Real Estate Market Report November 2013

Active Real Estate Listings

    As of 30 November 2013 in Maricopa County we had 27,023 homes that were in an active status.  This is great news for the potential buyers out there as this means there is just over 3,000 more homes in an active status of that of a month ago, and around 5,000 more active status homes than last year.  New real estate listings did slow down for the month of November 2013 which is at 8,406 down 2,547 from October 2013.  Buyers finally have a decent amount of homes to choose from.  Maricopa County real estate is currently sitting at 5.21 months of  inventory of homes right now, which is 1.13 of a percent more than in October.  Sellers who list homes priced well over market value are increasingly unlikely to get showings, never mind offers.  This is an amazingly swift turn round in a market that heavily favored sellers as recently as July 2013.

new vs active vs sold

      Pending sales decreased during November 2013 by 1,074.  Closed sales also decreased by 890 over the previous month.  With our inventory increasing and sales decreasing slightly over the past month buyer contingencies will become more common and multiple offers are not seen nearly as much as they were in recent months and years.  With Sale prices averaging in the 236,000′s the closings are slowing down just a little bit as qualifying is becoming a little more challenging, and fewer homes are being purchased entirely with cash.  FHA is lowering the maximum amount you can borrow in 2014, for Maricopa county it is $271,050 and the mortgage insurance premium is for the life of the loan.  If you are in the market for a home and are hoping to take advantage of the current 2013 FHA maximum amount, you need to contact the Krone Team today (602)708-2073!

    Average sales price for home sales in Metro Phoenix during November 2013 was $236,384.  The average days on market for the homes that sold was 61.5 days.  The average original list price for those homes that sold was $384,246.  The average list price went up and the average closed price went down so make sure you know the current changes within the individual neighborhoods when knowing what the price of those homes are valued at. Compare these overall statistics with Octobers Market Report.

summary stats

     The Krone Team is happy to bring you your monthly market report for Metro Phoenix and we can provide you with any information you may need on your home, neighborhood, city, or any of your real estate needs.  Please contact us today at (623)337-8277 so you know what your real estate options are whether you may be looking to buy or sell your home.

*The statistics utilized in this blog were extracted from the Arizona Multiple Listing Service from 6-9 December 2013. All information provided should be used as a  guideline only and all information should verified with your real estate professional.