Real Estate Market Report October 2013

Active Real Estate Listings

    As of 31 October 2013 in Maricopa County we had 24,974 homes that were in an active status.  This is great news for the potential buyers out there as this means there is just over 2,000 more homes in an active status of that of a month ago, and around 4,000 more active status homes than last year.  October 2013 is the best month of this year for new listings.  Buyers finally have a decent amount of homes to choose from.  Maricopa County real estate is currently sitting at 4.1 months of  inventory of homes right now, which is just over half of a percent more than in September.  This is also a good sign for potential sellers in that more people are confident in the market to be listing their homes. 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.

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     Pending sales have decreased slightly by 102 over the last month and closed sales decreased by 287.  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 242,000′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.  Interest rates still remain very reasonable and even dropped a little during the month of October.

    Average sales price for home sales in Metro Phoenix during October 2013 was $242,101.  The average days on market for the homes that sold was 65 days.  The average original list price for those homes that sold was $379,496.  

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     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 Cromford Report and the Arizona Multiple Listing Service from 2-4 November 2013.