March 2014 Existing Single Family Property Trends in Greater Phoenix

Released April 30, 2014  March 2014 Existing Single Family Property Trends For Greater Phoenix:

TheWilcoxReport.Com:  Reporting on Real Estate, Lending and Job Growth Trends in Greater Phoenix

 To see full report go to   http://gcta.com/march-2014-existing-single-family-property-trends-for-greater-phoenix/

March 2014 Overall Sales Down, But Some Price Ranges See Increased Sales

• March 2014 Sales Down Seventeen Percent Compared To March 2013
• March 2014 Sales Under $200,000 Down Thirty-One Percent Compared To March 2013
• March 2014 Sales Between $200,000 to $249,999 Up Ten Percent Over March 2013
• Sales Between $250,000 and $299,999 Steady
• March 2014 Sales Over $600,000 Up Eight Percent Over March 2013
• First Quarter 2014 Cash Purchases Down 2,190 Or Thirty-Eight Percent Compared To First Quarter 2013
• First Quarter 2014 Finance Purchases Down 406 Or Four Percent Compared To First Quarter 2013

By

Fletcher Wilcox Real Estate Analyst at Grand Canyon Title Agency, Inc.

How Buyers Purchased Existing Single Family Properties: March 2014 Compared to March 2013

One year ago, March 2013, was the first month in fifty-one months that more existing single family properties were purchased with a conventional loan than with cash. The market was transitioning from a dominant cash purchase market to the start of a dominant conventional loan purchase market. Previous to March 2013, December 2008 was the last month there were more conventional loan purchases than cash purchases.

Now, a year later, let’s compare March 2014 purchase trends to March 2013.

In March 2013, purchases with conventional loans outnumbered cash purchases by only 96, but in March 2014, the gap widened to 715 more conventional loan purchases. This widening gap was not because there were more conventional loan purchases in March 2014, but a lot less cash purchases. In fact, conventional loan purchases in March 2014 were down 171 or 7.7% compared to March 2013.

March 2014 purchases with FHA insured loans decreased 117 or 9.4% compared to March 2013, however, not so for VA loans. There were 58 more VA purchases in March 2014 than March 2013.