Monday, July 22, 2013

Real Estate Market Update

Below is the my Real Estate Market Update compiled from Michael Orr’s ASU Monthly Housing Report, ARMLS STAT and The Arizona Republic. This data is typically 45 days behind current market conditions.  I hope you find this data and information valuable!

June Stats from ARMLS

·        New Listings in June fell by 6% to 9,246 from the prior month. Year over year we are down .3%

·        Inventory:  Total inventory declined again 1.1% to 19,511 in June…Months supply of inventory is 2.37

·        As of July 11thARMLS showed 15,725 active listings with 3,786 UCB listings…30,000 active listings is considered normal!

·        Home Sales: June sales decreased 12.8% to 8,228 from May. Year over year we are plus 1.2%

·        June’s median new list price remained flat at $199,900. The average new list price declined from $281,670 to $275,608.

·        June’s median sales price increased 2.9% to $180,000, representing a 27.7% gain over the past 12 months. Average sales price slipped to $236,954 from  $237,800, indicating a 25.7% increase since June 2012.

·        Foreclosures pending dropped again in June to 8,027 falling 9% from last month and down 55% Year over year!!

·        Distressed sales total (short sales plus lender owned sales) of 1,766 fell again as a percentage of total sales to 21.5%

·        From the PPI Supplement (source ARMLS)…this shows the Price Points where most contacts are being written:

The following data is from ASU W.P. Carey School of Business with Michael Orr, Director Center of Real Estate Practice and Theory


Price Per SQ FT continues upward in all categories!!!

Like always, if you want to know what is going on in TODAY'S market, please contact me and I would be happy to answer any questions you have.