Phoenix 85028 Housing Market Update – October 2013

Phoeninx AZ 85028 Housing Market Update

Phoenix 85028 Housing Market Update – October 2013

As you can see from the mix of red and green arrows, the Phoenix 85028 Housing Market is transitioning to a more normal market and is continuing to cool off.

Active Listings are the highest they’ve been in almost 3 years. UCB (Under Contract accepting Backups) are down and Pending Listings are unchanged month over month and unchanged over the last quarter.

Sales per month are down to 31 Single Family Homes (SFH) from 37 SFH in September. Single Family Home sales in Phoenix 85028 have averaged approximately 35 homes each month over the past two years.

Sales per year is up by a single home unit over the previous month.

Days On Market (DOM) is up 17% over last month and at 64 days is the highest that stat has been in more than a year.

Days of Inventory, an indicator of how balanced our market is, stands at 97 days. As Days of Inventory increases we come closer and closer to a market that will favor neither buyers or sellers.

These are strong indicators that the overall Phoenix 85028 Housing Market is continuing to cool off and move towards a normal market and I believe we’ll see more of the same in November and December. I wouldn’t be surprised to see our Days of Inventory at 120 or more by the end of December.

Contract Ratio* is a great way to determine where the market is at. Is it hot, cold, a buyers market a sellers market? In a balanced market for normal market segments, the value of the Contract Ratio is usually between 30 and 60. When it lies below 20 the market can be considered “slow” or a “cold market”. Above 60 can be considered a “hot market”. The current number of 42.9 puts Phoenix 85028 in the middle of a balanced market.

Phoenix AZ 85028 Foreclosures Short Sales

Short Sales (SS) and Lender Owned (REO) properties are still being absorbed almost as fast as they come on the market and together make up less than 18% of active listings and right at 5% of sold listings for the month of October 2013.

What Does This Mean For Buyers & Sellers?

If you are thinking of buying a home in Phoenix in the next year or two, don’t wait, while the supply of available homes is rising, until we have a buyer’s market home prices will continue to rise not as fast as they have over the past 3 years but they will rise and the historically low mortgage interest rates we currently enjoy have already started to rise. Buy now.

If you are thinking of selling your Phoenix home in the next 12 months list it now, competition (other active listings) is still relatively low in many neighborhoods in Phoenix . And in January tougher lending guidelines and rising interest rates will shrink the number of qualified buyers. Take advantage of the market we currently enjoy it won’t last much longer.

Buyers who bought a home in Phoenix 85028 a year ago have seen as much as a 24% increase in value. I believe we are going to look back on 2013 much as we do 2012, a year of great opportunity. Will you take advantage of the opportunity?

If you are thinking of buying or selling a home in the Phoenix Metro Area

I offer a Free Personalized Market Report.

As an informed buyer or seller you’ll make better decisions.

E-mail or call (602) 793-1627

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All content in this post is protected by copyright. © Nancy Laswick 2013. All Rights Reserved.

Dashboard Illustration courtesy of The Cromford Report by paid subscription.

Please Note: All statistics and figures are reported from the Arizona Regional Multiple Listing Service (ARMLS)

and/or The Cromford Report and are deemed to be reliable, but cannot be guaranteed for accuracy.

It is recommended that any information of special interest be verified through independent sources.