Here is how Maricopa County Real Estate started the New Year in 2014. January 2014 saw us get back on track with the amount of New Listings and Active Listings of homes for sale in Maricopa County.
Looking at the Number of Listings chart below you can see that we reached a 12 month high of 10,998 New Listings in January which brought the total amount of Active Listings to 27,298. This is the first time in a year the total of Active Listings went above 27,000.
The next chart below reflects the Listings Prices. As we discussed in Decembers Market Report, there is a trend developing in that the listing prices are increasing, however the sold prices are decreasing. This is due to the initial over pricing of homes when they go on the Market. Initial proper pricing is crucial for sellers if they want to sell their home’s. The other thing to keep in mind is if your wanting to sell a home for top dollar, then it better be in top dollar condition. Everyone wants top dollar, but very few homes have all new carpet, paint, landscaping and remodeled kitchens. It’s crucial to work with a Realtor that can educate you on the market and your home’s estimated value. The Krone Team would love to help educate on what your home may be worth so please contact us today for a FREE evaluation.
Below you will find the Summary Statistics for January 2014. You can see our absorption rate is at 3.85 which shows you the months of inventory we have in homes for sale. This continues the trend of slowly climbing back towards a buyers market. The average List Price is $ 394,107 and the average Sale Price is $ 241,173 for January 2014. The average days on market has climbed to almost 80 which is a week longer than that of a year ago.
All and all homes are staying a little longer on the market now before receiving offers with home prices at a recent high. Mortgage qualifying for buyers has also tightened up quite a bit which makes it challenging for potential buyers to get qualified. In addition, the Federal Housing Administration (FHA) also recently lowered the FHA loan amount for Phoenicians to $ 271,050 from $ 346,250. The new amount is barely above the “average” sale price of homes here. So if you are in the market to purchase a home it is crucial you work with a Realtor who can help you get in touch with the right Mortgage Lenders to help you get qualified for the home of your dreams.
If you have been thinking about purchasing a home, The Krone Team is always looking to bring added value to you and is proud to bring you an absolutely free, advanced IDX Multiple Listing Home Search! Search exactly like an Agent, this is the ultimate search tool where you do not have to call or email to request changes, this search is loaded and adjusted by you in real time.
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Please contact the Krone Team today to help educate you on all of your real estate needs! Have a Great Day!