The July numbers continue to show improvement in ZIP codes 85044, 85045 and 85048. July property sales totaled 169, down 3 percent from last month but up 16.6 percent over July of 2012. The median sales price in July was $291,000, up 16.4 percent over the prior year. Currently the medium list price is $345,000, which is down 1 percent over last month and up 30 percent over prior year same month (PYM). July 2013’s average sales price was $320,350, up 2.7 percent over last month and up 23.1 percent over PYM. July 2013 sales were at their highest level compared to July of 2012 and 2011. More properties are closing escrow and July’s YTD sales of 1,079 are 12 percent ahead of last year’s year-to-date of 963 sales.
Inventory climbed 9.1 percent for July to 347 listings over last month’s 318 and up 12.7 percent from July of 2012 when inventory was at 308. Market time (DOM) shows how many days the average property is on the market before it sells. The DOM for July was 32, down from 37 days last month and down from 36 days in July of 2012. When DOM lessens, it indicates a trend toward a seller’s market. A decrease in DOM and a shorter supply of inventory helps increase the sales price.
The sales price per square foot is a good indicator for the direction of property values. July 2013 selling price per square foot was up 2.1 percent to $143 from $140 last month and $119 in July of last year, which reflects a 20.2 percent increase.
The last indicator of the market is inventory, which includes existing listing and new listings. Currently the Multiple Listing Service shows 175 new listings for July 2013, down -4.4 percent, compared to 183 last month and -6.4 percent from 187 in July of last year. Listings hit a high of 745 listings in October of 2010, when it was definitely a buyer’s market.
Inventory continues to stay low and sellers whose homes are priced well have experienced multiple offers in a short period of time. This has enabled them to select the best price, terms and conditions for the sale of their home.
Additionally, interest rates continue to hover between 4.25 and 4.50 percent. These trends continue to be positive and indicate a healthy market for homeowners in the Ahwatukee and Foothills areas.
• Linda Berg is branch manager and designated real estate agent for the Ahwatukee/Tempe office of Coldwell Banker Residential Brokerage. She has been a Realtor since 1978 and past-president of the Southeast Valley Association of Realtors. Reach her at (480) 753-3122 or www.azmoves.com/Linda.Berg.