The number of homes that sold in Maricopa County in January 2009 was nearly 58% higher than in January of 2008 AND was nearly identical to the number of sales in January 2007!! January saw a 13% increase in the number of properties going under contract over December and compared to January of 2008, there was an increase of 61.8%! This was the best January we have seen in the 3 years of reporting period AND the best month since July 2008!
Pricing is still declining and January showed a 3.4% decrease over December 2008. The average sales price in January was once again the lowest it has been in the past 36 months, averaging $188,174. For buyers looking for affordability and investors looking for properties that are good long-term investments, this market continues to provide many, many opportunities. Aggresivley priced properties are seeing multiple offers again with somehomes selling above list price.
The amount of available inventory decreased significantly once again to only 10.64 months of inventory based on active listings vs. sales for that same month. However, sellers need to remain very aggressive in their pricing to avoid being on the market any longer than possible ... the market shows the longer the home is on the market, the less $$ they will get especially with our current depreciation rate of 3.4%. Buyers need to continue to watch this number. As the days on market decrease, that means that the ability of buyers to negotiate and the value of pricing can begin to change, resulting in buyers having to pay a higher price. The statistics in January show that savvy buyers are not waiting, they are acting now to take advantage of the best properties, terms, and pricing.
New listing per month is down significantly to only 11,100 new units added. Depending on their pricing and condition, these homes could make your home more appealing or could be serious competition for serious buyers. Normally we see a dramatic increase in new listings in January; however, this year that was different. There still is an over supply of inventory, this is the lowest inventory we have seen since March of 2007!!!! Now is the time to take advantage of the great buyer opportunities while they are still there! The inventory is great, prices are amazing, and many sellers, including bank owned properties, are willing to provide closing cost assistance.
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