Average Sales Price up 4.7% to $260,800 and Median Prices up 5.7% to $208,000 from same time last year.
75 Average days for a listing to go under contract compared to 88 days the same time last year
Only 6.1% of sales are distressed – Short Sales Down 18% year over year and Foreclosures down 44.3% since Sept 2014
“The median resale price for homes in Maricopa County peaked in May 2006 at $253,418. This is meaningful because summer 2006 is the epicenter of negative equity in our market. The 227,000 foreclosures, which cleared a large chunk of negative equity from our market, and the 35,000 short sales we’ve experienced have been mostly from this period.
Today, foreclosures are a trickle, averaging 223 per month. The majority of homes heading to foreclosure are from the bubble days. 96.2 % of our mortgages in Arizona are current according to Black Knight. We rank the 8th lowest in the U.S as only 0.5% of our mortgages are in foreclosure. ”
In 2012, our market saw bargain driven cash buyers dominate along with local and institutional investors. Median home values rose nearly 29% in 2012 and 18% in 2013. Our housing market continues to show slow and steady improvement.
On a year-over-year basis distressed inventory is down, foreclosures are down, traditional buyers are up, purchase money mortgages are up and new construction is up. Indications are that we are continuing to recover from the market crash. (Information provided by ARMLS Market Stats)
Opportunities for Buyers & Sellers
Interest rates are still low. However, depending on which expert you believe interest rates may rise this fall. Let me know if you would like to know your buying power.
Many homeowners are now in an equity position. Current inventory continues to be below normal which means less competition for sellers.
Are you curious about the value of your property? Email me for a Free Market Analysis.
If you have considered buying or selling now may be the time!
Call me and let’s talk about your options.
Call: 623-332-7755