Phoenix, AZ Real Estate Market Report – April 2013

Phoenix Homes For Sale

Phoenix, AZ Real Estate Market Report – March 2013

Even though Phoenix is one of the hottest real estate markets in the country Total Active Listings for the Valley of the Sun are down 4% over the past 30 days and 15% since November 2012. The low number of active listings has created a strong sellers market. Traditional listings are averaging only 50 DOM (days on market) for the entire valley and Lender Owned properties are averaging only 40 days on market.

Lender Owned (REO) and Short Sales (SS) make up less than 12% of Phoenix total active listings. The column chart graphically illustrates how small that part of the market has become. Distressed properties have been absorbed much faster than many “experts” had predicted. This is great news for the vast number of Phoenix home owners and has certainly helped year over year appreciation.

Lender Owned (REO) prices are up 2.5% month over month and up 30% year over year. That’s not a misprint. Available Lender Owned properties have shrunk to “pre-bubble” numbers in the Phoenix Metro Market and many are receiving multiple offers within a few days of coming on the market.

Unlike REO and Normal Sales, Short Sale prices have remained unchanged month over month and relatively unchanged over the past 6 months. I believe the main reason is the challenge buyers face in closing them.

While efforts have been made to streamline the short sale process the failure rate is still very high compared to traditional or lender owned transactions. As you can see Short Sales Pending are still a huge bottle neck in the Phoenix market.

Normal Sale prices are unchanged month over month and up 12% over the past 6 months and while prices may not increase at the same pace over the coming summer months, the lack of available inventory insures that they will continue to rise.

What does this mean for buyers and sellers in Phoenix, AZ :

– If you are thinking of buying a home in the next year or two, don’t wait, prices will continue to rise and the historically low mortgage interest rates we currently enjoy have nowhere to go but up. Buy now.

– If you are thinking of selling your home in the next 12 months list it now, competition (other active listings) is very low in most parts of the valley. Take advantage of the sellers market we currently enjoy before interest rates increase.

– If you are considering moving from a smaller to a larger home there has never been a better time to do so. Smaller homes are selling quickly and in many cases above list price while there are still some great bargains available in homes larger than 3000 sq.ft.

– Buyers who bought

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their homes a year ago have seen as much as a 34% 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?

 

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E-mail Nancy@NancyLaswick.com or call (602) 793-1627

 

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All content in this post is protected by copyright. © Nancy Laswick 2012. All Rights Reserved.

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.