The 8,721 closed listings in June were the highest since May of 2013. Overall market demand remains normal, but again, diminishing listings remain the story. Experts, including Michael Orr of ASU/Cromford report indicate that demand-wise there will be little change in the near future.
Per Orr, with the listing supply dwindling, the most interesting thing to watch is for which price ranges is supply increasing and which are reducing.
For single family active listings within Greater Phoenix:
- Under $100,000 – down to 251 from 277 last month
- $100,000 to $199,999 – up to 2,672 from 2,605 last month
- $200,000 to $299,999 – down to 3,412 from 3,542 last month
- $300,000 to $499,999 – down to 4,315 from 4,408 last month
- $500,000 to $999,999 – down to 2,525 from 2,705 last month
- $1,000,000 and over – down to 1,346 from 1,622 last month
Here are the local MLS numbers for July 1, 2015 relative to July 1, 2014 for all areas & types:
- Active Listings: 19,548 versus 24,440 last year – down 20.0% – and down 3.9% from 20,351 last month
- Pending* Listings: 7,007 versus 6,426 last year – up 9.0% – but down 10.4% from 7,819 last month
- Under Contract* Listings: 10,747 versus 9,681 last year – up 11.0% – but down 10.9% from 12,063 last month
- Monthly Sales: 8,721 versus 7,228 last year – up 20.7% – and up 5.6% from 8,261 last month
- Monthly Average Sales Price per Sq. Ft.: $135.79 versus $129.67 last year – up 4.7% – but down 0.3% from $136.16 last month
- Monthly Median Sales Price: $214,990 versus $198,000 last year – up 8.5% – and up 0.9% from $213,000 last month
- *”Pending” and “Under Contract” are two terms both expressing a sold listing that has not yet closed.
Our take away? Not much really. June was relatively calm. Sales were up, median sales prices rose slightly and there was a slight decrease in the average price per square foot.
Mortgage rates are still low. If you’re looking for a loan with a REAL LOW down payment, give us a call. There are some current programs out there that provide amazing down payment assistance through grants. 602-689-3100. Historically we’re at the mid-year peak in the amount of monthly sales and sales will continue dropping slightly each month till the end of the year. Unless of course I’m wrong.
(Thank you Michael Orr/Cromford Report/ASU for the numbers – you’re the best!)
