Dear Neighbors,
Here is your Bellasera Market Update for AUGUST 2015:

FOR SALE 8
- Average Asking Price $590,838
- Average Square Feet 2,352
- Average Asking Price per Sq. Foot $253
- Average Days on Market 139
- SHORT SALES – LENDER OWNED 0
PENDING 2
- Average Asking Price $717,000
- Average Square Feet 2,862
- Average Asking Price per Sq. Foot $250
- Average Days on Market 115
- SHORT SALES – LENDER OWNED 0
SOLD* 12
- Average Sales Price $615,458
- Sales Price to List Price 97%
- Average Square Feet 2,493
- Average Sales Price per Sq. Foot $249
- Average Days on Market 65
- Lowest Sale Price $373,000
- Highest Sale Price $873,000
- SHORT SALES – LENDER OWNED 0

 The attached spreadsheets shows the homes that are FOR SALE, PENDING (none), and SOLD by FLOORPLAN.

The number of homes currently for sale in the Valley are:  19,351 - compared to JUNE of 20,460.

There are 10,269 homes currently under contract compared to JUNE of 11,761.

7,972 homes sold in JULY in the Valley compared to JUNE of  8,674.

THE MARKET: 

From ARMLS STAT REPORT for JULY:

In each of the last three months, there has been one metric that jumps off the spreadsheet! In  April it was lower than expected new builds, May saw a 4.1% increase in the median sales price and this month we saw the highest monthly sales volume in the last two years. Total MLS sales volume in June landed at 8,674. The last me sales volume was higher was in May 2013 when 9,436 home sales closed. Even though the sales total was aided with 22 business days, sales volume in June was still impressive.

“Supply lightens, demand holds steady” might not be the most glamorous headline but it perfectly describes the first 6 months of 2015 as our inventory numbers have declined every single month. STAT is currently reporting only 19,596 Active (excluding UCB) listings, down 20% from last year at this me. We currently have only 2.69 months of inventory. The low number of homes available for purchase, particularly listings below the $200,000 price level, has lead to a significant increase in the median home price this year.

The median sales price ended 2014 at $197,000 and our current median sales price is $214,900. The median sales price in June was 9% higher than in December 2014. The current
pricing pressures for entry level buyers caused by low inventory numbers are now appearing in newspaper articles as well as Facebook discussions. Three articles in the last week have used the phrases “multiple offers,” “bidding wars,” “below $200,000” and “tight supply”. The general public is now becoming aware of what industry insiders have known for months.

Tina Tamboer Glatfelter from The Cromford Report says it well: “The imbalance is not caused by too much demand ironically as we have a normal level of demand. It's caused by too little supply, which is primarily driven by sellers who do not have enough incentive to sell and the fact that builders have not been building entry-level single family homes since the crash. Instead, they have focused their resources on move-up and pre-luxury homes in price ranges and areas that do not lack for inventory.”

Charts below are through “JULY” 2015:

july2015-1
 
  +20.2% year-over-year                          +4.3% month-over-month

july2015-2
 
  MSI MAY 2015 – 2.96                                       MSI JUNE 2015 – 2.69

july2015-3

 

july2015-4
 
 
Year-over-year average - +5.8%      Year-over-year median - +10.2%

CHART COMPARISON: BELLASERA – TERRAVITA – WINFIELD 

FOR SALE /
AVG. SQ FT
PENDING/
AVG. SQ. FT
TOTAL SOLD 2015 /
AVG. SQ. FT.
SOLD-SHORT SALE-LENDER OWNED
Bellasera (360 homes) 8
$253
      2
   $250
  12
$249
0
Terravita (1,380 homes) 15
$249
4
          $240
  73
$240
0
Winfield (511 homes)

  (*Custom Homes)
12
$232
    *5 - $339
3
$213
  16
$215
    *0
0

 (Data from the Arizona Regional MLS (FLEX MLS) and subject to change – Information as of 8/10/15).

Below is a chart that just includes the Zip Code of 85266:

85266 Zip Code FOR SALE


          184
PENDING


29
TOTAL SOLD 2015


225
SOLD
SHORT SALE-
LENDER OWNED

7
Average Price Per Sq. Ft. $266 $243 $232 $175
*All Averages Includes
            Custom Homes
*SEE ATTACHED STATISTICS REPORT
Blinklist!Blogmarks!BlinkBits!Ask!

Add comment


Security code
Refresh