Here’s a look at the recent trends county-wide. I’m pulling a rolling 13-month history so we can see the last year’s trends plus a comparison of this month to the same month last year.
These charts are showing trends which are more obvious than I’ve seen in awhile:
First of all, the number of sales is through the roof! We’ve noticed this activity across just about every slice of the data – sales are up, way up. Maybe that’s because…
Prices are down. Notice the average sales price and the average price per square foot are down 11-12% from this time last year, although both have been holding steady over the last 6 months, and have even shown a slight uptick in recent months.
In addition, Days on Market is trending downward after hitting a high mark earlier this spring.
Taken together, this tells me we’ve hit a market-clearing sweet spot for investors. The current prices allow investors to buy distressed homes, fix them up, and rent them out for enough money to generate acceptable profits. Good news in that prices shouldn’t fall any further; bad news in that prices can’t rise either – as soon as the numbers stop creating profits the investors will stop buying.
Looks like we’re stuck in a holding pattern for the time being, but at least it’s a holding pattern that’s clearing vacant homes out of neighborhoods.
Specific Zip Code reports are now available! If you’d like to see how the sales activity in your zip code compares with the county as a whole, just click here to sign up, and you’ll receive your zip code report via email each month.
and now, on to the reports. (click each chart to embiggen)
Number of Homes Sold by Month
Average Sold Price
Average Price per Square Foot
Average Number of Days on Market
** The data for all these charts represents Single Family Homes sold in Maricopa County via the MLS. All data was pulled from the Arizona Regional Multiple Listing Service, and is thought to be accurate but is not guaranteed. Please do not make any life-changing decisions based solely on the information contained herein.
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Your keeping an eye on the trends Realtor,