Wednesday, January 16, 2013

Year-End 2012 Phoenix Scottsdale Market Update

Phoenix Scottsdale 2012 Year End Real Estate Market Update.

Our Phoenix Scottsdale Year-End 2012 numbers are in! It would be to onerous to give you the breakdown by area, but overall, let me focus on the main key market figures:

Overall market values are up 30%, while the average days on the market decreased by 21% - meaning that properties are selling much faster. The inventory is currently at about 3 months.

The discount rate, meaning the price at which properties sell versus the listed price is about 2.5% on average - meaning homes are selling very close to the listed price. However this is an improvement in the last quarter of 2012. In the summer of 2012, homes were selling at about 98.5% of their listed price.

What is particularly interesting is that the sales for the year are up 21%, however the sales for the month  are down almost 7% as perhaps a result of combination of factors such as our November election, the holiday season, and likely the shortage of homes on the market.

Here are the median sold numbers per region: 

New listings are down 55% altogether from the previous year - which means that demand from buyers is greater than sellers putting their houses on the market for sale.

However the number of total listings has increased in the last 3 months to December 2012 which is good news. So all in all, it means the market is active, and prices are on the rise. 

So, if you or anyone else you know were thinking of selling, now is a good time for the best price, terms and conditions. You’ll want to hear about my power 10-step Listing Marketing Plan for more horsepower into the market. Also, I have a long list of clients that are waiting patiently for the right home to be on the market.

And if you are curious as to what your house is worth on the market, please give me a call.

On the other hand, if you are buying or know someone who is, now is also the right time. It will take a real experienced pro to navigate the current real estate waters, find the right house and get you the best possible deal. Please feel free to contact me with, and for your friends and relatives with their information and I’ll be glad to contact them on your behalf and send them a copy of my Buyers Guide to Arizona Real Estate.

Richard Bazinet - Realty ONE Group
Phoenix Scottsdale Real Estate