Year to Date Terravita Sales are Encouraging.

Terravita EntranceIt is this time of year that we all truly appreciate why we live in Arizona; warm sunny days and crisp cool evenings.  The patio misters are shut down and the outdoor patio heaters surface. The holiday season starting with Halloween is well underway.
Time to take a quick pulse-check, to see how our year-to-date sales are progressing in Terravita.  The last four to twelve months, our supply (absorption rate) hovered between 1 to ½ months.  Translated, that means based on the number of active listings, it would take only 1 month for those listings to be absorbed (bought), with active listings numbering  9-13 at any given time.  In the past three months, listings have increased to 15, and sales have tapered off slightly which is typical for September and October, causing the absorption rate or “months supply” to increase to 4 months for those 15 listings to be bought at a rate of about 4 per month.  The median list price increased a bit from summer, to $574,000, yet was down from $609,000 this past spring. 
The interesting piece to note is that the current median sale price in the past three months is at $544,000 up from $422,000 during the previous 7-12 months.  To date we have closed 82 properties with 10 properties under contract or sale pending.  We will need an additional 10 properties to sell by December 31st in order to hit the 100 sales volume target; an indicator that we are slowly gaining on a 10% turnover rate which is more reflective of a balanced market.  Even if we close just the 10 properties under contract and sale pending, and nothing more goes under contract, our turnover rate will be 6.75%, still very respectable.  In the current 3 month period, the median list to sale ratio is 99% with half of the sales above 99% of list price and half of the properties are below 99%.
Buyer demand is still strong.  From my previous list of Buyer wants, this month I add a 3 bedroom, 2.5 bath 2300-2800 sq. feet from $500,000-650,000.  If you have been on the fence and think you may want to sell, now may be the time to evaluate your home.  Don’t forget our periodic postcard mailer that gives you a code specific to your home and instructions to log into a website and value your own home.  Also our market snapshot is something homeowners are enjoying as they track the market and make their plans for remodel, refinance or sale.  Call or email and I will help you get started.