Market Report – Maricopa County

Here are your real estate statistics for last month.  Be sure to call if you have any questions about this report or about how the market is performing.  This report includes MLS data for the past 36 months for Maricopa County only as provided by the FlexMLS system.  Please note that MLS search results fluctuate as data is added to the system and the figures below were obtained on 2/3/2015.

Closed Sales Report Analysis:

Sellers:  The month of JANUARY saw a near 27% DROP in the number of closed sales over the month of December. Although we normally see a drop in January, the number of closed sales in January was almost identical to the number of closed sales in January of 2014. Sellers will definitely want to continue to monitor this statistic to see how buyers are engaging in the real estate market in the first quarter of 2015.

Buyers:  Buyers remained very active at the end of the year … As is a normal trend, that activity slowed in January. It will be important to see what 2015 brings to buyers in the way of pricing, terms, and inventory. Your real estate professional will always be your best resource for the most current information.

Average Sales Price Analysis:

Sellers:  Last month saw the average sales price decrease from $266,711 to $263,861, a trend that is normal in the month of January. This is the first decrease we have seen since September of 2014. However, this is the second highest average sales price we have seen in the past 36 months. Sellers need to be aware that many buyers continue to request home repairs, buyer concessions, and other credits that will impact the bottom line of a Seller. Watch to see what the first quarter brings as far as inventory and activity.

Buyers:  This stat is an indicator that buyers paid less, on average, last month. Although this may vary from area to area AND from price range to price range, buyers need to make sure they are fully informed regarding the individual market in which they have an interest. This will give them the best chance of being competitive in the search for a home.

Pending Sales Analysis:

Sellers:  The month of JANUARY saw the number of homes in pending status seasonally increase from 3,410 homes to 4,432 homes, a 30% increase over the previous month. This is very normal, as buyers re-enter the market after the holiday season. It is very important for sellers to continue to monitor this statistic, as it is a strong indicator of the number of buyers and sellers that were able to come to agreement on the terms of a contract on a home. It will also impact the number of closed sales in the months to come.

Buyers:  Buyers should review this statistic, as it indicates how many buyers and sellers came to agreement on the sales price and terms of a home sale. Although this may vary from area to area AND from price range to price range, buyers need to make sure they are fully informed regarding the individual market in which they have an interest. This will give them the best chance of being competitive in the search for a home. Buyers should also make sure they are working with a lender who is knowledgeable about the latest lending trends and options.

Active Listing Analysis:

Sellers:  The month of JANUARY saw a 4.6% INCREASE in the number of active listings. We have a total of 19,739 residential properties actively listed in Maricopa County as of 2/3/15. With the seasonal increase in new listing inventory, Sellers need to continue to watch this trend as we move through the first quarter of the year. Inventory is still much higher than the 9,785 homes that were available in May of 2012.

Buyers:  The current market means that buyers had more inventory to consider this past month.  Continue to monitor this statistic, as it WILL be the statistic that indicates how many options you will have in your home search and how quickly you will need to act … the higher the number, the more choices a buyer will have.  As always, market activity is local and should be researched with your real estate professional to determine the activity and desirability of the homes that are of interest to you.