The Maricopa County real estate market continues to favor sellers. However, home values are not increasing; and, over the past twelve months have not increased significantly. In addition, the average days on the market or ADOM, have risen -- up to an average of 80 days or nearly three months. The month of March did experience some changes, though, with a bag of mixed results.
Maricopa County Home Prices
The sales price versus list price also rose in the month of March in Maricopa County, increasing for a total of 98.8 percent compared to 96.99 percent for the previous month. This means 98.8 percent of sellers are receiving their listing price, a good sign for home sellers and home values. By contrast, though, the average sales price dipped slightly in March, falling to $269,929, compared to February when the average sales price stood above $270,000.
Mortgage Rates
Currently, mortgage rates stand at 3.64 percent for a 30-year fixed debt instrument, 2.94 percent for a 15-year fixed mortgage, 3.25 percent for a FHA 30-year fixed rate home loan, 3.58 percent for a jumbo 30-year fixed, and 2.97 percent for a 5/1-year adjustable rate mortgage, according to Mortgage News Daily.
March Sales by Loan and Transaction Type
A total of 5,816 sales in Maricopa County in March and sales were dominated by traditional or non-distressed properties, accounting for 95.48 percent of all transactions. The remaining 4.52 percent of sales in the month of March in Maricopa County, divided into 2.33 percent of REO and HUD foreclosures and 2.19 percent short sale transactions. Cash sales accounted for 2,138 transactions, with 3,684 being conventional loans, 2,050 FHA loans, and 610 VA loans.
Maricopa County Real Estate Listing Statistics
During the month of March, 22,761 homes were listed for sale on the multiple listing service, a slight decrease from February, when there were 22,906 available properties. However, this represents an increase from March 2015, when 22,691 were listed for sale. Pending sales continued to rise, following a trend from previous months and years. In March, there were 10,158 pending transactions yet to close, which bests February's number of 9,398 and January's 7,830. It also represents an increase in year-over-year comparisons; in March 2015, there were 9,834 pending sales and 8,684 pending sales in March 2014. The number of closed sales in March rose steeply, compared to the previous two months. Maricopa County recorded a total of 8,500 real estate transaction settlements, out pacing February's 5,816 closed sales, and January's 5,201 closed sales. Active listings were down by .7 percent, compared to March 2015, which was up by .4 percent. The percentage of pending listings increased by 7.5 percent.
Notice of Default Filings for March 2016
There were a total of 876 notice of default filings in March in Maricopa County. These are classified as distressed properties in the real estate industry and continue to represent a small percentage of total available properties for sale. Overall, the Maricopa County real estate market continues to demonstrate its health. For more detail specific information about market conditions in your neighborhood community, please contact us.