Phoenix Housing Market – Numbers from ARMLS June 2013

To be a qualified instructor for the Arizona Department of Real Estate, each year I have to attend Instructor Development Workshops. One of the classes I just took was an update on the Phoenix Housing Market. My disclaimer, I am not a residential real estate agent and only work on commercial properties. Having stated that, I did take notes (and charts below) and found some of the following statements and statistics very fascinating; especially when it comes to the number of “shadow” inventory in our market.

Here are the highlights and the charts will follow:

-The new EastMark Development on the former GM Proving grounds in Mesa is a 5 square mile development and will add 800 homes this year

-Less than 10% of Total Home Sales were New Home Sales

-61% of Total Home Sales came from the middle class move up Market

-Less than 6% of Total Home Sales were Investor Flips (owners of homes less than 90 days)

-Less than 10% of the Total Home Sales were Short Sales/PreForeclosures – this was a “typical” Phoenix Housing Market

-Median Age for the State of Arizona in 2013 is 35.9

-Biggest cost for new construction is lumber costs. A story was mentioned that a contractor could only guarantee the cost of lumber for one week from their supplier!

-We were reminded that January 2008 was the bottom of the market for Home Sales Per Month

-We are still over 30% off of Peak Average Sales Price Per Month – Peak $350,400 in May 2007 and in May 2013 it was $237,803

April 2013 Recorded Sales

April 2013 Recorded Sales 2

ARMLS New Listings Per Month

ARMLS Avg New Listing Price Per Month

ARMLS Home Sales Per Month

ARMLS Avg Sales Price Per Month

ARMLS Avg Cumulative Days on Market for Sold Listings