Combining the three area ZIP codes of 85044, 85045 and 85048, April property sales totaled 172, up 8.9 percent from 158 in April of 2012 and 25.5 percent higher than the 137 sales last month. The Median Sales Price in April was $249,500, up 31.3 percent from $190,000 in April of 2012 and up .6 percent from last month. April 2013’s average sales price was at its highest level compared to 2012 and 2013.
Inventory climbed 8.3 percent for April to 339 over last month’s 313 and up 41.8 percent from April of 2012 when it was at 239. Market time (DOM) shows how many days the average property is on the market before it sells. The DOM for April was 41, down -8.9 percent from 45 days last month and down -36.9% from 65 days in April 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. April 2013 Selling Price per Square Foot was up .8 percent to $131 from $130 last month and $108 in April of last year, which reflects a 21.3 percent increase.
The last indicator of the market is inventory, which includes existing listing and new listings. Currently, the Multiple Listing Service shows 209 new listings for April, 2013 compared to 167 in April of last year. That is a 25.1 percent gain. Listings hit a high of 745 listings in October of 2010, when it was definitely a Buyer’s Market.
Now is an excellent time for Sellers to put their homes on the market. Interest rates are still incredibly low and we have pent up demand from all price ranges of buyers. 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.