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Phoenix Metropolitan Area Real Estate Statistics – May 2017

June 28th, 2017 · No Comments

Phoenix Metropolitan Area Real Estate Statistics – May 2017

What is happening with the real estate market in the Phoenix metropolitan area? What changed in May 2017? May was one of the busiest & strongest months we’ve seen in a long time. Typically March and April are the strongest months of the year.
[Statistics come from the Arizona Regional Multiple Listing Service (ARMLS)]

[click on the charts to expand]

1) SALES: May 2017 had sales of 9,861, which was more than 1,000 greater than May 2016’s 8,843 sales. In May 2017, 42% of the listings sold (versus 34% the May before). 82% of the sales in May 2017 were homes, 15% were condos, and 2% were manufactured housing.

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Bank-owned foreclosure properties accounted for ONLY 1.27% of the sales in May 2017; The all-time high was 66.5% in March 2009! We’ve come a long way in eight years. As of June 27, 2017, there are only 181 bank-owned active listings in the entire Phoenix metro area.

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20.81% of the total sales in May 2017 were cash. During the peak of the foreclosure market, cash buyers were nearly 53% of the sales in February 2011.

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26.84% of the total sales in May 2017 were purchased with FHA or VA financing.

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2) SALES PRICE: The average sales price in May 2017 increased to $300,565, the highest level since January 2008! A year ago, the average sales price was $282,834. That’s a 6.3% increase in one year. The lowest average sales price in the past 17 years was August 2011 at $151,368. The Phoenix metro area market has nearly doubled in value in almost 6 years.

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Median sales price in May 2017 also increased to $240,000. A year ago, the median sales price was $225,500. That’s a 6.4% increase in one year. The lowest median sales price in the past 17 years was $108,300 in May 2011. So we have more than doubled in value in 6 years.

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34% of the sales in May 2017 were below $200,000, 54% under $250,000, 69% under $300,000, and 78% under $350,000. (Looking back to January 2011, those numbers were 79%, 86%, 90%, and 93%, respectively.)

3) INVENTORY: The absorption rate (the # of months’ inventory available for sale) is also known as inventory. The absorption rate in May 2017 was 2.36 months! A balanced buyer-seller market is six months. The absorption rate in May 2017: 2.4 months for homes, 2.1 months for condos, and 3.4 months for manufactured homes.

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This chart shows the number of listings over the past ten years. The overall number of active listings was 23,242 in May 2017. As of June 28, 2017, there are only 18,161 active listings in the Phoenix metro area. This is the lowest # of active listings so far in 2017. And is 1,000 fewer active listings than in 2016. We are in a strong sellers’ market. A “normal” market in Phoenix should be around 30,000-35,000 active listings.

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4) AVERAGE DAYS ON MARKET: Phoenix area homes took 64 days to sell in May 2017. The all-time highest was 110 days in January 2008.

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Condos took 59 days to sell in May 2017. The all-time highest was 118 days in March 2008.

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5) SALES PRICE VERSUS LIST PRICE: The percent of $$$ that sellers keep (sales price divided by list price) in May 2017 was 97.53%, which is normal for the Phoenix market. You would think the percent would be higher since we are in a sellers’ market; somehow buyers are getting discounts off the asking price.

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6) PENDING SALES: Pending sales are a great indicator of future sales. We are at 7,500 pending sales on June 27th (12,200 if you include the contingency contracts). 40% of all properties on the market are currently under contract.

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Pending sales reached an all-time high of 15,402 on April 29, 2010. When you add in the contingency contracts, the combined number of properties under contract on April 29, 2010 was 23,630, an all-time record. We can attribute this to the first-time home buyer tax credit deadline.

7) PRICE PER SQUARE FOOT: $151 per square foot in May 2017 was the highest amount since January 2008! It was $143 per square foot one year ago. A 5.6% increase. The lowest amount in 17 years was August 2011 at $79 per square foot. We peaked above $180/sqft in 2006.

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8) VACANT HOMES: Vacant properties accounted for 49% of all properties sold in May 2017. The norm is under 40%, however. The record low was 34% vacant sold homes in June 2001. The record high was 88% in February 2009.

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9) ASKING PRICE VERSUS SOLD PRICE: What is the difference between asking prices and sold prices? The average new list price increased in May 2017 to $344,967, up $17,000 from last May.

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The median new list price in May 2017 was $260,000, which was the highest amount since October 2007. And was $13,000 more than May 2016.

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10) SHORT SALES: Only 1.11% of all MLS sales in May 2017 were short sales. Yes, ONE percent! It was 26% in May 2012. The chart shows the rise and fall in short sales in the past nine years.

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In 2011, at the height of the short sale market, there were 11,500 active short sale listings. As of June 27, 2017, there are only 138!

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Here’s a look at the number of actual sales per month of short sale listings.

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The future? It’s looking quiet and steady. The horror of foreclosures and short sales is gone. The chart below shows the number of trustee sales (foreclosure) notices in Maricopa County (Phoenix metro area), averaging 20 per day in 2017, the lowest level since 2006. Regular MLS inventory is unusually low, but the number of buyers is lower too, which has balanced things out. We expect to see a dip in average & median sales prices over the next few months; this is a normal occurrence in our market due to the hot summer heat: luxury home buyers tend to stay away from buying in Phoenix in the summer. Once the temperatures cool down in the fall, home prices go back up.

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→ No CommentsTags: Real Estate Statistics

Amateur Real Estate Photography

June 27th, 2017 · 2 Comments

When in doubt, hire a professional photographer to take pictures of your home when selling. Otherwise, you’ll get stuck with these five examples.

First up, we see an amateur photographer who can take a photo of a house on his/her cell phone but can’t figure out how to transfer it correctly. He/she took a screen shot of his/her phone and used that as the photo. By the way, all 8 photos of the property were just like this one.

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Speaking of screen shots, now we have an example of a shot of a screen.

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Distorted photo yet it was still used to promote the house.

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Watch out for shadows!

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We said, watch out for shadows.

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→ 2 CommentsTags: Glendale, AZ Homes · Other Arizona Cities · Peoria, AZ Homes · Phoenix Homes · Poor Photography · Tempe, AZ Homes

Escape the Heat

June 26th, 2017 · 3 Comments

It’s been exceptionally hot in Phoenix this past week. 116F on Saturday and Sunday and 120F last week. Historically, the hottest temperature in Phoenix was 122F (50C) 27 years ago today (June 26, 1990). I was freezing in my office; the building air conditioning was set at 72F. I drove home without air conditioning just so I could defrost. 50 degree difference. The hot car felt good.
If you want to escape the Phoenix heat, consider buying a home in other Arizona towns. We have a few suggestions.

Globe, Arizona.

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Eloy, Arizona. (almost as hot as Phoenix)

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Superior, Arizona.

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Mammoth, Arizona.

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→ 3 CommentsTags: Curb Appeal · Fixer-Upper · Other Arizona Cities

Distorted View

June 25th, 2017 · 7 Comments

Our reader Kelly sent these photos of a Hallstead, Pennsylvania home. The photographer used a fish-eye lens on her/his camera. It created a warped and distorted view of the house.

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The floor slopes and the window is unusually shaped.

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The walls and window are bent.

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It’s a bubble window.

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The walls are caving in and the ceiling is bowed.

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Warped walls and window.

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Curved wall and wavy ceiling.

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Rounded closet.

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The back porch rail is, uh, plumb unevenly plumbed.

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Rounding out the photos is a view of the exterior.

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→ 7 CommentsTags: Other US Cities · Poor Photography

Before & After Renovation In Coolidge

June 24th, 2017 · 2 Comments

Before Kitchen. This Coolidge, Arizona home was sold by a bank to an investor for $28,000.

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After Kitchen. After renovation, the house sold for $120,000.

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Before Bathroom 1.

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After Bathroom 1.

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Before Bathroom 2.

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After Bathroom 2.

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Before Family Room.

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After Family Room.

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Before Bedroom 1.

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After Bedroom 1.

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Before Bedroom 2.

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After Bedroom 2.

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Before Bedroom 3.

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After Bedroom 3.

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Before Back Yard & Swimming Pool.

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After Back Yard & Swimming Pool.

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→ 2 CommentsTags: Back Yard · Bathroom · Bedroom · Family Room · Fireplace · Kitchen · Other Arizona Cities · Pool & Spa · Remodeling

Spacious Back Yard

June 23rd, 2017 · 1 Comment

This could all be yours.

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→ 1 CommentTags: Back Yard · Garbage and/or Junk · Phoenix Homes

Hidden Below

June 22nd, 2017 · 1 Comment

When buying a home, be sure to check under the kitchen sink. You never know what you’ll find there. Mold/mildew, the seller’s shoddy repairs, etc.

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→ 1 CommentTags: Fixer-Upper · Kitchen · Mold & Mildew · Phoenix Homes · Repairs

Artistic Embellishments

June 21st, 2017 · 5 Comments

Local artists changed the curb appeal of this home. All for free too!

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→ 5 CommentsTags: Curb Appeal · Garbage and/or Junk · Graffiti · Phoenix Homes

Stage Fright

June 20th, 2017 · 2 Comments

These four bedrooms have not been professionally staged.

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Happy 4 Blad?

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sigh

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Good grief.

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→ 2 CommentsTags: Bedroom · Clutter · Other Arizona Cities · Phoenix Homes · Staging

Note To Self

June 19th, 2017 · 1 Comment

Henry misunderstood what it meant to post something on his Facebook wall.

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Information readily available.

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→ 1 CommentTags: Bedroom · Clutter · Phoenix Homes · Staging