Where to begin? As I write this, the day prior to Valentines day(Happy love day to you and yours!), our inventory of properties to sell in the ARMLS is half of what it used to be last year. All-in-all, we are seeing very POSITIVE signs in the resale market. Today we have 17,283 units on the market when last year we had 35,556. That is(-18,273) basically +3 months of inventory reduction. Naturally this will put pressure on prices to rise as we have seen in all price ranges under $200,000 and similarly, this price range has a 90 day or less supply of home which signals a sellers market. Anything property under $75k has seen a +6-14% increase in appreciation with the $100k to $150k averaging a +7% increase in appreciation. The month’s supply of homes remains in the 3 month range, yet was at 6 months one year prior. Encouraging any owner that has equity or needs to sell short, the listing success rate of homes has risen over the last year from a mere 60.6% to 75.5%. Another impressive stat is the listing price per square foot average is up from $128.36 to $149.13, a +16% margin. The lender owned supply has dropped to 7.8% from 18.7%. This drop in lender owned inventory is obviously a huge step in the right direction and continuing to defy the logic of a large shadow inventory bomb about to hit our market.
(Stats from Michael Orr, the Cromford Report)
My Best,
Justin M. Baker, CDPE / CSSN / ABR
Keller Williams- Biltmore Partners
www.RealEstate602.com
Phoenix Association of Realtors
-Board of Directors 2011
Arizona Association of Realtors
-Board of Directors 2008, 2010, 2011
City of Phoenix
-Member 2010, 2011, North Gateway Village Planning Committee
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If you would like my professional guidance with a home sale or purchase, please do not hesitate to call me at 480-330-7426 or e-mail me at phoenixrealestate602@gmail.com.
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