Residential Real Estate activity in and around Litchfield Park, like most other cities throughout the Valley of the Sun, continues on an upward trend. For the month ending May 2013, we saw a total of 96 properties for sale in Litchfield Park, AZ, listed through ARMLS – Arizona Regional Multiple Listing Service. 79 properties Closed during the same month with 25 of those Closed Sales being cash transactions, 32 closed via Conventional financing, 12 with FHA financing and 10 properties closed via VA financing.
Average Days on the Market for all Homes for Sale in Litchfield Park, AZ was 73 days, down from 83 Days on the Market for same month last year. This shows a continued trend that homes are not sitting on the market long if priced right. (There are some overpriced homes from sale in Litchfield Park that sit on the market longer, altering Average Days on the Market. It is important to know that if you are a home buyer looking to purchase a home in and around Litchfield Park, if the home is priced right and in good condition, it is not uncommon for the property to receive multiple offers and go under contract within the first seven days from when the home was listed).
May’s Average List Price was $247,191 which is roughly an 8% increase from April’s Average List Price of $226,701. May’s Average List Price also reflects a 26% increase over the same month last year.
May’s Average Sold Price was $243,994, which is roughly a 9% increase from April’s Average List Price of $222,017. May’s Average Sold Price reflects an increase of over 23% from May 2012.
The Average SP (Sold Price) vs OLP (Original List Price) ratio for Residential Real Estate in Litchfield Park was at 98.9%, down slightly from 99.55 last year and up sightly from 95.5 from last month, April 2013. (This is an interesting statistic as this shows that on average, Homes Listed for Sale in Litchfield Park, AZ sell very close to the original list price).
Be sure sure to check back monthly as the Litchfield Park Lifestyle website will continue to track the residential real estate market in and around Litchfield Park. Statistical information above was provided by RBI – Real Estate Business Intelligence.