Click here for an October Southeast Valley market trend report, courtesy of Fidelity National Title and the Cromford Report.
Key points:
- Active listings continue to fall, now 43% below last year
- As expected during the fall season, the monthly sales rate and pending sales count both declined by about 5.3%
- Annual sales continued to advance, now 15% higher than last year at this time
- Median sales price almost flat, average price per sq ft same as prior month (although it has been rising recently)
- Pending price per sq ft rose 0.8%
- “Normal” listings over 39% of sales, up from previous 36%
- Bank Owned (REO) sales just 34%, lowest for several years
- Short sales grew to 27% (progress has been made in improving the short sale process)
- Foreclosure notices fell 20%, completed trustee sales down by 26%
- The contract ratio (see report) indicates that demand for homes in Mesa 85202, 85207 and 85213 and Chandler 85226 is currently strengthening while Mesa 85201 and 85209 and Gilbert 85295 have cooled off
- Months supply is very low at 2.7, indicating a seller’s market (above 5-6 would be a buyer’s market); compare this to October last year of 6.2
There’s much more in the report covering specific Southeast Valley zip codes.
Related posts:
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