August 2013 Arizona Market Update and Newsletter| The Adam Lee Team

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In this episode:

***Make sure to see all the graphs below****

– The closed sales in July were flat compared to the previous month** See Graph Below

– Although Closings were steady prices have still climbed from June to July

– Equity (Sellers who will make money when they sell their house) homes have dramatically increase over the past 2 years

–  As always, Thank you for your referring your friends, family and co-workers! We ALWAYS appreciate them.

 

Active Listings, 16,855

Equity, 15,297 (91%); Short Sale, 708 ( 4%); REO, 778 (4.6%); HUD, 72 (.04%)

 

New Listings 7/1-7/31/13,8,975  vs 8,867 ’12  vs 9,261 ’11.

 

UCB/Pending, 11,550

Equity, 7,024; Short Sales, 3,551; REO, 560; HUD, 415

 

Sold, 7/1-7/31/2013,8,182 vs 7,123, 2012, an increase of 15% year-over-year. Equity, 6,479 (74% vs 56%, ’12); Short Sale, 992 (12% vs 29%, ’12);

REO, 513 (6% vs 11.5% ’12); HUD, 198 (2.5% vs 4%, ’12).  CASH, 36% vs 45%, ’12

 

Sold YTD, 1/1-7/31/13, 54,779; Equity, 41,348 (75.5%); Short Sale, 7,157 (13%); REO, 4,761 (8.7%); HUD, 1513 (3%) CASH, 40%

 

Sold YTD, 1/1/-7/31/2012, 54,763; Equity 29,241 (53%) Short Sale, 14,445 (26%); REO, 9,488 (17%); HUD, 1,589 (3%); CASH, 47%

 

Sold YTD 1/1-7/31/2011, 61,655; Equity, 20,781 (34%); Short Sale, 12,497 (20%); REO, 25,498 (41%); HUD, 2,879 (4.7%); CASH, 48%

 

Notes from Cromford Report

 

8/1/2013 Avg $$ p/sqft $119. vs $99, 8/1/12, an increase of 20.6%

8/1/2013 Median Price: $185,000. vs $148,000. 8/1/12, an increase of 27%

 

Is there a decline in demand in the works??

1)  Incremental increases in Active listings.

2)  Rising prices.

3)  Higher mortgage rates.

4)  Dramatic decrease/scarcity of distressed properties at bargain prices.

5)  Some investors/flippers leaving the market.

 

New Home Construction falling short of projections:  New build starts for 2013 were projected to be in the range of 16,000 for 2013;  The number will more likely be in the range of 13,000. Chief reason cited is shortage of skilled labor supply..

 

 

 

 

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