On May 29, we recorded the highest listing success rate we have seen (in Maricopa County) at 67.4%. We started measuring success rates in January 2006.

The listing success rate is defined as the percentage of listings that closed successfully in the preceding monthly period (in this case April 29, 2010 to May 28, 2010). Listings that terminated unsuccessfully were either canceled or expired in that same period.

The lowest ever success rate of 20.4% was recorded on January 29, 2008.

Success rates are highest for lender owned properties (REOs) typically above 90%. However short sales and normal sales are also recording higher listing success rates than in the last several years

 Below are some interesting figures.

The figures below do not include “For sale by Owner” or auction homes.

Major Cities in North Maricopa County.

These are two average monthly statics for 5 Cities in Maricopa County.

One figure will give the month supply of homes in each area.

You may notice that these figures have dropped dramatically over the past two years.

The other figure shows what percentage of the asking sell price the homes in the areas are selling for. Many people still do not realize that the large discount on home prices have started to vanish from the market. The prices on newly listed HOMES (raw land is in a different market) are priced much closer to market than even 7 months ago. Many homes are also being picked up by home owners intending to occupy the homes rather than investors.

May Statists

                             Months Supply           Averaged Sale

                               of Homes              Price % of Asking

Paradise Valley             13.5                           87%

Scottsdale                    6.5                            93%

Phoenix                        3.7                            97.2%

Peoria                           4                              98.4%

Glendale                       3.1                            98.7%

What a great market!

Mike Mullan

www.timmullangroup.com