April 2014 Phoenix Market Report
April 2014
Phoenix Real Estate
Market Report
April 2014 Phoenix Market Report
Market Snapshot – All MLS
Market Summary for the Beginning of April
The spring season is ...
April 2014 Phoenix Market Report
Market Snapshot – All MLS
Market Summary for the Beginning of April (Continued)
Here are ...
April 2014 Phoenix Market Report
Market Snapshot – All MLS
Market Summary for the Beginning of April (Continued)
I am happ...
April 2014 Phoenix Market Report
Market Snapshot – All MLS
Cromford Demand Index™ is a value that provides
a short term fo...
April 2014 Phoenix Market Report
Market Snapshot – All MLS
April 2014 Phoenix Market Report
Active Listings – All MLS
April 2014 Phoenix Market Report
Sales Per Month– All MLS
April 2014 Phoenix Market Report
Average Sales Price– All MLS
April 2014 Phoenix Market Report
Market Snapshot – Mesa
April 2014 Phoenix Market Report
Active Listings – Mesa
April 2014 Phoenix Market Report
Sales Per Month– Mesa
April 2014 Phoenix Market Report
Average Sales Price– Mesa
April 2014 Phoenix Market Report
Market Snapshot – Gilbert
April 2014 Phoenix Market Report
Active Listings – Gilbert
April 2014 Phoenix Market Report
Sales Per Month– Gilbert
April 2014 Phoenix Market Report
Average Sales Price– Gilbert
April 2014 Phoenix Market Report
Market Snapshot – Chandler
April 2014 Phoenix Market Report
Active Listings – Chandler
April 2014 Phoenix Market Report
Sales Per Month– Chandler
April 2014 Phoenix Market Report
Average Sales Price– Chandler
April 2014 Phoenix Market Report
Market Snapshot – Tempe
April 2014 Phoenix Market Report
Active Listings – Tempe
April 2014 Phoenix Market Report
Sales Per Month– Tempe
April 2014 Phoenix Market Report
Average Sales Price– Tempe
April 2014 Phoenix Market Report
Market Snapshot – Queen Creek
April 2014 Phoenix Market Report
Active Listings – Queen Creek
April 2014 Phoenix Market Report
Sales Per Month– Queen Creek
April 2014 Phoenix Market Report
Average Sales Price– Queen Creek
April 2014 Phoenix Market Report
Market Snapshot – Scottsdale
April 2014 Phoenix Market Report
Active Listings – Scottsdale
April 2014 Phoenix Market Report
Sales Per Month– Scottsdale
April 2014 Phoenix Market Report
Average Sales Price– Scottsdale
April 2014 Phoenix Market Report
Market Snapshot – Gold Canyon
April 2014 Phoenix Market Report
Active Listings – Gold Canyon
April 2014 Phoenix Market Report
Sales Per Month– Gold Canyon
April 2014 Phoenix Market Report
Average Sales Price– Gold Canyon
April 2014 Phoenix Market Report
Market Snapshot – Apache Junction
April 2014 Phoenix Market Report
Active Listings – Apache Junction
April 2014 Phoenix Market Report
Sales Per Month– Apache Junction
April 2014 Phoenix Market Report
Average Sales Price– Apache Junction
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April Phoenix East Valley Real Estate Market report

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April Phoenix East Valley Real Estate Market report

  1. 1. April 2014 Phoenix Market Report April 2014 Phoenix Real Estate Market Report
  2. 2. April 2014 Phoenix Market Report Market Snapshot – All MLS Market Summary for the Beginning of April The spring season is in full swing now, which normally means demand should be strong and supply should be falling fast. Neither of those quite describe the current situation. Demand is indeed getting stronger, but from the unusually weak level at the start of March, it has a long way to go before it could be described as normal, never mind strong. Supply is levelling off and we probably saw the first half-year peak for total active listings on March 29. We saw a lot of listing cancellations in March - the highest number since August 2011. We also saw the highest number for expired listings since June 2011, excluding Decembers which are always abnormally high months for listing expiration. As a result we started April with fewer active listings than we ended March. However, cancelled and expired listings have a habit of coming back as new listings. The overall picture for supply, when adjusted for seasonality, is that it is still growing. It is definitely shrinking for all price ranges under $200,000, but it is also still expanding for all price ranges between $200,000 and $1,000,000. The mid-range buyer's choices are increasing, which is very unusual for the spring. New listings are arriving at a 10% faster rate than in 2013 and they are sticking around longer before they go under contract. The buyers we do have are mostly taking their time and showing little sense of urgency. The good news is that sales are picking up as they should between February and April and average and median sales prices are moving higher as the volume mix shifts towards higher end homes and away from entry level homes. This doesn't mean that home values are increasing. These are not moving much. It is just that higher end homes are a higher percentage of completed sales (driving the average up) and the cheapest home sales are getting scarcer (driving the median up). (Continued next page…)
  3. 3. April 2014 Phoenix Market Report Market Snapshot – All MLS Market Summary for the Beginning of April (Continued) Here are the basic ARMLS numbers for April 1, 2014 relative to April 1, 2013 for all areas & types: Active Listings (excluding UCB): 26,442 versus 16,415 last year - up 61.1% - but down 0.4% from 26,589 last month Active Listings (including UCB): 29,907 versus 20,670 last year - up 44.7% - and up 1.0% compared with 29,613 last month Pending Listings: 7,333 versus 10,658 last year - down 31.2% - but up 13.5% from 6,462 last month Under Contract Listings (including Pending & UCB): 10,798 versus 14,913 last year - down 38.1% - but up 13.8% from 9,486 last month Monthly Sales: 6,705 versus 8,048 last year - down 16.7% - but up 22.3% from 5,482 last month Monthly Average Sales Price per Sq. Ft.: $129.60 versus $113.76 last year - up 13.9% - and up 1.8% from $127.29 last month Monthly Median Sales Price: $187,000 versus $169,000 last year - up 10.7% - and up 3.9% from $180,000 last month After a huge change in the Cromford® Market Index between July and October last year it has been remarkably stable at approximately 84 for the last couple of weeks. The Cromford® Supply Index is moving higher at almost the same rate that the Cromford® Demand Index is moving higher. Thus the overall balance has remained distinctly in favor of buyers and there has been no discernible improvement for sellers. Sales in March were much higher than February, as they are every year, partly because there are more days in March and partly because there are more buyers in March. However March sales were down almost 17% from March 2013, giving us the lowest March sales total since 2008. Pending listings grew at a very respectable rate between the beginning of March and the beginning of April, up nearly 14%, but they are still 31% below last year. At least that is better than 37% below which is what we reported a month ago. (Continued next page…)
  4. 4. April 2014 Phoenix Market Report Market Snapshot – All MLS Market Summary for the Beginning of April (Continued) I am happy to report that we have overtaken the pending listings for 2007, so we now have four years that were slower than 2014 - these are 2001, 2002, 2007 and 2008. We are only very slightly ahead of 2001 and 2002 when the housing stock was dramatically lower than it is now. By rights we should be at least 20% higher than both these years. It shows us that people are moving much less than they used to and the current market is much more influenced by renters than buyers compared with the start of the century. For Greater Phoenix in March we had 109 sales of homes priced over $1,000,000. This is the highest March number for million dollar homes since 2008. For homes priced at or below $1,000,000 we had 6,503 sales which is the lowest March number since 2008. This divergence between luxury home sales and the rest of the market is quite striking. However there are still plenty of homes over $1,000,000 for sale so supply is not an issue. It must also be remembered that a home priced at $1,025,000 this year may have been $975,000 last year.
  5. 5. April 2014 Phoenix Market Report Market Snapshot – All MLS Cromford Demand Index™ is a value that provides a short term forecast for the demand for resale homes in the market. It is derived from the trends in pending and sold listings compared with historical data over the previous four years. Values above 100 indicate more demand than usual, while values below 100 indicate less demand than usual. A value of 100 indicates the demand is close to normal. Cromford Market Index™ is a value that provides a short term forecast for the balance of the market. It is derived from the trends in pending, active and sold listings compared with historical data over the previous four years. Values below 100 indicate a buyer's market, while values above 100 indicate a seller's market. A value of 100 indicates a balanced market. Cromford Supply Index™ is a value that provides a short term forecast for the supply of resale homes to the market. It is derived from the trends in active listings compared with historical data over the previous four years. Values above 100 indicate more supply than usual, while values below 100 indicate less supply than usual. A value of 100 indicates the supply is close to normal.
  6. 6. April 2014 Phoenix Market Report Market Snapshot – All MLS
  7. 7. April 2014 Phoenix Market Report Active Listings – All MLS
  8. 8. April 2014 Phoenix Market Report Sales Per Month– All MLS
  9. 9. April 2014 Phoenix Market Report Average Sales Price– All MLS
  10. 10. April 2014 Phoenix Market Report Market Snapshot – Mesa
  11. 11. April 2014 Phoenix Market Report Active Listings – Mesa
  12. 12. April 2014 Phoenix Market Report Sales Per Month– Mesa
  13. 13. April 2014 Phoenix Market Report Average Sales Price– Mesa
  14. 14. April 2014 Phoenix Market Report Market Snapshot – Gilbert
  15. 15. April 2014 Phoenix Market Report Active Listings – Gilbert
  16. 16. April 2014 Phoenix Market Report Sales Per Month– Gilbert
  17. 17. April 2014 Phoenix Market Report Average Sales Price– Gilbert
  18. 18. April 2014 Phoenix Market Report Market Snapshot – Chandler
  19. 19. April 2014 Phoenix Market Report Active Listings – Chandler
  20. 20. April 2014 Phoenix Market Report Sales Per Month– Chandler
  21. 21. April 2014 Phoenix Market Report Average Sales Price– Chandler
  22. 22. April 2014 Phoenix Market Report Market Snapshot – Tempe
  23. 23. April 2014 Phoenix Market Report Active Listings – Tempe
  24. 24. April 2014 Phoenix Market Report Sales Per Month– Tempe
  25. 25. April 2014 Phoenix Market Report Average Sales Price– Tempe
  26. 26. April 2014 Phoenix Market Report Market Snapshot – Queen Creek
  27. 27. April 2014 Phoenix Market Report Active Listings – Queen Creek
  28. 28. April 2014 Phoenix Market Report Sales Per Month– Queen Creek
  29. 29. April 2014 Phoenix Market Report Average Sales Price– Queen Creek
  30. 30. April 2014 Phoenix Market Report Market Snapshot – Scottsdale
  31. 31. April 2014 Phoenix Market Report Active Listings – Scottsdale
  32. 32. April 2014 Phoenix Market Report Sales Per Month– Scottsdale
  33. 33. April 2014 Phoenix Market Report Average Sales Price– Scottsdale
  34. 34. April 2014 Phoenix Market Report Market Snapshot – Gold Canyon
  35. 35. April 2014 Phoenix Market Report Active Listings – Gold Canyon
  36. 36. April 2014 Phoenix Market Report Sales Per Month– Gold Canyon
  37. 37. April 2014 Phoenix Market Report Average Sales Price– Gold Canyon
  38. 38. April 2014 Phoenix Market Report Market Snapshot – Apache Junction
  39. 39. April 2014 Phoenix Market Report Active Listings – Apache Junction
  40. 40. April 2014 Phoenix Market Report Sales Per Month– Apache Junction
  41. 41. April 2014 Phoenix Market Report Average Sales Price– Apache Junction

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