While markets often take a dip when the Presidency changes hands, so far things have been pretty calm in terms of real estate. Here’s our January 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: 20,090
#OF PENDING SALES: 10,237
#OF CLOSED SALES IN PAST 30 DAYS: 5,456
#OF DISTRESSED PROPERTIES: 457
As a percentage of total active listings, “distressed” inventory account for just two percent of available inventory–this represents a one percent drop from 60 days ago. Active inventory has been hovering between 20,000 and 21,000 for some time, but this may increase with expectations of the Phoenix market improving. Based upon all sales that occurred in the past 30 days, the median sale price jumped to $303,515.
This chart shows the Median Sale Price over the course of 2016:
In terms of current market conditions, it’s more of the same from last year. The sub $300k market is very strong for homes with flix n’ flip potential and homes that are updated and well located. The average days on market (ADOM) for active/pending homes is 75 while the $300k to $500k range is 105. Looking farther up the ladder, the ADOM for the $500k to $1M range is 151 and from $1M and up it is 222. The upper price ranges are still lagging in terms of demand though certain pockets remain strong.
Mortgage rates dropped slightly in the past week–here is a snapshot of rates taken from Mortgage News Daily:
- 30YR FIXED – 4.25%
- FHA/VA – 3.75%
- 15 YEAR FIXED – 3.375%
- 5 YEAR ARMS – 2.75 – 3.25% depending on the lender
Rates will vary by lender, borrowers credit rating, type of housing product, etc. Read the full article from Mortgage News Daily here. We are bullish on the market for at least the next few months and expect to see increased activity moving into February. If you’d like to review our recap of the 2016 real estate market, click here. If you have a question about a community or particular home, contact one of our outstanding agents. We are here to serve and to assist with all of your real estate needs.
