Tempe AZ Real Estate Market Report – April 2013

 

Tempe Homes For Sale

Tempe AZ Real Estate Market Report-April 2013

The Tempe, AZ Residential Real Estate Market continues to see a few more market fluctuations than the rest of the valley. Active listings, had been on a steady increase,(up 34%) from July of 2012 until December 2012 then in January that trend began to reverse and Total Active Listings fell more than 20% until this month when they increased by 3% to a total of 223.

And while active listings are up year over year, (19%) they are no where near the amount needed to balance the market. The low number of active listings has created a strong sellers market. Traditional listings in Tempe are averaging only 42 DOM (days on market) and Lender Owned properties are averaging only 45 days on market.

Lender Owned (REO) and Short Sales (SS) make up less than 11% of , Tempe’s 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 had predicted. This is great news for the vast number of Tempe, AZ home owners and has certainly helped to achieve a 19.6 % year over year appreciation.

Lender Owned (REO) prices have fluctuated as much as 10% week to week. This is due in large part to the incredibly small number of Available Lender Owned properties, only 16 in April.  REO’s have shrunk to “pre-bubble” numbers in the Tempe Market and many are receiving multiple offers within a few days of coming on the market.

Short Sales (SS) prices are down 10% month over month but up 10% year over year. Price fluctuations are, in part, due to the extreme low inventory of Short Sales (SS) listings in Tempe, AZ. There were only 8 Short Sale active listings in April. One month there may be a luxury short sale or two in the average and the next month there may be only smaller more modestly priced homes to average.

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. Pending Short Sales are almost 9X the number of active short sales and are creating a bottleneck.

Normal Sale prices are up 4.7% month over month and up 10% 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 Tempe, AZ :

– If you are thinking of buying an Tempe 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 Tempe 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.

Buyers who bought a home in the Phoenix Metro area 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?

 

-Click Here To Find Out What Your Home Is Worth-

-Click Here To Search Homes For Sale In Tempe, AZ-

Whether you are buying or selling a home in the Tempe 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.

Find Me On Google+

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

Dashboard Illustration courtesy of The Cromford Report

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.