Housing Market Report, What’s Up & What’s Down?

Everyone enjoys keeping up with the values in our neighborhoods as the housing recovery dominates the daily news wires.  The reports for Scottsdale and the Northeast Valley have been encouraging as prices continue to rise, while the inventory remains low by the standards of a balanced market.

This months Phoenix metro area housing market report highlights listings, sales, supply and pricing and a housing market year-over-year comparison.

Here’s what’s happening in your neighborhood.

Northeast Valley – grew active listings by 2.1% between March 1 and April 1, although this is still down by 3% from the same period in 2012. This is not having a negative effect on the market in the Northeast Valley because sales grew 28% between February and March. This is the ONLY area where the annual sales rate has grown.

Southeast Valley – 14% fewer active listings in April 2013 than in the same month in 2012, additionally; it dropped 4% in the previous month. On a positive note, monthly sales were up by 33% between February and March; this is only 2.8% down from this time last year. This area has seen the largest percentage decline in both days of inventory and months of supply over last year.

West Valley – grew sales between February and March, rising by 23.7% but its monthly sales rate is down 11.8% from last year. Active listings dropped by 11.6% over the last year and by 8.9% in the last month. This area has inventory causing a severe restraint and has tightened more than in any other area between March 1 and April 1.

Central Valley – comprising Phoenix itself (excluding Ahwatukee) is the top area for price appreciation with a 24.5% increase in the average $/SF for monthly sales. Its active listing count is down 12.1% over the last year and down 3.4% in the last month. This area takes the top spot for increase in annual dollar volume (5.4%) despite annual sales units dropping 14.9%.

Phoenix Housing Market Year Comparison…
February 2012- February 2013

Monthly_Home_Sales_feb_2012-Feb_2013

 

What’s Up? (Single Family Year over Year)

  • New homes (up 67%)
  • Normal re-sales (up 62%)
  • HUD sales (up 8%)

What’s Down? (Single Family Year over Year)

  • Bank owned homes (down 59%)
  • GSE (Fannie Mae, Freddie Mac, etc.) owned homes (down 53%)
  • Short sales and pre-foreclosures (down 48%)
  • Investor flips (down 38%)
  • Third party purchases at trustee sale (down 57%)

Pricing

Phoenix Housing Market

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Phoenix Housing market
 

 
 

 
 

 
 

 
 
 

Supply

Supply has seen a decrease of 4.9% from February 1, 2013 -March 1, 2013.
However 79% of this supply is priced above $150,000 and 22% is priced over $500,000.

Cash Purchases

  • Under $150,000 50.1% cash (48.8% last month)
  • Between $150,000 and $500,000 26.3% cash (23.6% last month)
  • $500,000 and over 35.1% cash (37.1% last month)