September Market Report... 

 

This is September's Market Report if you have any questions regarding this report or Loans, Financial Information, buying or Selling your Home or Real Estate. Please give me a call  My group of network Professionals are looking forward to helping you with your needs. 

 

Thank you

Joseph D’Ambrosio

Joseph D'Ambrosio

Real Estate Consultant / Realtor

West USA Realty

Report overview This report includes MLS data for the past 36 months in Maricopa County only as provided by the FlexMLS system.  Please note that searches fluctuate daily when running these reports; these figures were obtained on 9/7/2013.

A reminder that you need to meet with a real estate professional to see how statistics impact the area where you are considering selling or buying – blended statistics will not be as accurate as a more detailed report that your real estate professional can provide to help you with your decision making.

(click any graph for larger image)
 

Closed Sales Report Analysis:

Sellers:

The month of August showed a significant decrease of 9.3% in the number of closed sales. The statistics show that we had 6,260 residential homes sell during August in Maricopa County.  This compares to the 6,904 sold in the month of July.  This is the third month in a row that we have seen this number decrease.  It also is NOT typical for the month of August.  In the past 36 months, we have normally seen the number of closed sales increase during August.

Buyers:

Fewer buyers were able to find and successfully close on a home last month when compared to prior months.  As prices, interest rates, and inventory continue to rise, buyers need to make sure they don’t get priced out of buying their home.

 

New Listings Analysis:

Sellers:

The month of August saw 8,721 new homes enter the market, an increase of 7.5% compared to the month of July. Sellers should monitor this new inventory to see how it might impact the sale of their home – this increase means there are more homes on the market competing for buyer activity. If your home is not selling in this aggressive market, it is more than likely a pricing issue as buyers continue to look for the best value possible.

Buyers:

Buyers pay attention! August brought you 8,721 more choices. Although buyers do have more options, the other statistics in this report reveal that well priced homes are not staying on the market very long. More than ever, it is essential that you take advantage of this new inventory.  Spend time with and listen to your real estate professional to develop your strategy for succeeding in a market that is constantly changing.

 

List to Sales Price Ratio Analysis
 

Sellers:

This is the ratio a seller receives when selling his/her home as compared to the price where the home was listed. The higher the number, the closer the final sales price is to the listing price.  Last month saw this number increase slightly from 97.69% to 97.87%.  This is the second highest the number has been since October of last year and it means sellers ARE, on average, getting almost 100% of the price that their home was listed. Continue to watch this trend, as it will continue to impact how homes should be priced in the current market in order to appeal to the buyers.

Buyers:

Buyers need to pay attention. As this average remains very close to 100% on lower priced/highly desirable properties, buyers are still finding homes in the lower price ranges where they may have to pay above list price AND they are competing with investors who are bringing cash to the transaction. Since a home must appraise in order to obtain a loan, underwriters are still looking very closely at prices and making sure that homes are selling at or below market value. This could mean that investors have an advantage if they are willing to pay higher than the list price.
Make sure your real estate professional helps you understand the competitiveness of the list price of the home you want to purchase. Pay attention as well, to sales activity in the area where you want to buy and how the offer you are making competes with the market AND with trends relative to the price where homes are selling in that area.

 

Distressed Sales Analysis
 

A bank owned/foreclosure home is one that the seller no longer owns – it has been taken over by the lender(s) who had a note on the home. Short sales are homes where the seller is negotiating with the bank to “forgive” a portion of the debt in order to avoid foreclosure.

The market remained fairly steady last month.  Bank-owned sales increased slightly from 8% to 8.4% of closed sales, and short sales decreased from 12.7% to 10.5%.  We also saw a slight increase in the number of traditional sales from 79.3% to 81.1%.  Sellers and buyers need to monitor this trend to see how the market continues to respond to the current inventory.

STOP!

 Would you like to know what is happening in your neighborhood?

Would you like to know the value of your home?

Do you need help deciding whether to sell or would you like to know if now is the right time to buy?

I would be very happy to get you that information.
Just Reply and let me know.

"Opening The Door To Opportunity and Your Future Home..."

Thank you
Joseph D'Ambrosio
Joseph D'Ambrosio Cell: 623-204-2138
Real Estate Consultant / REALTOR 
West USA Realty
Email: joseph_dambrosio@westusa.com
Email: ArizonaHomeBuying@gmail.com