Phoenix Metro Housing Market Update – November 2013

Phoenix Metro Housing Market Update

The numbers are inthe weather and the Phoenix Housing Market continue to cool down.

– The total number of re-sales sold in the Phoenix Metro Housing Market (Maricopa County) for November were 4,658.

– November is the 6th consecutive month there has been a drop in home sales since the peak of 9,113 sold in May

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of this year.

– The total number of Lender Owned / Bank Owned homes that closed during November was 352 which is 7.5% of the total sold.

– There were 351 Short Sales closed in November which is also 7.5% of total re-sales.

– Traditional (Normal) sales that closed during November were 3,955 or 86% of total sales.

– Pending inventory continues to drop down to 7,876. REO pending was at 539 which is 7% and short sales are at 2,213 which is 28% and normal sales pending at 5,125 which is 65%.

– The Active inventory of Single Family Homes for the Phoenix Metro Area (Maricopa County) continued to climb in November to 19,855.

– Active Lender Owned / Bank Owned were 918 or 5% of active listings.

– Active Short sales were 931 also 5% of active listings and Traditional (Normal) listings finished the month at 18,012 which represents 90% of total active listings!

Note: This is an overview of the Phoenix Metro Housing Market and includes all of Maricopa County. To better understand specific communities and neighborhoods please give me a call. I’d be happy to do a Specific Market Analysis of the area you are interested in.

What do the numbers mean for buyers and sellers in the Phoenix Metro Housing Market?

The overall Phoenix Metro Market, after more than 2 years of low inventory and rising demand, is rapidly heading towards a balanced market. A market that favors neither sellers or buyers. We knew a more balanced market was coming it was just a matter of when.

How did we get here, well sales have fallen almost 50% over the past 6 months while inventory has doubled over the past 12+ months. Will this trend continue? I believe it will at least into the early part of 2014.

Cash sales have declined dramatically over the past 12 months as investors have begun to look for other markets that are heating up.

In my experience, a lower percentage of cash sales, a rising inventory and a steep deciline in monthly sales numbers means:

Sellers will make more concessions to buyers.

Buyers will face less competition when making an offer.

Days on market (DOM) for most homes will increase.

Annual appreciation will begin to return to more historically normal percentages.

The Phoenix Metro Housing Market is in transition. If buyers and sellers are looking for the market that existed a year or two ago, it no longer exists. Both parties will have to adapt to the market we have in order to be successful in buying or selling a home.

The first step is to find an agent that understands the market and can help guide you through the process. I continually study the marketplace so that my clients will receive the very best in representation.

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 Nancy@NancyLaswick.com or call (602) 793-1627
Visit my NorthPhoenix-Homes.net website and Sign up for
Automatic Listing Alerts to find your Dream Home or Condominium Property.

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

Dashboard Illustrations 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

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