September’s Market Shows Positive News for Phoenix
Posted by admin on Nov 7, 2012 in Bobs Blog | 0 comments
Every month I send a letter to our clients informing them of the real-estate market in Arizona. Below is my most recent report they received:
My market report for September holds very good news. The Phoenix real estate market is continuing to improve.
Our local Multiple Listing Service reports the following:
- Home sales in September dropped 14.5% from August to 6,478 units. This decline in home sales from August to September is consistent with ten out of the last eleven years. It also has to do with a relatively small number of homes for sale.
- New listings also declined by 7.3% in September. 8,901 homes were listed for sale in September in the Phoenix metropolitan area. Total inventory of homes for sale rose again in September by 9.2%. At the end of September there were 22,862 units for sale. As a result we currently have 3.53 Months Supply of Inventory.
- The median price of new listings in September increased by 4.7% to $167,400. This amount is 27.8% higher than twelve months ago. The average list price in August increased 16.1% to $257,600 – which is 22.2% greater than last September. The median sales increased 2.7% $150,000. The average sales price in September increased 2.3% ending at $198,800.
- The percentage of homes in escrow with a sales price below $100,000 is continuing to drop, signaling a decrease in the affordability of homes in metropolitan Phoenix. The number of homes in escrow between $100,000 and $300,000 is increasing as a result of fewer homes available in the lower range. The Phoenix home market is still very positive, home prices are continuing to rise.
- Another key indicator, foreclosures pending dropped another 10.9% from last month. In the past twelve months, foreclosures pending have declined 37.17% and 71.6% since November 2009 when the foreclosure peaked.