The STAT November 2014 newsletter is ready for review and it covers October 2014 data. The November report shows the market is still much the same and while our volume numbers are better year-over-year, demand is still extremely low. Check out the STAT highlights below and be sure to read the entire article as Tom discusses The L.I.F.T Program (Labor, Income, Fixed investment and Trust) and how it could effect our market. According to Tom Ruff of The Information Market, it’s possible with clearer lending policies, lower down payment requirements and an improving job market, coupled with pent-up demand (for example: Millennials and boomerang buyers), we’re predicting that 2015 will be the lift off and 2016 will be a break out year.
November STAT Highlights
Monthly Sales – 6,154 Units Sold – Up 1.9% year over year. Down 1.6% from last month.
New Inventory – 9,749 Listings – Down 8.8% year over year. Up 13.2% from last month.
Total Inventory – 27,591 Active Listings for Sale. Up 5.4% from last year. Up 4.6% from last month.
Months Supply of Inventory – 4.48 Months. Roughly same as last month.
New List Prices – Average List Price is $349.5K. Up 6.0% from last year.
Sales Prices – Average Sales Price is $247.9K. Up 2.5% from last year.
Foreclosures Pending – 6,097 Units – Down 31.1% from last year.
Distressed Sales 609 Units or 9.9% of current sales in MLS. Down 54.8% from last year
Average Days on the Market – 88 – Up 23 days from last year.
If you are a potential homebuyer and have questions regarding the current real estate market data in the specific area where you are planning to purchase, be sure to consult with your Realtor or feel free to Contact US.
If you would like to search homes for sale throughout the Valley of the Sun, be sure to visit our Home Search Page.
Arizona Regional Multiple Listings Service’s (ARMLS®) monthly statistical newsletter STAT, provides a timely view of what is happening to the residential real estate market in the Valley of the Sun – The Metro Phoenix Area. Unlike statistics compiled by other entities, it does not rely on third party data. STAT’s focus is on SALES and ACTIVE INVENTORY, year over year and month over month, including details on sales prices, foreclosures and short commentary. * The most current version will provide data from the previous month.