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Phoenix Real Estate and Homes for Sale | Jonathan Dalton, Realty ONE Group – (602) 502-9693

Jonathan Dalton
REALTOR
ePro, SFR
602-502-9693

Phoenix Real Estate Market Inventory a/o July 16

Phoenix Real Estate Market Inventory a/o July 16

avatar.jpgThis week’s Phoenix Real Estate Market Inventory update …

Net single-family detached properties rose again, this time by about 200 homes, while sales have continued to slow. The 3,545 sales over the preceeding 30 days constitute the lowest total since January through February 26 of this year.

Take a second look at those figures … 3,545 sales vs. 38,635 currently active listings. The question I hear most often, both from my sellers and from other homeowners (through Zillow, Trulia, etc.), is why has my home not sold? The simple answer is only 1 out of every 10 homes currently on the market (less than that actually) are selling.

Personally, my sales are outpacing my expired listings by 4:3 ratio. It’s not quite where I want it to be, but it’s also well above the current market averages.

As I explain at each of my listing presentations, marketing plays a part in whether a home sells. But marketing is but one of several factors that determine if and when a home will sell. Financing needs to be available. Location plays a part. The home has to be in stellar condition (or priced accordingly). Market conditions are a factor.

And, above all else, a home has to be priced to sell. Price can compensate for location, for condition, even for market conditions. Marketing alone cannot. After all, a really, really spectacular brochure on a home priced 5% above the current market doesn’t change the fact the home is priced 5% above the current market. Buyers know it. They’re doing the research themselves on the Internet and can see sales prices for comparable homes.

The 1 home in 10 that does sell usually is in model-like condition. It’s usually located inside a subdivision, rather than along a busy street. It often features upgrades similar homes may not have. And it’s usually priced at the bleeding edge of the market.

Speaking of the edge of the market, also keep in mind this is not a static figure. As others adjust their prices to become that 1 in 10, everyone else faces the decision of falling in line or waiting for the leading edge to come back to where they are.

CITY SOLD 6/16/07-7/16/07

ACTIVE 7/16

Absorption Rate

as of 7/16/07

Change Buyer/Seller
Ahwatukee 14 97 6.93 -2.07 Buyer
Anthem 38 724 19.05 0.16 Buyer
Avondale 77 1,062 13.79 1.61 Buyer
Buckeye 49 1,051 21.45 3.35 Buyer
Carefree 4 105 26.25 7.92 Buyer
Cave Creek 52 581 11.17 -1.19 Buyer
Chandler 290 2,323 8.01 0.65 Buyer
Desert Hills 5 177 35.40 -23.60 Buyer
El Mirage 42 495 11.79 0.29 Buyer
Fountain Hills 24 418 17.42 -0.76 Buyer
Gilbert 281 2,623 9.33 0.18 Buyer
Glendale 201 2,393 11.91 1.11 Buyer
Goodyear 73 1,218 16.68 2.61 Buyer
Laveen 39 525 13.46 1.62 Buyer
Litchfield Park 27 513 19.00 1.60 Buyer
Maricopa 71 985 13.87 -1.07 Buyer
Mesa 347 3,396 9.79 0.28 Buyer
Paradise Valley 18 294 16.33 2.29 Buyer
Peoria 159 2,001 12.58 1.25 Buyer
Phoenix 899 9,521 10.59 0.46 Buyer
Queen Creek 131 2,057 15.70 1.85 Buyer
Scottsdale 305 3,368 11.04 0.16 Buyer
Sun City 74 471 6.36 -0.19 Buyer
Sun City West 46 411 8.93 1.27 Buyer
Surprise 207 2,109 10.19 0.85 Buyer
Tempe 99 475 4.80 0.10 Seller
Tolleson 23 452 19.65 0.04 Buyer
Waddell 7 109 15.57 0.14 Buyer
TOTAL 3,545 38.635 10.90 0.52 Buyer

Data provided by ARMLS. Data deemed reliable but not guaranteed

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