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If you didn’t think that the real estate market was changing last month, February sales data for the Phoenix real estate market is showing that we have transitioned in to a more passive and slower market than we have seen in years before. Price and condition continue to control the sales of homes throughout the valley with more of an emphasis in the sub median priced homes. Prices are still rising and homeowners are gaining appreciation. For more detailed home listings visit www.KelleysellsAZhomes.com
In February of 2014, the Arizona Regional Multiple Listing Service reports a total of 5,497 home sales, almost the same number of home sales we saw in February 2003. February sales numbers reflects a 13.6 percent increase in sales compared to January 2014 but a 17 percent drop when compared to February 2013. As of today (3/28/2014),the Arizona Regional Multiple Listing Service reports a total of 26,942 active properties on the Multiple Listing Service website!
The median price of a home in February fell to $180,000, reverting to price valuations that we saw last June and reversing the price gains over the second half of 2013. The current inventory of homes stands right around 26,600 homes for sale throughout the Phoenix metro area. This is a 1.5 percent increase over January 2014. The average sale sold for 97 percent of the asking price, continuing the same trend we saw in January.
Single family residences made up 81 percent of the total sales, down slightly from the 82.3 percent we saw in January 2014.
Cash buyers made up 35.5 percent of the home sales in February throughout the Phoenix area, down from the 36 percent in January. The average cash buyer paid $153,250 for a home, well under the median and average prices for the Phoenix area.
Overall the market is picking up and will continue to on this trend, as sales traditionally increase during the spring time and peak in June. There still remains more emphasis on the lower end of the market. Home buyers do have a lot more to select from though it still remains frustrating to find nice homes while seller remain unwilling to negotiate despite the glut of inventory. Successful sellers are realistic with their pricing and realize that making the home “show ready” is crucial to making that ever-important first impression. If you have your home on the market or are considering selling, your homes appearance, smell and condition should all be things that you consider. Buyers love walking into a home that smells fresh, one that is light and bright and that is organized.
If you are thinking of buying or selling a home, make sure you have a plan before jumping into the market. Give me a call at 480-570-0220 and let’s talk about your housing goals. If your curious what your home is worth please visit http://www.Kelleysellsazhomes.com
I look forward to the opportunity to work with you on your real estate needs.