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Real Estate Market Update August 2012 - Maricopa County, Arizona

 

Real Estate Market Update through August 26th 2012.

 Inventory (All Areas & Types in MLS):
Total active listings (without AWCs) have picked up by 794 units in the last month. As of August 26th, we sit at 14,249 Actives for All Property Types. Sales are at 7133 for the last 30 days (as of August 26), down by 496 units from from one month ago. Pending Sales are down slightly from the month before - as of August 26th, there are 10,892 Pending vs. 11,192 Pending one month ago. We are currently sitting at a 2.0 months of supply (based on Active without AWC). Traditionally, 3-4 months of supply indicate a balanced market.

 

Sales: In July 2012, there were 8272 Re-Sales and New Sales in Maricopa County, compared to June 2012 when there were 8394. In July 2011, there were 7891. That is a 4% increase!

 

Prices: The Median Price for Maricopa County in July 2012 was $150,000; in June 2012 it was $155,000. This marks a 3% decrease. In July 2011, the Median Price was $120,000 - so we are currently at a 25% Increase year-over-year! Looking back at past years Median Sales Prices: July 2007: $258,273 - but in July 2001: $141,968.

 

Distressed Market Pie Chart: This chart shows you the percentage of distressed properties that are being listed and sold. Short Sales represent 28% of the Closings for July and 33% of the Active Listings for a 3.5 Months of Supply. *If you subtract out the AWCs, we drop down to .6 Months of Supply. Distressed Sales (Short Sales and REOs combined) accounted for 41% of the total sales for the last month. REO Sales represent 13% of the sales from last month. The listing success rate for Short Sales is 63%! Don't avoid these listings! They are closing with greater success rate!

 

Luxury:The Luxury Market of $1,000,000+ continues to have the lowest absorption rate of any market segment. There was an 8% absorption rate for the month of July. Only 70 properties in all of the MLS were sold for more that $1,000,000 in July 2012.

 

MONTHS OF SUPPLY (includes AWCs, Single-Family only)

 East Valley: 2.2
NorthWest Valley: 2.8
Paradise Valley: 9.8
Luxury ($1mil+): 13.3
Southwest: 2.5
Peoria/Glendale: 2.1
Camelback Corridor: 3.5
Cave Creek: 2.8
Ahwatukee: 2.6
Scottsdale: 3.7
Apache Junction: 3.0
Fountain Hills: 5.5
Buckeye: 2.7
Desert Ridge & Tatum Corridor: 1.8

Real Estate Market Update August 2012 - Maricopa County, Arizona


Real Estate Market Update August 2012 - Maricopa County, Arizona

 

 

Real Estate Market Update August 2012 - Maricopa County, Arizona

 

Real Estate Market Update August 2012 - Maricopa County, Arizona

 

 Real Estate Market Update August 2012 - Maricopa County, Arizona

 

 

Real Estate Market Update August 2012 - Maricopa County, Arizona

Real Estate Market Update August 2012 - Maricopa County, Arizona

Real Estate Market Update August 2012 - Maricopa County, Arizona

Real Estate Market Update August 2012 - Maricopa County, Arizona

 

source: De Payne | Equity Title Agency | 602.769.5561 | depayne@eta-az.com

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