The Maricopa County real estate market continues to largely favor home sellers. Although inventory is low, there has not been a notable increase in home values over the course of the past twelve months. In general, the market is healthy, even though mortgage interest rates are expected to rise over the course of the year. However, the most popular home loan debt instruments remain under 4 percent, giving buyers plenty of motivation to enter into the market.
Maricopa County Home Prices
During the month of May in Maricopa County, the average home sales price reached $282,420, a significant increase from April and March of this year, when the average sale price was $271,302 and $269,929, respectively. More good news for home sellers is the average list price to sale price ratio remains high. For the month of May, the average list price to sale price ratio reached 97.47, besting the April figure of 97.35 and is also higher than the same ratio from May 2015, when the average list price to sale price ratio was 97.08. Over the course of the past three years, the average list price to sale price ratio has not fallen below 96.30. For homeowners considering selling, price according to truly comparable properties recently sold in the past three to six months.
Current Mortgage Rates
Mortgage interest rates are still near historic lows. A 30-year fixed rate note comes-in at 3.58 percent, with the 15-year fixed rate home loan having a 2.88 percent rate. FHA 30-year fixed rate mortgages are at 3.25 percent and jumbo 30-year notes are currently at 3.6 percent. The 5/1 adjustable rate mortgage begins at 2.97 percent in the latest figures available, according to Mortgage News Daily.
April Sales by Loan and Transaction Type
Traditional, non-distressed properties continue to dominate the market share of recently sold homes in Maricopa County, accounting for a robust 95.69 percent. Distressed properties, including short sales and REO/HUD foreclosures represented a total of only 4.31 percent or 1.89 percent and 2.42 percent, respectively. The number of closed sales in May rose over April, with a total of 8,821 closings during the month, besting the previous month's total of 8,438. Conventional sales remained the largest share, totaling 4,123; FHA sales represented 2,066 closed transactions; cash sales accounted for 1,962 sales; and, 587 sales were VA loans.
Maricopa County Real Estate Listing Statistics
The number of active listings during the month of May reached 21,041 homes on the market, which represents all available properties and not just new listings. The average days on the market for the month of May fell slightly from April to 75 ADOM from 76 days. It's also down from April, when the average days on the market were 80. The average active listings fell 3.9 percent, as did pending sales, dropping 5.1 percent to 9,890. However, the number of sold listings increased in May by 4.4 percent and are up 6.2 percent from the same month last year. Overall, the Maricopa County real estate market is becoming more active as more buyers enter. For more specific details about these statistics or for information about market conditions in a particular community or neighborhood, please contact us.