Market Update November 2011, Valley Wide, Arizona

Market Update through the end of November 2011.

The Valley Wide graph represents all of the MLS. The table below that graph just represents recordings for new and re-sales for Maricopa County.

• Total active listings have dropped by 527 units over the beginning of last month.
  
• As of December 11th, we sit at 25,521
• Actives for Single Family Homes and Condos. Sales are at 6998 for the last 30 days (as of December 11th), down by 1111 units from November 2011.
• We are currently sitting at a 3.7 months of supply. If you subtract out the AWC Contracts (which are included in Actives in the Cromford Report), we are at 2.8 months of supply. Traditionally, 3-4 months of supply indicate a balanced market.
  
  Distressed Market Pie Chart:
  This chart shows the percentage of distressed properties that are being listed and sold.

• Short Sales represent 29% of the Closings for November, (compared to 28% in October) and 37% of the active Listings for a 4.8 Months of Supply.
  
• Distressed Sales (Short Sales and REOs combined) accounted for 58% of the total sales for November. This is a 6% point drop over the month before!!!!
  
  Closings:
  

• There were 6977 closings in November 2011 vs. 7135 closings in October 2011. This is a 2% decrease. There were 6328 closings last year in November. This is a 10% increase. (Maricopa county new contruction and re-sales).
  
  Reality Check:

• The Median Sold Price for Maricopa County for November 2011 was $128,750. In November 2006, the Median Sold Price was $260,516!
  In November 2000, the Median Sold Price was $136,882.
  The Median price rose by 5% from October to November!!!
  
  Luxury:
  

• The Luxury Market of $1.0 Million and above continues to be the lowest absorption rate of any market segment.
• There was a 5% absorption rate for the month of November.
• Only 54 properties in all of the MLS were sold for more than $1.0 million.

MONTHS OF SUPPLY

East Valley: 3.0
NorthWest: 4.8
Paradise Valley: 11.8
Luxury ($1mil+): 21.3
Southwest: 3.2
Peoria/Glendale: 2.7
Camelback Corridor: 4.1
Cave Creek: 5.4
Ahwatukee: 3.4
Scottsdale: 6.7
Apache Junction: 5.5
Fountain Hills: 8.9
Buckeye: 3.5
Desert Ridge & Tatum Corridor: 2.7

Residental Market Update
Valleywide Comparision, November 11, 2011 to December 11, 2011

Valleywide Distressed Properties

Residental Market Update
East Valley Comparision, November 8, 2011 to December 11, 2011

Source: Equity Title
De Payne
Business Development Manager
602.769.5561
depayne@eta-az.com