Market Update- 2nd Quarter 2017 (April-July)
Active Listings and Sales: Total active listings, have gone down by 1621 units over the last quarter. As of July 1st we sit at 17,776 actives, all property types not including contingent contracts. Sales are at 8,986 as of July 4th, down by 160 units since April 1st! Pending sales are down from the Quarter before as of July 4th, 6946 vs. one quarter ago at 7957. We are currently at 1.9 months of supply. Traditionally, 3-4 months of supply indicate a balanced market.
June re-sales and new sales in Maricopa County were 11,230. In May 11,274. In June of 2016 it was 10,285. This is a 9% increase in year over year.
Quarter 2 2017 was the largest quarter unit sales since Quarter 2 2006!
Absorption rate: Absorption rate is the percent of sales that are sold each month of the inventory. A higher percent means that inventory is moving at a faster rate, and thus is a Seller’s market. The total absorption rate is 40% as of July 4th.
Certain areas of town have higher percentage of absorption rates, they are:
North West Valley 54%
South East Valley 49%
Apache Junction 55%
Peoria and Glendale 51%
Desert Ridge 53%
Median Price: The median price in Maricopa County for June 2016 it was $240,000. June 2017 was $254,000, for a 6% increase.
Median Prices have risen by 209% since August 2011 which was the bottom of the Market!
Real Estate is still a good investment!
MONTHS OF SUPPLY (with UCB listings) (Single Family Only)
South East Valley: 2
Paradise Valley: 10.2
Luxury ($1mil+): 12.5
Camelback Corridor: 3.4
Cave Creek: 3.3
Apache Junction: 1.8
Fountain Hills: 1.8
Desert Ridge & Tatum Corridor: 1.9
Courtesy of Candace Wren Equity Title Agency