Market Update: June 2006

My apologies for the delay in getting June's market report posted. What can I say, the dry heat has absorbed all my energy!

# OF ACTIVE LISTINGS in entire MLS (may include properties outside of Phoenix):
Feb 06 – 34,507 (residential only)
Mar 06 – 37,215 (residential only)
Apr 06 – 38,483 (residential only)
May 06 – 43,505 (residential only)
June 06 – 44,286 (residential only)
ACTIVE LISTINGS
June 05 - Average list price: $422,291
June 06 - Average list price: $417,804 ($412,475 last month)
PENDING LISTINGS
June 05 - Average list price: $323,681
June 06 – Average list price: $364,993
SOLD LISTINGS:
June 05 - Average SALES price: $299,798
June 06 – Average SALES price: $340,129
LIST TO SALES PRICE RATIO:
June 05 - Average: 99.73%
June 06 – Average: 97.19%
DAYS ON MARKET
June 05 - Average: 36
June 06 – Average: 69
What does this mean for YOUR sellers? It means many things:
1. The number of active homes on the market continues to increase, although
the increase is smaller than in the prior month.
2. The average list price is LOWER than a year ago, but higher than May of
2006.
3. Even though the market has slowed, the average sales price continues to
be significantly higher than a year ago.
4. The average home that is priced according to the market will, on average,
be on the market for just over 2 months.
5. The home that is priced according to the market will, on average, sell
for 97.198% of the asking price (this is a slight decrease over May)
6. As of today, we have 44,811 homes on the market, 7,786 pending, and there
were 7,216 sales in the month of June. This means that with the inventory we have right now, with no new homes entering the market, we have a supply of homes for the next 5.75 months AND that 93% of those homes under contract should close. If that follows, that means 7% of the homes under contract could either return to the market OR expire and leave the market.
7. Sellers need to understand there is still greater competition from the
new home market, as builders are offering higher incentives to lure in prospective buyers. In some cases, we are seeing incentives as high as $120,000 as well as co-brokes to agents as high as 12%

Landlords Must Register Rental Properties in Maricopa County

If you own rental property in Maricopa County then, it is required to register those properties with Maricopa County. An owner who fails to file the required information may be fined $1,000 plus an additional $100 for each month the filing is delinquent.

You can download the registration form at
http://www.maricopa.gov/assessor/pdf/residentialrentalform.pdf

I hope this information was helpful for you and if you know of anyone who may benefit from this, please pass the information along.