September, 2013 – Local Real Estate Market Insight Report for Litchfield Park, AZ
Residential Real Estate activity in Litchfield Park, Arizona for the month ending September 2013, showed the median sold price for Single Family Detached properties was $270,763.00, representing an increase of 7.2% compared to last month and an increase of 71.4% from September 2012.
The Average Days on Market (Avg DOM) for units sold in September 2013 was 70 days, 17% below the 5-year September average of 84 days. Days on the Market for Litchfield Park may seem high but it is important to take into account some of the homes that closed were higher end, more expensive homes that take longer to sell. Most homes for sale in Litchfield Park are not sitting on the market long if priced right.
There was a 16.7% month over month decrease in New Contract activity with 45 New Contracts. We also saw a 2.7% month over month increase for All Pending Sales (new contracts + contracts carried over from August) to 76 and a 10.4% increase in supply to 127 Active Units for Sale. This activity resulted in a Contract Ratio of 0.60 pendings per active listing, no change from August 2013 and a decrease from 1.09 in September 2012.
The Contract Ratio is 2% higher than the 5-year September average of 0.59. A higher Contract Ratio signifies a relative increase in contract activity compared to supply and indicates the market is moving in the seller’s favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply and indicates the market is moving in the buyer’s favor.
Additional Stats for September 2013… we saw a total of 133 properties actively listed for sale with 71 New Listings and 50 New Contracts in Litchfield Park, as reported through ARMLS – Arizona Regional Multiple Listing Service. There were 37 properties that Closed in September, 2013 with 9 of those Closed Sales being Cash transactions, 19 Closed via Conventional financing, 6 with FHA financing and 3 properties closed via VA financing.
The Average SP (Sold Price) vs OLP (Original List Price) Ratio for Residential Real Estate in Litchfield Park was at 98.8%, down slightly from 97.9% last year and down slightly from 97% last month, August 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).
Litchfield Park Sold Real Estate Data as of September 2013
Broken down by price range, Litchfield Park SOLD Real Estate Data can be viewed in the chart below. The majority of Active listings fall in the $150-400k price range.