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.
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.
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.