More inventory, more competition, smaller buyer pool sums up January’s market in Ahwatukee.
So, how did we finish up 2013?
According to the Arizona Regional MLS, property sales in the 85044, 85045 and 85048 ZIP codes are down 5.6 percent from December of 2012 and 22.9 percent higher than the 83 November sales. Year-to-date sales are only 1.1 percent ahead of last year’s numbers.
Additionally, the median sales price of $257,700 in December was up 18.4 percent from December of 2012 and down 7.6 percent from November. The average sales price was $296,490, up from $239,000 in December of 2012.
December inventory decreased slightly over November by -2 percent. However, inventory was up 49.4 percent from December of last year, totaling 395. December’s supply of inventory was 3.8 months, which when compared to previous years is at its highest level.
Days on the market (DOM) is an indicator of whether we are in a Buyers or Sellers market. An increasing trend of DOM may indicate more of a Buyers’ market, while a downward trend may indicate a Seller’s market. December’s DOM was 53, up 32.5 percent from 40 days in November and up 17.8 percent from 45 days in December of 2012.
December’s sales price per square foot was $140, up 15.7 percent from $121 in December of 2012. This is a good indicator of the direction of property values, which appear to be back on track.
The last thing we need to look at is sales price vs. original listing price. The closer to 100 percent, the more of a Seller’s market is indicated. December of 2013 showed 97.6 percent, which was down from 98.1 percent last month and down from 98.8 in December of 2012.
The impact of changes in mortgage requirements and rates always impacts the market to some extent. Rates have ticked up a little bit and lender requirements have become more stringent.
In conclusion, it appears that the market in these ZIP codes has stabilized. As of this date, January’s new listings have increased the supply in the market, which we expected. This will change these statistics in 2014, but as always I will compare the same month this year with previous years.
• 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.