February has brought a small uptick in terms of real estate activity–Here’s our February 2017 Maricopa County Real Estate Update. Let’s start with a few key stats taken from the Arizona Regional Multiple Listing Service:
#OF ACTIVE LISTINGS: 19,855
#OF PENDING SALES: 12,560
#OF CLOSED SALES IN PAST 30 DAYS: 6,596
#OF DISTRESSED PROPERTIES: 416
As a percentage of total active listings, “distressed” inventory still accounts for just two percent of available housing inventory–we consider distressed properties to be the following type of listings: auction, pre-foreclosure, bank owned properties and short sales. Active inventory has fallen slightly since last month and the average days on market for active listings is 121.
The median sold price from the end of January to February 28, 2017 is $283,183 and the average dollars per square foot for sold homes is $153.
This chart shows Market Activity for the past three months:
This chart shows the Average Sale to Original List Price $ Ratio for the past three months across Maricopa County:
Mortgage interest rates have fallen slightly in the past week. Here are the current national average rates per bankrate.com:
- 30YR Fixed: 3.97%
- 15YR Fixed: 3.13%
- 5/1 ARM: 3.14%
If you need a qualified lender, please visit this page on our site. We expect market activity and inventory to remain steady for the next 30 days. If you have a question about the market, a community or particular property, please contact one of our outstanding real estate professionals–we’d be honored to serve you.