Anthem AZ 85086 Real Estate Market Report - July 2013
The Anthem, AZ Residential Real Estate Market continues to march to it's own beat. Like other parts of the Valley active listings of resale home has increased by 24% month over month.
Active listings, had been on a steady increase,(up 34%) from July of 2012 until April 2013 then in May and June active listings declined but made a strong comeback in July with a total of 130 available for sale.
And while active listings are up 20% year over year, they are still far short of the amount needed to balance the market. The low number of active listings has created a strong sellers market. Traditional listings in Anthem are averaging only 48 DOM (days on market) and Lender Owned properties are averaging only 11 days on market.
Lender Owned (REO) and Short Sales (SS) make up less than 6% of Anthem's total active listings. The column chart graphically illustrates how small that part of the market has become.
Distressed properties have been absorbed much faster than many had predicted. This is great news for the Anthem, AZ home owners and has helped to achieve a 16.5% year over year appreciation.
Lender Owned (REO) prices have been steadily increasing over the past year from $92 per sq ft. to a high of $116 in June. This is due in large part to the incredibly small number of Available Lender Owned properties, only 2 in July 2013.
REO's have shrunk to "pre-bubble" numbers in the Anthem Market and most are receiving multiple offers within a few days of coming on the market.
Short Sales (SS) prices are down slightly month over month,(to $95 per sq ft) and up 8% year over year. Short Sale prices have fluctuated somewhat but overall have been steadily increasing since May of 2012. Fluctuations are, in part, due to the extreme low inventory of Short Sales (SS) listings in Anthem, AZ.
There were only 5 Short Sale active listings in July, 2013. One month there may be a luxury short sale or two in the average and the next month there may be only smaller more modestly priced homes to average.
While efforts have been made to streamline the short sale process the failure rate is still very high compared to traditional or lender owned transactions and lenders are looking to increase the sale prices of most short sales due to the small number of available properties.
It's the classic case of supply and demand. Pending Short Sales are almost 6X the number of active short sales and are still a bottleneck.
Normal Sale prices are up 2.4% month over month and up 16.5% over the past 12 months and while prices may not increase at the same pace over the next 12 months, the lack of available inventory insures that they will continue to rise.
What does this mean for buyers and sellers in Anthem, AZ :
- If you are thinking of buying an Anthem home in the next year or two, don't wait, prices will continue to rise and the historically low mortgage interest rates we currently enjoy have nowhere to go but up. Buy now.
- If you are thinking of selling your Anthem home in the next 12 months list it now, competition (other active listings) is very low in most parts of the valley. Take advantage of the sellers market we currently enjoy before interest rates increase.
- Buyers who bought a home in the Anthem area a year ago have seen as much as a 16% increase in value.
I believe we are going to look back on 2013 much as we do 2012, a year of great opportunity. Will you take advantage of the opportunity?
Whether you are buying or selling a home in Anthem
I offer a Free Personalized Market Report.
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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 2013. All Rights Reserved.
Dashboard Illustration courtesy of The Cromford Report
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.