Tempe, AZ Market Report December 2012
- December's Total Active Listings were virtually unchanged month over month and up 33% since May 2012.
- Lender Owned (REO) and Short Sales (SS) made up 21% of Total Active Listings for December 2012 and have fluctuated no more than a percent or two from that number over the past 8 months.
- Lender Owned (REO) properties are selling quickly in the Tempe, AZ averaging 45 Days On Market (DOM) over the last 8 months. Distressed inventory will continue to be absorbed even though distressed property prices are continuing to rise.
- Tempe, AZ Short Sale Sold Prices have been gradually increasing since May of 2012. In May price per sqaure foot sold was $81 in December it had risen to $95.
- Short Sales Pending are down by 56% since May 2012 but are still a bottle neck in the market, and Short Sale Days On Market, were down from 117 days in May to 74 days in December running just slightly longer than Lender Owned (REO) properties at 53.
- Normal (Traditional) Days On Market (DOM) has been declining over the past 6 months to an low of 37 days in December.
- At $121 per square foot, Tempe has some of the best home buying opportunities in the Phoenix Metro area. And price per square foot prices have reamined flat over the past 4 months but I don't look for that to continue.
- Because of the rate at which Tempe homes are selling and the fact that active listings havn't really increased over the past 3 months, I believe prices will rise 1-2% per month during the first quarter of 2013.
-The Average Sale Price of Tempe, AZ Homes in December was $225,563-
-The Median Sale Price of Tempe, AZ Homes in December was $190,000-
-The Low Sale Price for December was $74,500-
-The High Sale Price for December was $1,001,000-
What does this mean for buyers and sellers in Tempe, AZ :
- If you are thinking of buying a Tempe, AZ home in the next year or two, why would you wait? Prices will continue to rise and interest rates have no where to go but up. Buy now and get a lot more home for your money.
- If you are thinking of selling your Tempe, AZ home in the next 12 months why not list it now, competition (other active listings) is still very low but, as you can see, increasing each month and if mortgage rates begin to rise the number of eligible buyers for your home will decrease.
- If you are considering moving from a smaller to a larger home there has never been a better time to do so. Smaller homes are selling quickly and in many cases above list price while there are still some great bargains available in homes larger than 3000 sq.ft.
-Click Here To Find Out What Your Home Is Worth-
-Click Here To Search Homes For Sale in Tempe, AZ-
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E-mail Nancy@NancyLaswick.com or call (602) 793-1627
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All content in this post is protected by copyright. © Nancy Laswick 2012. All Rights Reserved.
Please Note:All statistics and figures are reported from the Arizona Regional Multiple Listing Service (ARMLS) and/or The Cromford Report and are deemed to be reliable, but cannot be guaranteed for accuracy. It is recommended that any information of special interest be verified through independent sources.
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