have so many choices that they feel as if they have plenty of time to choose. 

We are lucky in Arizona that there are still alot of people moving into the state so our excess inventory could actually be absorbed more quickly than we might anticipate.  One of my clients used to say to me that "he dresses for every parade" meaning this is no time to be lazy or lethargic about selling your home.

 

Apr 20, 2007 11:52 AM