Market Update- Data as of 4/18/2012
Thank you Equity Title for this great summary.
Â Well we have certainly seen an increase in our market activity since the beginning of the year.
Below is a summary for the last month.Â There are many pages to this report and if you are interested in a particular segment of the market that I did not include, please contact me.
Â Total active listings (with no AWC) have dropped by 1532 units over the last month. As of April 18th, we sit at 13,619 Actives All Property Types. Sales are at 8748 for the last 30 days (as of April 18th), up by 901 units from one month ago!Â We are currently sitting at a 1.6 months of supply. Pending sales are down slightly from the month before as of April 18th, 12,663 vs one month ago at 12,694Â . Traditionally,Â 3-4 months of supply indicate a balanced market.Â Now is the time to take a look at selling!
Â Closings: There were 9587 closings in March 2012 vs. 7293 closings in February 2012. This is a 31% increase. There were 9212 closings last year in March . This is a 4% increase.Â Â (Maricopa county new construction and re-sales).
Reality Check: The Median Sold Price for Maricopa County for March 2012 was $139,000.Â This marks a 7% increase over February 2012.!!!!! In March 2007, the Median Sold Price was $261,000! In March 2001, the Median Sold Price was $139,000.
So does this mean we are back to â€œnormalâ€?Â It seems to me that things are more normal â€“ yes there are short sales and distressed properties but a number of my most recent transactions are regular sales.Â Prices have increased 7% from March to April â€“ so that is good for all aspects of our local economy â€“ unless you are looking for a bargain!
Luxury: The Luxury Market of $1.0 Million and above continues to be the lowest absorption rate of any market segment. There was a 7% absorption rate for the month of March. Only 87 properties in all of the MLS were sold for more than $1.0 million.
I will post the graphs on my website if you would like to check out different segments of the market.Â Go toÂ http://servinggolfcommunities.com/wp-content/uploads/2012/05/equity-title-info.pdfÂ Â to see.