We just pulled our numbers for February yesterday. The information is surprising, considering where we were 6 months ago. Right now, we have 17,188 active listings - 15,087 (88%) Equity or Flips; 796 (4%) Short Sales; 1,181 REOs; and 144 HUD Homes. The fact that only 4% of the market is doing a short sale is amazing considering that 6 months ago, we were at 8% and 1 year prior we were triple that number. There are fewer short sales on the market because people are hearing in the media that Phoenix is up 25% in value which is true, but it is a localized truth and not a broad market fact. Cities like Queen Creek, Maricopa and Surprise are where we are seeing that incredible jump in value but in fact, they were devalued 75% at the worst of the market. A lot of people are hoping the market will continue upwards and will wait for equity when in fact, that could take years. The short sale incentives only were extended until 12/2013 and there is no guarantee that they will be extended another year. We should be seeing an increase in short sales over the course of the year. Thinking of Short Selling Your House?
Distressed properties are continuing to hit the market in the luxury homes markets like Paradise Valley. Distressed properties have risen from 8% of the market to 19% this year. The average price has dropped in Paradise Valley from $1,544,466 to $1,353,420 or 8.7%. Want to Sell Your House in Paradise Valley?
6,633 Homes Sold in February which is an increase of 4% year-over-year. If our sold numbers continue to rise without the increase in supply, the market will continue to be unstable. We ideally need 30,000 homes or a 5 months supply of homes for a stable market. Right now, we have 2.5 months supply. This means that in 2.5 months we will have a complete turn over of inventory according to the laws of averages. Under $150,000 we have a 10 day supply of homes and over $1.5 million we have a 3-4 year supply currently. The majority of home buyers fall into the under $400,000 range and are experiencing that 2 months supply and the corresponding housing shortage. Want To Sell Your House Fast?
Cash buyers still represent 45% of all home sales which is down from 50% in 2012. Would You Like A Cash Buyer For Your House?
Chelsea Elwood, REALTOR
Listing Specialist
Keller Williams Realty East Valley
(602)748-6136
Distressed properties are continuing to hit the market in the luxury homes markets like Paradise Valley. Distressed properties have risen from 8% of the market to 19% this year. The average price has dropped in Paradise Valley from $1,544,466 to $1,353,420 or 8.7%. Want to Sell Your House in Paradise Valley?
Cash buyers still represent 45% of all home sales which is down from 50% in 2012. Would You Like A Cash Buyer For Your House?
Chelsea Elwood, REALTOR
Listing Specialist
Keller Williams Realty East Valley
(602)748-6136
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