For those keeping score, we enter the day with 8,014 detached homes for sale in Maricopa County, an area roughly the size of … wait for it … Macedonia.
In the month of April there were 6,107 closed sales of said property type, which means right now there is a 39-day supply of homes. Put another way, if nothing else came onto the market, at the current sales pace there would be zero homes for sale before Father’s Day.
Incidentally, new builds are not included in the closed sales unless they are spec homes listed in the MLS. Builders have been busy – no multiple offer worries there – but it’s a number I easily can track.
For those thinking there are bargains to be had in the sub-$50k realm (yes, there still are those propagating such rumors at Canadian cocktail parties) only 298 of those homes sold at $50k or below – about 4.8 percent of total sales:
- $50,000 and under – 298
- $100,000 and under – 1,439
- $100,000 to $200,000 – 2,525
- $200,000 to $300,000 – 1,117
- $300,000 and above – 1,026
The admittedly meaningless median sales price in April was $155,000; if for nothing else than as a general comparison, last year the median sales price for the 6,800-odd sales in April was $125,000. Even if the particulars aren’t significant simply due to the vagaries of the median sales price by definition, the overall concept that prices have risen from a year ago is demonstrable.
Speaking of last year … there were 6,804 sales in April in a market with more than twice as many homes active and for sale. Can there be any doubt that if inventory levels were higher than our current severe drought phase, sales this year easily would have outpaced last year?
As a married man, it’s not often I can say unequivocally that I was right. This time, my friends, I was right.