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Market Watch October 2012
 

Market Watch October 2012

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    Market Watch October 2012 Market Watch October 2012 Presentation Transcript

    • $29.95 Monthly Market Watch for Maricopa County An overview of what is happening in the Maricopa County real estate marketProvided by Keller Williams Realty Professional Partners – Statistics from OCTOBER 2012 MLS
    • Provided by Keller Williams Realty Professional Partners Statistics from OCTOBER 2012 MLS Report overview: This report includes MLS data for the past 36 months in Maricopa County only as provided by the FlexMLS system. Please note that searches fluctuate daily when running these reports; these figures were obtained on 11/3/12. A reminder that you need to meet with a real estate professionalto see how statistics impact the area where you are considering selling or buying – blended statistics will not be as accurate as a more detailed report that your real estate professional can provide to help you with your decision making.
    • Provided by Keller Williams Realty Professional Partners Statistics from OCTOBER 2012 MLS Provided by Keller Williams Realty Professional Partners – Total$#$of$Closed$Sales$ (36$month$overview)$ 10000$ Statistics from OCTOBER 2012 MLSClosed Sales 9000$ Mar$ 8000$ June$ Apr$ May$ 7000$ Dec$ Aug$ Oct$ Nov$ Feb$ 6000$ July$ Sep$ Jan$ 5000$ Nov$ Dec$ Jan$ Feb$ Mar$ Apr$ May$ June$ July$ Aug$ Sep$ Oct$ 11/09$to$10/10$ 6657$ 6677$ 5829$ 5777$ 7871$ 8040$ 8112$ 8186$ 6314$ 6570$ 5979$ 5844$ 11/10$to$10/11$ 5971$ 7420$ 5765$ 6317$ 8668$ 8273$ 8710$ 9879$ 7598$ 7775$ 7193$ 6756$ 11/11$to$10/12$ 6418$ 7010$ 5713$ 6436$ 7859$ 7450$ 7533$ 7694$ 6324$ 6713$ 5803$ 6232$
    • Provided by Keller Williams Realty Professional Partners Statistics from OCTOBER 2012 MLS Closed Sales Report Analysis: Sellers:October did not follow the trends of the prior two years where we saw the number of closed sales drop Instead, October saw a 7.4% increase over the prior month.The statistics show that we had 6,232 residential homes sell in the month of October inMaricopa County. It will be important to watch this trend over the next few months to see if there is a continuous shift in trends compared to the prior years. Buyers:For buyers, this means that competition for homes remains even higher, as more homes sell and are no longer an option for buyers. We continue to see homes sell well above list price AND cash buyers continue to have an edge where there are bidding wars,especially when homes are priced below $150,000. Buyers should continue to carefully work with their real estate professional to understand the market AND how they can compete with the market demand and other buyers who may be in a financial position that is more appealing to the seller.
    • Provided by Keller Williams Realty Professional Partners Statistics from OCTOBER 2012 MLS Provided by Keller Williams Realty Professional Partners – REO,$SHORT$SALE$&$NON/DISTRESSED$SALES$COMPARISON$ OCTOBER$2012$Distressed Sales Statistics from OCTOBER 2012 MLS REO$SALES$ 12%$ SHORT$SALES$ NON/ 27%$ REO$SALES$ DISTRESSED$ SHORT$SALES$ SALES$ NON+DISTRESSED$SALES$ 61%$
    • Provided by Keller Williams Realty Professional Partners Statistics from OCTOBER 2012 MLS Distressed Sales Analysis:A bank owned/foreclosure home is one that the seller no longer owns – it has been taken over by the lender(s) who had a note on thehome. Short sales are homes where the seller is negotiating with the bank to “forgive” a portion of the debt in order to avoid foreclosure. The market continues to shift, as we saw 61.2% of sales in the month of October classified as “non-distressed” sales. This is the highest number in the 36 month reporting period. Bank-owned sales dropped from 12.4% to 12.1%, and short sales decreased from 27.7% to 26.8%. Sellers and buyers need to monitor this trend to see how the market continues to respond to the current inventory.
    • Provided by Keller Williams Realty Professional Partners Statistics from OCTOBER 2012 MLS Provided by Keller Williams Realty Professional Partners – Total&#&of&Pending&Sales&(36&month&overview)& 12000$Pending Sales Statistics from OCTOBER 2012 MLS 9000$ Mar$ May$ Feb$ Apr$ June$ 6000$ Jan$ Oct$ Nov$ July$ Aug$ Dec$ Sep$ 11/09$to$10/10$ 11/10$to$10/11$ 3000$ 11/11$to$10/12$ 0$ Nov$ Dec$ Jan$ Feb$ Mar$ Apr$ May$ June$ July$ Aug$ Sep$ Oct$ 11/09$to$10/10$ 5321$ 8331$ 6204$ 6975$ 11584$ 8946$ 5905$ 5772$ 5855$ 5936$ 5861$ 5674$ 11/10$to$10/11$ 6125$ 5595$ 6932$ 7350$ 8969$ 8207$ 8252$ 7603$ 6710$ 7246$ 5901$ 5862$ 11/11$to$10/12$ 5532$ 5069$ 6514$ 6642$ 7260$ 6656$ 6215$ 5687$ 5378$ 5664$ 4906$ 5613$
    • Provided by Keller Williams Realty Professional Partners Statistics from OCTOBER 2012 MLS Pending Sales Analysis: Sellers:Pending sales in October increased by 14.4% over the month of September for a total of5,613 homes moving to under contract status. This does not follow the same pattern we saw in the month of October in the prior 2 years. Sellers should continue to monitor these numbers to determine what type of activity there should be on their homes, as we normally see this number drop in the fall months. Buyers: This stat is an indicator that buyer activity continues to remain very high – even at atime of year when closed sales tend to level off. Educated and savvy buyers understand that a competitive market gives them fewer options for home choices, negotiating on price AND looking for concessions from a seller. Although this may vary from area to area AND from price range to price range, buyers need to make sure they are fully informed regarding the individual market in which they have an interest. This will give them the best chance of being competitive in the search for a home.
    • Provided by Keller Williams Realty Professional Partners Statistics from OCTOBER 2012 MLS Average$Sales$Price$(36$month$overview)$ Provided by Keller Williams Realty Professional Partners –Average Sales Price $$215,000$$ May$ June$ Sep$ July$ Oct$ $$205,000$$ Statistics from OCTOBER 2012 MLS Apr$ Aug$ $$195,000$$ Mar$ $$185,000$$ Feb$ $$175,000$$ 11/09$to$10/10$ Jan$ Dec$ 11/10$to$10/11$ 11/11$to$10/12$ $$165,000$$ Nov$ $$155,000$$ $$145,000$$ Nov$ Dec$ Jan$ Feb$ Mar$ Apr$ May$ June$ July$ Aug$ Sep$ Oct$ 11/09$to$10/10$ $184,008$$$182,387$$$182,387$$$181,472$$$187,979$$$180,896$$$184,312$$$188,568$$$181,730$$$171,036$$$165,730$$$170,326$$ 11/10$to$10/11$ $167,154$$$163,403$$$163,403$$$162,283$$$165,559$$$167,850$$$165,431$$$165,035$$$160,463$$$155,656$$$159,762$$$158,517$$ 11/11$to$10/12$ $165,881$$$168,365$$$170,133$$$172,603$$$188,088$$$197,336$$$210,145$$$205,624$$$204,057$$$196,857$$$205,686$$$211,537$$
    • Provided by Keller Williams Realty Professional Partners Statistics from OCTOBER 2012 MLS Average Sales Price Analysis: Sellers: WOW … pay attention! After several months of a decrease in the average sales price, the month of October followed last months trend of an increase. Last month saw the average sales price of a home inMaricopa county increase by 2.8%! The month of October showed an increase in the average sales pricefrom $205,686 to $211,537; this is the highest average since November of 2010. Sellers should be careful and continue to watch this trend as they are pricing homes in today’s market. Just because the average sales price has increased does not mean that sellers are automatically getting more for their homes – it could simply mean that homes are selling at a higher price because the lower priced inventory has been dramatically reduced. Buyers: For buyers, it is absolutely critical to be aware of this shift in the price of homes. Just one year ago, the average sales price was $158,517. That means the average has increased over33% in just one year! If that trend continued for another 12 months, the average price could be as highas $281,000 next year! As prices increase, buyers may find it more and more difficult to find a home that is affordable. Interest rates remain low, so buyers still have the edge in financing options. More than ever, you need to work with your real estate professional to make sure you have the best possible information regarding the market value of homes and to carefully monitor this trend to see how it will impact the availability, pricing, and terms associated with purchasing a home.
    • Provided by Keller Williams Realty Professional Partners Statistics from OCTOBER 2012 MLSAverage Days on Market Provided by Keller Williams Realty Professional Partners – Average$Days$on$Market$(36$month$overview)$ $120$$ Statistics from OCTOBER 2012 MLS $110$$ $100$$ Dec$ $90$$ Jan$ Feb$ Mar$ Nov$ 11/09$to$10/10$ Apr$ 11/10$to$10/11$ $80$$ May$ 11/11$to$10/12$ $70$$ June$ July$ Aug$ Oct$ Sep$ $60$$ Nov$ Dec$ Jan$ Feb$ Mar$ Apr$ May$ June$ July$ Aug$ Sep$ Oct$ 11/09$to$10/10$ 92$$ 95$$ 93$$ 100$$ 102$$ 101$$ 97$$ 99$$ 100$$ 102$$ 107$$ 104$$ 11/10$to$10/11$ 106$$ 115$$ 112$$ 116$$ 114$$ 109$$ 105$$ 106$$ 98$$ 98$$ 94$$ 92$$ 11/11$to$10/12$ 89$$ 95$$ 90$$ 91$$ 91$$ 86$$ 83$$ 73$$ 71$$ 67$$ 66$$ 68$$
    • Provided by Keller Williams Realty Professional Partners Statistics from OCTOBER 2012 MLS Average Days on Market: Sellers: Since March, we have seen the average time a home remains on the market decrease.October saw this number increase slightly by an average of 2 days to an average of 68 days on the market for homes that sold last month. Considering we were at 139 days a few years ago, there is no doubt the current market is having an impact on how quickly homes are selling. Well-priced homes continue to go under contract within a very short period of time. If a home isn’t selling in today’s market, there is no doubt that it is because buyers see the price as being too high. Buyers Buyers beware! When inventory remains on the market for fewer days, it means that sellers are continuing to have more success selling their homes. The lower the number, the less control a buyer normally has. The decrease in this number means that sellers are having great success in finding buyers who are saying “yes” in today’s market. Buyers need to be aware that competition for great homes continues to remain very high, especially in the lower price ranges. The importance of having a reliable lender AND real estate professional to guide you through this process has never been more important.
    • Provided by Keller Williams Realty Professional Partners Statistics from OCTOBER 2012 MLS Provided by Keller Williams Realty Professional Partners –Average List to Sales Price Ratio AverageListtoSalesPriceRa2o(36monthoverview) 99.00%$ 98.50%$ Sep$ Aug$ Oct$ June$ Statistics from OCTOBER 2012 MLS 98.00%$ 97.50%$ May$ Feb$ July$ 97.00%$ Nov$ Jan$ Apr$ 96.50%$ Dec$ 11/09$to$10/10$ 96.00%$ Mar$ 11/10$to$10/11$ 11/11$to$10/12$ 95.50%$ 95.00%$ 94.50%$ 94.00%$ Nov$ Dec$ Jan$ Feb$ Mar$ Apr$ May$ June$ July$ Aug$ Sep$ Oct$ 11/09$to$10/10$ 96.80%$ 95.96%$ 95.46%$ 95.50%$ 97.17%$ 97.01%$ 96.16%$ 96.00%$ 95.72%$ 96.13%$ 95.45%$ 95.49%$ 11/10$to$10/11$ 95.78%$ 94.40%$ 95.05%$ 95.18%$ 95.18%$ 95.58%$ 96.03%$ 96.60%$ 96.60%$ 96.60%$ 98.10%$ 96.68%$ 11/11$to$10/12$ 96.77%$ 96.15%$ 96.56%$ 96.92%$ 95.60%$ 96.70%$ 97.24%$ 97.93%$ 97.19%$ 97.98%$ 98.64%$ 98.04%$
    • Provided by Keller Williams Realty Professional Partners Statistics from OCTOBER 2012 MLS List to Sales Price Ratio Analysis: Sellers:From March to June, we saw this ratio steadily increasing and then a drop in July. August saw this number rebound -- September saw it significantly increase and and become the highest number in the 36-month reporting period –-to 98.64%. October saw the number dip just slightly to 98.04%. This is the ratio a seller receives when selling his/her home as compared to the price where the home was. The higher the number, the closer the final sales price is to the listing price. With the competitive nature of the market, this ratio still remains very high, and in homes priced under $150,000, we are seeing this ratio remain ABOVE 100% -- that means buyers in those price ranges, on average, arepaying MORE for a house than the list price of the home. Continue to watch this trend, as it will continue to impact how homes should be priced in the current market in order to appeal to the buyers. Buyers: Buyers need to pay attention. As this average remains very close to 100%, on lower priced/highly desirable properties,buyers are discovering more and more in the lower price ranges that they may have to pay above list price AND they arecompeting with investors who are bringing cash to the transaction. Since a home must appraise in order to obtain a loan, underwriters are still looking very closely at prices and making sure that homes are selling at or below market value. This could mean that investors have an advantage if they are willing to pay higher than the list price. Make sure your real estate professional helps you understand the competitiveness of the list price of the home you are wanting to purchase. You also need to be aware of the interest and sales activity in the area where you are wanting tobuy and how the offer you are making competes with the market AND with trends relative to the price where homes are selling in the areas you have an interest.
    • Provided by Keller Williams Realty Professional Partners Statistics from OCTOBER 2012 MLS Monthly(Expired(and(Cancelled(Lis5ngs((36(month(overview)( Provided by Keller Williams Realty Professional Partners –Monthly Expired & Cancelled Listings $5,000$$ $4,500$$ Statistics from OCTOBER 2012 MLS $4,000$$ $3,500$$ $3,000$$ 11/09$to$10/10$ $2,500$$ 11/10$to$10/11$ 11/11$to$10/12$ May$ Nov$ Dec$ July$ Aug$ $2,000$$ Apr$ Oct$ Sep$ Jan$ Mar$ June$ $1,500$$ Feb$ $1,000$$ Nov$ Dec$ Jan$ Feb$ Mar$ Apr$ May$ June$ July$ Aug$ Sep$ Oct$ 11/09$to$10/10$ 3,361$$ 4,533$$ 3,532$$ 3,235$$ 4,139$$ 3,413$$ 3,951$$ 4,603$$ 4,167$$ 4,311$$ 4,323$$ 4,311$$ 11/10$to$10/11$ 3,697$$ 4,701$$ 4,046$$ 3,407$$ 4,180$$ 3,488$$ 3,468$$ 3,233$$ 2,484$$ 2,358$$ 2,089$$ 1,936$$ 11/11$to$10/12$ 1,957$$ 2,407$$ 1,876$$ 1,698$$ 1,868$$ 1,713$$ 1,997$$ 1,788$$ 1,787$$ 1,848$$ 1,709$$ 1,935$$
    • Provided by Keller Williams Realty Professional Partners Statistics from OCTOBER 2012 MLS Expired & Cancelled Listing Analysis: Sellers: This statistic has remained fairly constant over the past 12 months.October saw the number of expired and cancelled listings increase by 13.2% -- that is 1,935 homes leaving the market without being sold. The lower this number, the better sellers are in succeeding in selling their homes. Sellers should remain very focused on monitoring their local market to ensure that they are pricing homes and offering terms that are appealing to buyers. Buyers: For buyers, be aware that there are 1,935 fewer homes to consider. At a time when inventory continues to shrink, this means an even tighter market for buyers. Buyers can expect more competition and less room for negotiation on price and/or concessions from sellers. A shrinking market means that savvy buyers will understand that they need to be prepared to act quickly on available homes and now that the ability to get a “deal” on this inventory is more than likely not an option. Continue to watch this trend, as this, combined with price, days on market, and list to sales price ratio are an important indicator of what buyers need to do in order to be successful in closing on the home of their dreams.
    • Provided by Keller Williams Realty Professional PartnersStatistics from OCTOBER 2012 MLS Inventory Overview:
    • Provided by Keller Williams Realty Professional Partners Statistics from OCTOBER 2012 MLS New$Lis(ngs$(by$month)$ Provided by Keller Williams Realty Professional Partners – 13000$New Listings 12000$ Statistics from OCTOBER 2012 MLS 11000$ 10000$ 11/09$to$10/10$ 11/10$to$10/11$ 9000$ Mar$ 11/11$to$10/12$ Jan$ Oct$ Apr$ May$ 8000$ June$ Aug$ Sep$ Feb$ Nov$ July$ 7000$ 6000$ Dec$ Nov$ Dec$ Jan$ Feb$ Mar$ Apr$ May$ June$ July$ Aug$ Sep$ Oct$ 11/09$to$10/10$ 9315$ 8830$ 11382$ 11037$ 12684$ 11861$ 10036$ 10669$ 10744$ 11255$ 11116$ 10726$ 11/10$to$10/11$ 9716$ 8363$ 10887$ 9436$ 10843$ 9586$ 9109$ 9179$ 8227$ 9002$ 8504$ 8593$ 11/11$to$10/12$ 7590$ 6485$ 8745$ 7789$ 8334$ 7975$ 8092$ 8200$ 7693$ 8277$ 7821$ 8637$
    • Provided by Keller Williams Realty Professional Partners Statistics from OCTOBER 2012 MLS New Listings Analysis: Sellers: Sellers need to pay attention! The month of October saw 8,637 new homes enter the market, an increase of 10.4% over the month of September. This does not follow the pattern of the past 2years. Sellers should monitor this new inventory to see how it might impact the sale of their home – more competition COULD mean prices and terms may need to become more competitive,especially in certain price ranges. In this great market, it is even more important that sellers need to make sure they remain as the top choice for active buyers in the marketplace. If your home is not selling in this aggressive market, it is more than likely a pricing issue – buyers are still looking for the best value possible. Buyers: Buyers pay attention! October brought you 8,637 more options! This is potentially good news asbuyers continue to submit multiple offers on available inventory. More than ever, it is essential that you take advantage of this new inventory. Spend time with and listen to your real estate professional to develop your strategy for succeeding in a market that is constantly changing.
    • Provided by Keller Williams Realty Professional Partners Statistics from OCTOBER 2012 MLS Ac#ve&Lis#ngs&in&ARMLS&(36&month&Summary&:&Residen#al&in&ARMLS)& Provided by Keller Williams Realty Professional Partners – $38,000$$Active Listings Statistics from OCTOBER 2012 MLS $33,000$$ $28,000$$ Nov$ $23,000$$ 11/09$to$10/10$ Dec$ 11/10$to$10/11$ Jan$ $18,000$$ 11/11$to$10/12$ Oct$ Sep$ $13,000$$ Mar$ Aug$ Feb$ Apr$ Jul$ May$ Jun$ $8,000$$ Nov$ Dec$ Jan$ Feb$ Mar$ Apr$ May$ Jun$ Jul$ Aug$ Sep$ Oct$ 11/09$to$10/10$ 33,962$$ 33,460$$ 34,906$$ 35,114$$ 34,426$$ 32,728$$ 32,970$$ 34,224$$ 36,097$$ 37,754$$ 38,838$$ 39,176$$ 11/10$to$10/11$ 38,876$$ 37,159$$ 36,299$$ 34,991$$ 32,485$$ 29,785$$ 23,477$$ 17,816$$ 19,941$$ 22,864$$ 19,467$$ 19,781$$ 11/11$to$10/12$ 22,773$$ 18,378$$ 17,581$$ 13,268$$ 11,310$$ 10,196$$ 9,785$$ 9,946$$ 10,482$$ 11,118$$ 12,300$$ 13,704$$
    • Provided by Keller Williams Realty Professional Partners Statistics from OCTOBER 2012 MLS Active Listings Analysis: Sellers:In October, the number of active listings for sale increased by 1,404 homes when compared to the month of September – a total of 13,704 active listings in Maricopa County. This is the highest number we have seen since January of 2012. Sellers need to make sure that they continue to watch this trend -- we have seen a steady increase in inventory, meaning that sellers will have more competition in today’s market. Using a real estate consultant is essential to determine how homes should be priced in order to be competitive AND the terms that will need to be available for prospective buyers in order to take advantage of this market. Buyers: The current market means that buyers continue to have more homes to consider than in prior months. Continue to monitor this statistic, as it WILL be the statistic that indicates how much inventory you will have to preview and how quickly you will need to act … the lower the number,the more likely the competitiveness for lower priced homes will remain part of the current market. As always, market activity is local and should be researched with your real estate professional to determine the activity and desirability of the homes that are of interest to you.
    • Provided by Keller Williams Realty Professional PartnersMonths of Inventory Statistics from OCTOBER 2012 MLS Provided by Keller Williams Realty Professional Partners – Monthsofinventory(36monthoverview) 7.00$ Statistics from OCTOBER 2012 MLS 5.50$ 4.00$ Nov$ 11/09$to$10/10$ 11/10$to$10/11$ Jan$ 11/11$to$10/12$ 2.50$ Dec$ Feb$ Oct$ Jul$ Aug$ Sep$ Mar$ Apr$ May$ Jun$ 1.00$ Nov$ Dec$ Jan$ Feb$ Mar$ Apr$ May$ Jun$ Jul$ Aug$ Sep$ Oct$ 11/09$to$10/10$ 5.10$ 5.01$ 5.99$ 6.08$ 4.37$ 4.07$ 4.06$ 4.18$ 5.72$ 5.75$ 6.50$ 6.70$ 11/10$to$10/11$ 6.51$ 5.01$ 6.30$ 5.54$ 3.75$ 3.60$ 2.70$ 1.80$ 2.62$ 2.94$ 2.71$ 2.93$ 11/11$to$10/12$ 3.55$ 2.62$ 3.08$ 2.06$ 1.44$ 1.37$ 1.30$ 1.29$ 1.66$ 1.66$ 2.12$ 2.20$
    • Provided by Keller Williams Realty Professional Partners Statistics from OCTOBER 2012 MLS Months of Inventory Analysis: Sellers: October saw a 3.8% increase in the months of housing inventory. We ended the month with 2.2 months – the highest this number has been since January of 2012. This statistic means, that on average,we continue to remain in a strong “seller’s market” that is identified when this statistic reflects less than 5 months of inventory. However, this increase should be monitored very carefully. Although this traditionally means that sellers will have more control in a sales transaction than the buyer, it is essential that you are meeting with your real estate professional to determine the ACTUAL market in your area. You may find that you have more or less control than the average. Buyers: Buyers will want to monitor this as well, as it indicates that inventory has increased, but still falls into a strong sellers market. A seller’s market traditionally gives less control to buyers and can create significant competition for the current inventory. The current low inventory is resulting in homes selling more quickly, at a higher price, and with fewer concessions for buyers. However, the type of market will vary from price range to price range and even area to area. Work with your real estate professional to make sure you understand the type of market you are in.
    • Provided by Keller Williams Realty Professional Partners Statistics from OCTOBER 2012 MLS Total Market Overview: Sellers: This report provides a detailed breakdown of homes in Maricopa County based on price … by determining the price range where your home SHOULD sell, you can see what the average list to sales price ratio is, the average days on market, and more importantly, the percentage of homes selling in that price range. Note that as the price increases, so does the days on market AND the list to sales price ratio decreases.You will also see a lower percentage of homes selling as the price increases. Buyers:By reviewing the price range where you are purchasing, you can determine what the average home is selling for vs. list price. This should help you make better and more acceptable offers based on the current market.
    • Total Market OverviewProvided by Keller Williams Realty Professional Partners – Statistics from OCTOBER 2012 MLS Statistics from OCTOBER 2012 MLS Provided by Keller Williams Realty Professional Partners
    • Provided by Keller Williams Realty Professional Partners Statistics from OCTOBER 2012 MLS IMPORTANT Provided by Keller Williams Realty Professional Partners –Summary Comments INFORMATION: Statistics from OCTOBER 2012 MLS Although these reports are beneficial in understanding the general market in Maricopa County, it is essential that you meet with your real estate professional to study these same figures in your area, as statistics will vary from neighborhood to neighborhood. As you make decisions related to the purchase or sale of a home, it is important that you understand how the current real estate trends will impact your decisions. Your real estate professional is available to help you monitor and interpret them to make sure that you are taking advantage of the current market whether you are selling OR buying.
    • Provided by Keller Williams Realty Professional Partners Statistics from OCTOBER 2012 MLSTo ensure that you receive these market updates on a regular basis, please contact your real estate professional or contact Susan Kraemer at (623) 229-6167