Month after month we post local real estate market information —- and then, for several months, we have been telling you the info is pretty consistent, historically, with the same monthly reporting period from prior years. But this month we can’t tell you that.
February 2014 Info Not On Track With Same Reporting Period In Prior Years
Residential home sales in the Gold Canyon Arizona area for February 2014 was not at all on track with prior years sales numbers. February 2014 sales numbers showed significantly fewer sales than prior February reporting periods from the past several years. Additionally the average price per square foot of homes sold has dropped – for both “traditional sales” as well as those that were “distressed sales”.
Sellers are needing to cut their listing prices to try and encourage sales. This is not showing only true in Gold Canyon, but also across the entire Phoenix Valley area it is being reported that homes on the market listed for sale are getting price cuts.
Number Of Listings Across Phoenix Is Up
The number of actual listings is up – across the Phoenix Valley the Multiple Listing Service shows an increase of 17.8% for single family homes that are listed for sale since the beginning of the year.
Number of Homes For Rent Is Down
Another piece of interesting real estate news is that across the entire Phoenix area, the supply of single family homes for rent continues to rather dramatically plummet. The number of single family homes listed for rent on the Multiple Listing service is down 32% from the beginning of 2014.
What does the new real estate information mean? Is it a new trend? Only time will tell – stay tuned.
February 2014 – Real Estate Stats – Gold Canyon Arizona at a glance
- February 2014 home sales shows 28 homes sold. Of these 28 sales, 3 of them was “distressed” when the sale occurred.
- Average price per square foot for sold homes in February 2014 was $136.30.
- Average price of homes sold in Gold Canyon Arizona in February 2014 was $296,412.
- Average price per square foot for “distressed” homes sold in February 2014 was $106.54.
- Number of homes on market in Gold Canyon Arizona during February 2014 – there were 364 homes on the MLS.
- Based on 364 homes on the MLS, at the current rate of home sales this is an 13 month inventory of homes.
(** A “distressed” home means either a home is a “short-sale”or one that has foreclosed. A “traditional” sale means there is not a bank involved, such as a short-sale or foreclosure. A “traditional” sale is with human owners, not a financial institution. )
(Real estate data taken from Phoenix Multiple Listing Service. Information is deemed accurate, but not guaranteed.)