Arizona Homes., azrealestateangel, azreangel, azreangel1, buy homes in Scottsdale, first time homebuyer, freerealestateinfoaz.com, Grayhawk community, Kelley Carter, Kelley Carter-Hecht, Kelley Hecht, RE/MAX Fine Properties, real estate terms, scottsdale real estate, shelia bennatt, the star team az, what is my home worth, www.freerealeestateinfoaz.com, www.HechtHomes.com, www.kelleysellsazhomes.com
Phoenix Real Estate Market News
Current Average Sales Price – $241,727
If you’re considering selling your home– you may have equity that you didn’t know about! Contact me for a Free Home Evaluation Report and we’ll give the value of your house and let you know what it’s worth if you were to list it today. Click http://www.hechthomes.com/home-evaluation.html
Active Listings – 24,041, an increase of only 325 units over previous month
This is equivalent to a 4.6 month supply of homes – meaning that, when a new home comes on the market it will take about 4.6 months for it to sell and come off the market. All areas can differ and we can provide a days on market analysis for your area, just ask.
Equity/Traditional Sale listings – 21,752 (90.5%); Short Sales, 1,150 (4.8%); REO, 1,069 (4.4%); HUD, 70
Note: The macro Phoenix market is now “balanced” with a 4.6 month inventory supply. However, it is still a “sellers’ market” for single family homes priced at $350,000 or less; a “balanced market” for single family homes priced from $350,000-$550,000; and a “buyers’ market” -more than 6 months inventory–for homes priced at $550,000 or higher
UCB/Pending – 8,801
Equity – 5,713 (65%); Short Sales, 2,477 (28%); REO, 414 (4.7%); HUD, 197 (2.2%)
Sold/Closed Sales – 11/1-11/30/13: 5,207, a decline of 23.6% year-over-year
Equity, 4,378 (84% vs. 64%, ’12); Short Sales, 423 (8% vs. 22.3% ’12); REO, 314 (6% vs. 10.7% ’12); HUD, 92 (1.6% vs. 2.8% ’12) CASH 34% vs. 43% 11/12
What does all this mean???!!!!
If you’re a Seller – being that we’re in a balanced market, homes are going to take a little bit longer to sell… something that most agents and homeowners and real estate agents have not experienced in a few years! Choosing the right agent to represent and market your home is going to be more important now than ever – just putting a sign in the yard and placing the home in the MLS won’t necessarily sell the home… a systematic, consistent marketing plan is going to be a key factor in effectively selling homes for top dollar as we head into the new year! The STAR Team can show you how we market our listings differently from other Agents, to get your property SOLD !
If you’re a Buyer – as we head into the holidays, it’s a great time to buy a home because there generally won’t be as many other buyers in the market… so you’re likely to have less competition when writing offers and also be able to have better negotiating power with sellers.
If you’re an Investor – the market is still shifting away from a Sellers market to a Buyers market as the number of listings increases, which means that soon there will be more home sellers needing to sell and willing to leave some equity in the homes that need to be fixed up and flipped! We’re seeing an increasing number of listings that are coming on the market that need some cosmetic updating… I’m thinking we’re about 2-6 months away from a really good market to pick up homes with really comfortable margins for flipping.
North Scottsdale Real Estate Market Update &
Currently there are 1,458 homes for sale in North Scottsdale. Last year there were 1305 homes on the market. The price per square foot ($/SqFt) of North Scottsdale homes for sale currently averages $302.2/SqFt. In the past six (6) months 920 North Scottsdale homes sold with an average sales price of $758,592. These North Scottsdale homes sold for approximately 96.58% of List Price. The highest priced North Scottsdale home that sold in the past six (6) months sold for $7,200,000.
Year-Over-Year In Maricopa County
When compared to the same time a year ago, the median price per square foot across the homes tracked increased by 10.9 percent, going from $161 to $179. Metropolitian Phoenix was one of the cities that saw the greatest increase by percentage. Phoenix, AZ: The median price per square foot for a home in Phoenix increased by 24.7 percent in the past 12 months. In October 2012, homes in Phoenix sold from $97 per square foot. This figured increased to $121 per square foot last month.
The number of homes for sale continued to increase rapidly in December. As of today, there are 24,000 active properties on the mls. Data from this month comes from Mike Orr, Director of ASU’s Center for Real Estate Theory and Practice in the W P Carey School of Business
- The median single-family-home price was up 27 percent, to $200,000, since last October, but price increases are slowing down.
- Demand is rapidly dropping, and the supply of homes available for sale is quickly rising.
We know property inventory is up and is increasing by the day. Given that it is the holiday season, people are busy and traveling… there are fewer buyers looking but the ones who are, are serious and have the ability to purchase. If you are a seller, prepare your property by cleaning carpets, perhaps a fresh coat of paint, adding flowers for color while keeping outdoor landscaping trimmed on a regular basis for curb appeal. Weekly deep cleaning always helps, buyers prefer walking into a fresh smelling home.
2014 The Year Ahead
The future of the economy will continue to be debated by many. There is no certainty in predictions but the recent data and Fed statements clearly show signs of stable improvement. The uncertainty is whether the economic improvements are an indication of a solid footing or simply the result of the large Fed purchases often termed a “sugar high.” Data can be used to support both sides of the debate. What we can be certain of is the fact that mortgage interest rates are likely to remain volatile while the Fed continues to adjust their asset purchases. Historically, mortgage interest rates seem to improve slowly. In contrast, when rates increase, it is often quickly and furiously. One negative day often erases a week of positive improvements. Of course even that theory was tested the last few months of last year as market swings of 1/2 a discount point both up and down were often seen in very short spans of time. There were interest rates movements of 100 basis points 6 times and 50 basis points over 37 times. On average, interest rates moved over 1/8% in rate every 7 days during 2013.
It is possible for mortgage interest rates to remain favorable considering the Fed wants to keep them relatively low and continues to spend billions of dollars monthly to do so. However, we are in unprecedented times and rates rose toward the end of last year. The Fed isn’t the only player in the financial markets and there are many others buying and selling securities. Remember that the Fed does not directly dictate that mortgage interest rates will be at a certain rate. Rates are determined by the supply and demand for mortgage-backed securities and can change rapidly from hour to hour. However, the Fed is the major player in the market at this time and they do set the lead.
Despite volatility throughout 2013, the Fed still kept rates historically low. The big unknown is how things will play out this year as the Fed reduces their purchases. Now is a great time to take advantage of mortgage interest rates at these still favorable levels.
If you have real estate questions or would like to sell your home or purchase a new one, Sheila Bennatt and I would love to help you. We can be reached at 480-570-0220 and 480-540-5521.
Wishing you a wonderful New Year’s Eve and a healthy and prosperous 2014.
RE/Max Fine Properties