REAL ESTATE MARKET REPORT SIERRA VISTA AZ AREA

REAL ESTATE MARKET REPORT

SIERRA VISTA AZ AREA

Su M Tu W Th F Sa

12345 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

Sunday, August 13

2023

TABLE OF CONTENTS

Charts and Commentary ........................................................ Market Summary Table ........................................................ Glossary ...........................................................................

Pages 1-2 Page 3 Page 4

Sierra Vista Home Selling Team

Your Realtor Sonny 122 N. 7th Street Sierra Vista, Arizona 85635 Office@ 520.452.0400

sierravistahomes

in/sonnyleerealtor

Real Market Reports

REAL ESTATE MARKET REPORT

SIERRA VISTA AZ AREA

Sunday, August 13, 2023

Let's take a look

at the real estate market. Currently there are 37 sales pending in the market overall, leaving 198 listings still for sale. The resulting pending ratio is 15.7% (37 divided by 235). So you might be asking yourself, that's great... but what exactly does it mean? I'm glad you asked!

Sierra Vista Home Selling Team

Your Realtor Sonny Office@

520.452.0400

The pending ratio indicates the supply & demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.

"Current inventory is described as somewhat slow."

Taking a closer look, we notice that the $200K - $300K price range has a relatively large number of contracts pending sale.

We also notice that the $200K - $300K price range has a relatively large inventory of properties for sale at 58 listings. The median list price (or asking price) for all properties in this market is $349,000.

Properties For Sale Contracts Pending 70 60 50 40 30 20 10 0

Number of Listings For Sale vs. Pending Contract Sierra Vista AZ Area

Updated on 8/13/2023, Copyright ? Sierra Vista Home Selling Team

$0K $100K $200K $300K $400K $500K $600K $700K $800K $900K $1.0M $1.1M $1.2M $1.3M $1.4M

$0K $100K $200K $300K $400K $500K $600K $700K $800K $900K $1.0M $1.1M $1.2M $1.3M $1.4M

Sold Off-Market 250

200

150

100

50

0

Num Sold vs. Off-Market (Last 6 mos.) Sierra Vista AZ Area

Updated on 8/13/2023, Copyright ? Sierra Vista Home Selling Team

A total of 496 contracts have closed in the last 6 months with a median sold price of $296,641. Breaking it down, we notice that the $200K - $300K price range contains the highest number of sold listings.

Alternatively, a total of 81 listings have failed to sell in that same period of time. Listings may fail to sell for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $200K - $300K price range has a high number of off-market listings at 23 properties.

Real Market Reports

1



Market Dashboard

REAL ESTATE MARKET REPORT

SIERRA VISTA AZ AREA

Sunday, August 13, 2023

Looking at the chart to the right, you might be wondering why average days on market (DOM) is important. This is a useful measurement because it can help us to determine whether we are in a buyer's market (indicated by high DOM), or a seller's market (indicated by low DOM). Active listings (properties for sale) have been on the market for a median time of 43 days.

Analysis of sold properties for the last six months reveals a median sold price of $296,641 and 48 days on market. Notice that properties in the $1.4M + price range have sold quickest over the last six months.

The recent history of sales can be seen in the two charts below. The median sold price for the last 30 days was $288,450 with a DOM of 40 days.

Since the recent DOM is less than the median DOM for the last 6 months, it is a positive indicator for demand. It is always important to realize that real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes.

Sold For Sale 250

200

150

100

50

0

Sierra Vista Home Selling Team

Your Realtor Sonny Office@

520.452.0400

Median Days on Market (DOM) Sierra Vista AZ Area

Updated on 8/13/2023, Copyright ? Sierra Vista Home Selling Team

$0K $100K $200K $300K $400K $500K $600K $700K $800K $900K $1.0M $1.1M $1.2M $1.3M $1.4M

"The median list-to-sales ratio for this area is 98.9%."

Ratios are simple ways to express the difference between two values such as list price and sold price. In our case, we typically use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property.

Analysis of the absorption rate indicates an inventory of 2.4 months based on the last 6 months of sales. This estimate is often used to determine how long it would take to sell off the current inventory of properties if all conditions remained the same. It is significant to mention that this estimate does not take into consideration any additional properties that will come onto the market in the future.

$320K $310K $300K $290K $280K $270K

Mar

Median Sold Prices Sierra Vista AZ Area

Copyright ? Sierra Vista Home Selling Team Updated on 8/13/2023,

Apr

May

Jun

Jul

Aug

70 60 50 40 30 20 10

0 Mar

Median Days on Market (Sold) Sierra Vista AZ Area

Copyright ? Sierra Vista Home Selling Team Updated on 8/13/2023,

Apr

May

Jun

Jul

Aug

Real Market Reports

2



Market Dashboard

REAL ESTATE MARKET REPORT

SIERRA VISTA AZ AREA

Sunday, August 13, 2023

Sierra Vista Home Selling Team

Your Realtor Sonny Office@

520.452.0400

MARKET SUMMARY TABLE

37 PENDING [2]

A = Average Value M = Median Value N/A = Not Available

198 ACTIVE [1]

81 OFF-MARKET (last 6 mos) [3]

ABSORPTION RATE

(months of inventory)

496 SOLD/CLOSED (last 6 months) [4]

Price Range

Low

High

Num #

Days on Market

Current List Price

Num Pend Num # Ratio #

Num #

Days on Market

Original List Price

Final List Price

Sold/ Closed Price

ListSale Ratio

Est. Mos.

$0

$99,999

0

1 N/A 1

A 61

8

M 38

$ 101,688 $ 91,363 $ 78,363 86%

N/A

$ 92,500 $ 87,500 $ 85,000 97%

$100,000 $199,999

A 33 $ 159,880

10

5 33% 5

M 24 $ 152,500

A 78

48

M 40

$ 173,066 $ 166,710 $ 162,911 98%

1.3

$ 173,450 $ 167,000 $ 167,450 100%

$200,000 $299,999

A 49

58

M 30

$ 257,884

15 21% 23

$ 259,950

A 64

197

M 43

$ 256,205 $ 254,807 $ 252,886 99%

1.8

$ 260,000 $ 259,900 $ 255,500 98%

$300,000 $399,999

A 59 $ 343,356

52

8

M 32 $ 342,500

13% 23

A 82

152

M 53

$ 353,420 $ 345,551 $ 342,193 99%

2.1

$ 350,000 $ 347,000 $ 339,900 98%

$400,000 $499,999

A 83 $ 453,395

42

5 11% 16

M 53 $ 449,950

A 82

51

M 61

$ 454,622 $ 450,384 $ 444,097 99%

4.9

$ 459,900 $ 453,000 $ 441,152 97%

$500,000 $599,999

A 171 $ 553,466

14

1 7% 8

M 103 $ 546,500

A 81

24

M 56

$ 567,587 $ 561,140 $ 551,357 98%

3.5

$ 567,450 $ 560,000 $ 552,115 99%

$600,000 $699,999

A 140 $ 657,277

13

1 7% 3

M 93 $ 661,063

A 102 $ 662,380 $ 662,443 $ 651,193 98%

8

9.8

M 37 $ 655,000 $ 655,000 $ 646,500 99%

$700,000 $799,999

A 43 $ 725,000

4

1 20% 0

M 18 $ 725,000

A 40

7

M 19

$ 751,518 $ 751,518 $ 742,924 99%

3.4

$ 760,000 $ 760,000 $ 740,740 97%

$800,000 $899,999

A 201 $ 852,500

2

0

M 201 $ 852,500

1

0

$900,000 $999,999

A 50 $ 900,000

1

0

M 50 $ 900,000

1

0

$1,000,000 $1,099,999 0

0

0

0

$1,100,000 $1,199,999 0

0

0

0

$1,200,000 $1,299,999 0

0

0

0

$1,300,000 $1,399,999 0

0

0

$1,400,000

+

Market Totals

A 219 $ 2,100,000

2

0

0

M 219 $ 2,100,000

198

37 16% 81

Market Averages

76 $ 401,269

Market Medians

43 $ 349,000

Date Range (Off-Market & Sold) = 02/12/2023 to 08/13/2023 Data believed to be accurate but not guaranteed.

Status = [1] A; [2] P; [3] L, E; [4] C Zip Code = 85650, 85616, 85615, 85635 Dwelling Type = SF

0

A -1

1

M -1

496

$ 1,550,000 $ 1,550,000 $ 1,550,000 100%

12

$ 1,550,000 $ 1,550,000 $ 1,550,000 100%

2.4

74 $ 327,077 $ 322,582 $ 318,790 99%

48 $ 305,000 $ 299,900 $ 296,641 99%

Favors Sellers

Favors Buyers

Real Market Reports

3



Market Summary Table

REAL ESTATE MARKET REPORT

SIERRA VISTA AZ AREA

Sunday, August 13, 2023

Sierra Vista Home Selling Team

Your Realtor Sonny Office@

520.452.0400

1. PROPERTIES FOR SALE (ACTIVE)

a. Number Active: The number of listings for sale which are currently being marketed but do not yet have a purchase agreement.

b. Days on Market (DOM): The marketing period of currently active listings. This does not account for some listings which have had a previous listing period, but were re-entered as a new listing.

c. Current List Price: The price that a property seller is currently asking.

2. CONTRACTS PENDING a. Number Pending: The number of current listings for which a contract has been signed but has not yet closed.

b. Pending Ratio: Sometimes called a "list-to-pending ratio". This is a measure of how fast properties are going under contract vs. how fast they are being listed.

Pending Ratio = P (Number of Pending Listings) A+P (Number of Active + Pending)

(P) represents properties that buyers have chosen (A+P) represents the entire pool from which they have chosen

3. OFF-MARKET

a. Number Off-Market: The number of listing agreements that have failed to close in the last 6 months. Some owners may choose to re-offer their property for sale.

4. PROPERTIES SOLD (CLOSED CONTRACT) a. Number Sold: The number of properties that have gone to a closing in the last 6 months.

b. Days on Market (DOM): The marketing time it has taken properties to sell in the last 6 months.

c. Original List Price: The price at which a sold property was originally marketed.

d. Final List Price: The price at which a sold property was marketed just prior to selling.

e. Sold/Closed Price: The price for which a property sold.

f. List to Sales Ratio: The percentage of the list price that the buyer ultimately paid for the property.

List to Sales Ratio = Sold Price Final List Price

5. ABSORPTION RATE / MONTHS OF INVENTORY

a. Absorption Rate / Months of Inventory: An estimate of how fast listings are currently selling measured in months. For example, if 100 properties sell per month and there are 800 properties for sale - there is an 8 month supply of inventory before counting the additional properties that will come on the market.

Real Market Reports

4



Glossary

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download