Chelsea Elwood, a local Realtor & Area Specialist gives a quick market update for Maricopa and Pinal Counties. Chelsea works mostly in Gilbert, Chandler, Tempe, Mesa, Queen Creek, Scottsdale and Phoenix helping clients to buy and sell short sales, foreclosures, REO's, investor flips and equity sales.
There have been 8,228 homes sold in the last month which is a 1.2% gain year over year while a 12.8% decline month over month. Currently we are suffering from a severe shortage of homes available on the market which means less homes for sale, less homes being sold.
In the last month however, we have added 9,246 homes to the market compared to 9,271 this time last year. The agents in the marketplace are working very hard to maintain and increase supply levels to help the market recover to a stable level.
Currently there are 16,245 homes available for sale in Maricopa and Pinal counties. This number seems like a lot when in reality it is half of what our healthy level should be. With the sold number at 8,228 that leaves us with 2.37 months supply. We need 4-5 months supply to hit our goal of a stable market. In May 2013, we had 2.09 months supply to give you some perspective. The months supply theoretically means the entire inventory will turn over ever 2.37 months.
With home values up 22% year over year on average, low interest rates and high demand for homes in and around the Phoenix area we are seeing homes fly off the market at an incredibly fast pace. The average time on the market is 66 days which includes UCB's (Under contract and accepting backups) so this number in reality is much lower as to when a property comes off the market.
If you are interested in learning the market statistics for your neighborhood, please call me at (602) 748-6136 or register on my website at www.SellYourHouse.yourkwagent.com
All the best,
Chelsea Elwood, Realtor & Area Specialist
Keller Williams East Valley
(602) 748-6136
www.SellYourHouse.yourkwagent.com
www.ChelseaElwood.kwrealty.com
There have been 8,228 homes sold in the last month which is a 1.2% gain year over year while a 12.8% decline month over month. Currently we are suffering from a severe shortage of homes available on the market which means less homes for sale, less homes being sold.
In the last month however, we have added 9,246 homes to the market compared to 9,271 this time last year. The agents in the marketplace are working very hard to maintain and increase supply levels to help the market recover to a stable level.
Currently there are 16,245 homes available for sale in Maricopa and Pinal counties. This number seems like a lot when in reality it is half of what our healthy level should be. With the sold number at 8,228 that leaves us with 2.37 months supply. We need 4-5 months supply to hit our goal of a stable market. In May 2013, we had 2.09 months supply to give you some perspective. The months supply theoretically means the entire inventory will turn over ever 2.37 months.
With home values up 22% year over year on average, low interest rates and high demand for homes in and around the Phoenix area we are seeing homes fly off the market at an incredibly fast pace. The average time on the market is 66 days which includes UCB's (Under contract and accepting backups) so this number in reality is much lower as to when a property comes off the market.
If you are interested in learning the market statistics for your neighborhood, please call me at (602) 748-6136 or register on my website at www.SellYourHouse.yourkwagent.com
All the best,
Chelsea Elwood, Realtor & Area Specialist
Keller Williams East Valley
(602) 748-6136
www.SellYourHouse.yourkwagent.com
www.ChelseaElwood.kwrealty.com
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