Wednesday, July 10, 2013

June 2013 Phoenix Scottsdale Real Estate Market Update

June 2013 Phoenix Scottsdale Real Estate Market Update

Our Phoenix Scottsdale Real Estate June 2013 numbers are in! And they look great! It would be to onerous to give you the breakdown by area (but you can email me or call me for YOUR  specific home value - but you can also go on my website at and request a FREE home value report), but overall, let me focus on the main key market figures:

Overall market values are up a whopping 25% for the rolling year, overall, and up 3% from last month while the average days on the market decreased by 12% for the rolling year and decreased %1.52 for the month to month. This means in simple terms, that properties are selling much faster. The inventory is currently lower at about 2.6 months supply. So definitely house sales from time to market are actually accelerating.

The discount rate, meaning the price at which properties sell versus the listed price is about 2.7% on average - meaning homes are selling at listed price but overall homes sell at 97.3% of their original list price. The negotiating power of the average buyer is much less.  Of course, this will vary by market segment ($) and location.

Sold listings are down in June while the total new homes for sales coming on the market are down as well. So this means our inventory of homes is not getting any better and neither shrinking, while remaining tighter and I expect this will put more pressure on prices as it continue to create almost a shortage situation especially  in the market segment under $500,000.

It remains a great time to buy as we expect values to continue to rise, but also an awesome time to sell as you can get the most favorable terms and conditions.

Here are the median sold numbers per region and how they have been changing: 

Richard Bazinet - Realty ONE Group -Phoenix Scottsdale Real Estate

June 2013 Phoenix Scottsdale Real Estate Market Update