Market Report – Maricopa County
WHAT YOU NEED TO KNOW by Mark Hardy
Buyer activity surged in March evidenced by pending sales jumping from 4,882 contracts in February to 6,179 contracts in March. It’s hard to believe that with this much activity, pending sale still trailed last year’s figures by 15%. Buyers are certainly feeling the lack of inventory as hot areas with affordable homes are experiencing tons of competition in the form of multiple offer situations. The Months of Inventory figure sits at 3.32 months which is the lowest since August 2013. If you’re in the market to buy, keep your eyes peeled and come strong to the offer table. Being fully approved for your mortgage (or paying cash) and seeking the advice of a real estate professional will certainly give you a leg up on the competition.
It’s a great time to be a seller especially in the lower price ranges were multiple offers seem to be the norm for March. Closings jumped from 5,121 units in February to 7,021 units in March. That’s a 37% increase. Closings were up 18.2% compared to this time last year. Home values also increased with an average sales price in March of $266,280, an increase of 2.4% compared to March 2014. The low Months of Inventory figure illustrates that sellers have the upper hand during this very busy spring selling season. As always, the homes that are move-in ready, updated, and clean are selling the fastest. Seek the advice of a real estate professional to find out how you can get the highest price in the shortest time for your home. His or her advice may get you into your next dream home sooner than you could imagine.
+18.2% Closed Sales (7,021 units)
-15.0% Pending Sales (6,179 contracts)
-12.7% Active Listings (21,744 listings)
-3.3% New Listings (9,182 listings)
+2.4% Average Sale Price ($266,280)
+12.7% Avg Cumulative Days On Market (90 Days)
-24.9% Months of Inventory (3.32 Months)
Be sure to call if you have any questions about this report or about how the market is performing. This report includes MLS data for Maricopa County only as provided by the FlexMLS system. Please note that MLS search results fluctuate as data is added to the system and the figures below were obtained on 4/8/2015.
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