The Maricopa County real estate market continues to post strong numbers, although home values over the past twelve months remained virtually unchanged. The month of June continued to favor sellers, a familiar trend through the first part of this year. One notable statistic is the number of properties listed on the local multiple listing service during the month of June fell markedly from new listings posted in the previous month of May. This means sellers need to set their listing prices smartly. Buyers should know homes listed under $200,000 are still likely to attract multiple offers with inventory remaining relatively low.
Maricopa County Home Prices
The Maricopa real estate market is experiencing a great dynamic for most residential property sellers. The average sales price during the month of June fell slightly to $282,289, down from May's average of $282,420. However, this represents a significant increase from spring, when the average recorded sales price was $271,302 in April and $269,929 in May. The average list to sales price ratio, though, rose in June, hitting 97.58, up from 97.47 in May. The average list to sales price also outpaced the month of April, when the ratio stood at 97.35, as well as June 2015, when the ratio came-in at 97.43. Another remarkable statistic is the fact the average list to sales price ratio has remained above 96.30 during the past three consecutive years.
Current Mortgage Rates
Both buyers and sellers will be happy to know mortgage interest rates remain near historical lows, with all home loan products well under 4 percent. A 30-year fixed rate conventional mortgage currently stands at 3.37 percent, and 15-year fixed mortgages are even a better bargain at just 2.71 percent. The FHA 30-year fixed home loan is currently at 3.25 percent, while a 30-year jumbo loan comes-in at 3.46 percent. A 5/1 adjustable rate mortgage is available for 2.84, according to the latest figures posted by Mortgage News Daily.
June Sales by Loan and Transaction Type
Traditional or non-distressed properties remain the largest share of all homes sold in Maricopa County during the month of June, accounting for 95. 74 percent. This figure is up slightly from May, when the total of traditional sales totaled 95.69 percent. Also during June, a total of 4.26 percent involved distressed properties which are short sales and foreclosures. Of those, 2.38 percent were foreclosure properties and 1.88 percent were short sales. This is likewise an improvement from May, when 1.89 percent were short sales and 2.42 percent were foreclosures, for a total of 4.31 percent, a decrease of .05 percent. The number of closed sales during the month of June in Maricopa County rose to 8,969 transactions, up from the May figure of 8,821 closed transactions. This also represents an improvement from April's 8,438 closed sales. During June, a total of 1,893 transactions were cash, 4,367 were conventional, 1,986 were FHA, and 643 were VA loans.
Maricopa County Real Estate Listing Statistics
The average days on the market fell to 74, lessening the time it takes to sell a property. In May, it took an average of 76 days on the market to sell and an average of 80 days in April. Pending listings fell during June from May, down by 10.3 percent, but up 6.7 percent from June 2015 and 1.7 percent more listings sold over May's total.