Market Report – Maricopa County
Market Snapshot (compared to prior month):
•Closed sales increased 25.7% over prior month (normal trend)
•Pending sales decreased 14.5% (NOT a normal trend)
•Active listings decreased 21.2% (NOT a normal trend)
•New listings decreased 12.5% (fairly normal trend)
•Expired listings increased 12.9% (NOT a normal trend)
•Average LIST price increased 2.4% (fairly normal trend)
•Average SALES price decreased 1.59% (NOT a normal trend)
•Days on market remained the same @ 92 days (normally increases in February)
•Bank owned property sales increased slightly
•Short sale closings increased slightly
(Click graphs for larger image)
The month of February 2015 saw an increase in closed sales, a decrease in active listings, a decrease in NEW listings entering the market, and a slight increase in the number of listings that “expired” or were removed from the market. The result is that we saw buyers competing for inventory, especially in homes priced below the FHA limits. Buyers saw multiple offers return, and more competition from cash buyers.
The impact? Buyers need to be more diligent in making sure they are working with a competent lender and real estate professional. In addition, these changes in the market could impact a buyer’s ability to negotiate on price, request contingencies and repairs, and to obtain concessions from sellers to offset closing costs.
The month of February 2015 saw an increase in closed sales, a decrease in active listings, a decrease in NEW listings entering the market, and a slight increase in the number of listings that “expired” or were removed from the market. The result is that days on market remained steady in a month when we normally see an increase. However, the average of 92 days on market is the highest we have seen since December of 2011.
The impact? Sellers need to be responding to the market. If there are showings on the house but no offers, the market is not reacting favorably to the price/location/terms. Buyers are still requesting for assistance with closing costs AND, in many cases, are asking for repairs when an inspection is completed. Sellers can expect this trend to continue, and should factor this into the costs of selling a home.
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 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 3/3/2015.
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