MARICOPA & PINAL COUNTY MARKET UPDATE FOR JUNE 2014 • Pricing was stronger in June than in May. However the annual percentage appreciation rate is falling towards more conventional levels. Compared with June 2013: o The median sales price was up 11% from $190,000 to $211,000 o Average price per square foot gained 10% from $117.08 to $128.69 • Townhouse/condo prices also moved higher between May and June but are only modestly higher than a year ago. Compared with June 2013: o The median sales price was up 2% from $125,000 to $128,000 o Average price per square foot rose 4% from $126.93 to $131.32 • Supply declined again during June, and unusually it fell faster than in May. Active listings (excluding homes already under contract) dropped 5%, but as of July 1, 2014 we still had 59% more active listings than July 1, 2013. Distressed supply was up 16% from a year ago though down 8% from last month. • Foreclosure starts on single family and condo homes rose 6% between May and June. They were down 38% from June 2013 and remain well below the long term average. • Recorded trustee deeds (completed foreclosures) on single family and condo homes were down 6% between May and June and down 35% from June 2013. • Demand in June was again lower than last year, though not as far below as in May. Single family sales dropped 4% from May but townhouse/condo sales were down 9%. Sales of single family homes declined 11% from June 2013 while sales of townhouse/condos were down 7%. • The percentage of residential properties purchased by investors continued to decline from 16.1% in May to 14.4% in June. • Single family homes sales increased year over year in three sectors: o New homes (up 5%) o Bank owned homes (up 10%) • Single family home sales decreased sharply year over year across every other sector: o Investor flips (down 43%) o Short sales and pre-foreclosures (down 71%) o GSE (Fannie Mae, Freddie Mac, etc.) owned homes (down 35%) o HUD sales (down 86%) o Third party purchases at trustee sale (down 54%) Unless otherwise stated all the statistics shown are for Maricopa and Pinal Counties combined.
Posted on: Thu, 14 Aug 2014 01:51:14 +0000
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