Maricopa County Update

For February here are the county numbers which is showing some interesting statistics.

These figures are from the Arizona Regional Multiple Listing Service.  Sales in February were up 14.4% over January (which is typical since 2001), however comparing 2013 to 2012 there was a decline of 8.6%. Our total inventory is down 8.5% from last year, and we have been in the range of 19 to 23k homes listed for a year.  That is way below traditional number of active homes in the county.  The months supply inventory is at 3.28 months which indicates a seller’s market.  The interesting aspect is the sales price and list pricing.  List pricing is averaging $283,400, which is a 21.6% increase from March 2012.  The sales price increased 3.3% to a median price of 160,00, which we last saw in October 2008.  Over the past twelve months the median sales price is up 23.17%.  ARMLS is predicting an increase in the median sales price of 3.23% by the end of March (last month they were off : projection was lower than the actual increase).  More importantly the price per square feet increased from 8$ in the 50 to 100k price range, and up to $14 in the 200-250k, and $11 in the 400 to  450 range, with an average of $10/SQ.FT.

This is all good for home sellers and may be indicating to buyers that time to make a decision to move forward or be willing to pay more with fewer choices.