March 2014 Real Estate Sales Not On Track With Same Reporting Period In Prior Years
Residential home sales in the Gold Canyon Arizona area for March 2014 were not on track with prior year’s sales numbers, for the same reporting period. This is the second month in a row we have had to report this trend. March 2014 sales numbers showed significantly fewer sales than prior March reporting periods from the past several years. The average price per square foot of homes sold is a mixed message however. “Traditional sales” show the average price to be up a bit from Feb – but this may be only the result of a few more more expensive homes selling during March than any real news that prices are trending upward. The average price per square foot of “distressed sales” showed to be down notably from the prior month.
Sellers are still needing to cut their listing prices to try and encourage sales. This is still not only true in Gold Canyon, but also across the entire Phoenix Valley area. Other agents and various reports across the valley are indicating 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 still showing an increase. The Multiple Listing Service across most of the Phoenix Valley shows an increase for single family homes that are listed for sale since the beginning of the year.
Phoenix Rental Market
The current overall Phoenix rental market is interesting.
- Investors pulling out — but tenants still coming
- Only 3,096 Single Family Resident rental listings on the Multiple Listing Service at the end of March.
- In January there were 5,274
- This is basically only a one (1) month of supply
- Most of the rentals that are available are more expensive ($1,687/month)
- Average in January was $1,449/month
- Condo rentals are easier to find (2,309 units available)
March 2014 – Real Estate Stats – Gold Canyon Arizona at a glance
- March 2014 home sales shows 41 homes sold. Of these 41 sales, 3 of them was “distressed” when the sale occurred.
- Average price per square foot for sold homes in March 2014 was $143.77.
- Average price of homes sold in Gold Canyon Arizona in March 2014 was $317,500.
- Average price per square foot for “distressed” homes sold in March 2014 was $169.167.
- Number of homes on market in Gold Canyon Arizona during March 2014 – there were 351 homes on the MLS.
- Based on 351 homes on the MLS, at the current rate of home sales this is an 9 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. )
What does the new real estate information mean? Is this a new trend? Only time will tell – stay tuned.
(Real estate data taken from Phoenix Multiple Listing Service. Information is deemed accurate, but not guaranteed.)