Phoenix AZ 85086 Real Estate Market Report - August 2013
The Phoenix, AZ 85086 Residential Real Estate Market has cooled off slightly as can be seen by the red arrows. Active listings are up 15% month over month and pendings have shrunk 20% over the past 30 days. Phoenix 85086 Single Family Active listings have finally rebounded to the September 2011 total of 125.
And while active listings are approaching 2011 numbers, we are still a long way from a balanced market. With only 89 days of inventory Phoenix 85086 remains a sellers market. Traditional listings in Phoenix, AZ 85086 are averaging 71 DOM (days on market in August) and Lender Owned properties are averaging 58 days on market.
Lender Owned (REO) and Short Sales (SS) make up less than 18% of, Phoenix, AZ 85086 total active listings. Distressed properties have been absorbed much faster than many had predicted. This is great news for the Phoenix, AZ 85028 home owners and has helped to achieve a 16% year over year appreciation.
Lender Owned (REO) prices have been steadily increasing over the past 18 monts. This is due in large part to the incredibly small number of Available Lender Owned properties, only 10 in August. REO's have almost shrunk to "pre-bubble" numbers in the Phoenix, AZ 85086 Market and many are receiving multiple offers within a few days of coming on the market.
Short Sale (SS) prices have fluctuated somewhat but overall have been steadily increasing over the past 18 months. The steady increase in price is due, in part, to the extreme low inventory of Short Sales (SS) listings in Phoenix, AZ 85086 and the fact that lenders are seeking prices much closer to traditional listings. There were only 36 Short Sale active listings in Phoenix AZ 85086 in August 2013, with only 12 short sales closed.
While efforts have been made to improve the short sale process the failure rate is still very high compared to traditional or lender owned properties.
Normal Sale prices are down slightly month over month and up 20% year over year and while prices may not increase at the same pace over the remainder of the year, the lack of available inventory virtually insures that they will continue to rise.
What Does This Mean For Buyers and Sellers In Phoenix, AZ 85086
- If you are thinking of buying a home in the 85086 zip code in the next year or two, don't wait, while the supply of available homes is rising, until we have a balanced market home 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 Phoenix 85086 home in the next 12 months list it now, competition (other active listings) is still relatively low in most neighborhoods in the 85086 zip code. Take advantage of the sellers market we currently enjoy it won't last much longer.
- Buyers who bought a home in the 85086 zip code a year ago have seen as much as a 20% 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?
If you are thinking of buying or selling a home in Phoenix 85086
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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