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602-525-5665  Chalyce

602-672-0872  Sherry

Market Update for February 2014 (Courtesy of Clear Title AZ)

With 2013 and January wrapped up, the numbers are in. In January 24,185 active listings were on the market, which is up 10% from what CTS Realty experienced in 2013. Median Home prices rang in around $202k which is averaged over the months of Oct-Dec 2013. CTS Realty is thankful to report that foreclosure in Arizona are still down a -43% in December. Although in December home sales rose 13% higher than the previous month of October, sales were still down 16% from the previous year. However thanks to the raising prices between 2012 and 2013, values concluded with a 2% increase.

Below CTS Realty references the shift in supply and demand.

Demand has been a struggle since July 2013. The struggle derives from Investors, and second home Buyers.

2012-2013 Sales

To the surprise of CTS Realty despite the lack of demand for single family homes under $500k the luxury market has made a splash. Luxury homes consumed the market in December with 25% of sales.

Pricing


2014 and CTS Realty started out the year with FHA Loan limited dropping, and supply increasing. Despite the national wide recording off home sales down 5%, Arizona is still seeing prices increase.

Chalyce McQuee
CTS Realty
602-525-5665

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