The news continues to be good with our market trending upward. Combining the three area ZIP codes of 85044, 85045 and 85048, June property sales totaled 174, down 13 percent from last month but up 30 percent over June of 2012. The Median Sales Price in June was $263,900, up 9 percent over the prior year. Currently, the medium list price is $349,900, which is up 4 percent over last month and 31 percent over prior year same month (PYM). June 2013’s average sales price was $311,835, even with last month and up 14 percent over PYM. June 2013 sales were at their highest level compared to June of 2012 and 2011. June YTD sales of 910 are 11.2 percent ahead of last year’s year-to-date of 818 sales.
Inventory climbed 8.7 percent for April to 349 over last month’s 321 and up 25.1 from June of 2012 when it was at 279. Market time (DOM) shows how many days the average property is on the market before it sells. The DOM for June was 37, up 2.8 percent from 36 days last month and up 2.8 percent from 36 days in June 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. June 2013 selling price per square foot was up .7 percent to $140 from $139 last month and $120 in April of last year, which reflects a 16.7 percent increase.
The last indicator of the market is inventory, which includes existing listing and new listings. Currently, the Multiple Listing Service shows 180 new listings for June, 2013 compared to 175 in June of last year. Listings hit a high of 745 listings in October of 2010, when it was definitely a buyer’s market.
Since inventory has stayed low since the beginning of the year, 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.
Sellers are continuing to build equity in their homes. Homeowners who at one time were underwater with their mortgages are now seeing the possibility of selling their homes as a “traditional” sale. Interest rates are beginning to rise slightly. However, there is still 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.