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Phoenix Residential Market Report ~ June 2018

The number of new listing in the month June is 10,237 listings which is back in line with the number of listing back in June 2017 of 10,234 listings. The overall number of active listing is still down as compared to 21,239 listings in June 2017 to 19,907 listing in June 2018 which is a decrease of -1,332 listing or -6.3% In the past months this difference has been a lot wider where the number of new listings coming on the market is helping with the total number of active listings. As for the number of sold transactions, we had more transactions in June 2017 of 9,623 transactions as compared to 9,232 transactions in June 2018. This increase in demand during the summer buying season is causing prices to appreciate at a faster rate than in 2017. Also the low amount of active listings and the high amount of transactions the months of inventory has gone from 3.9 months in January 2018 to 1.98 months in June 2018.

The Phoenix Housing Market ended 2017 with an overall annual appreciation rate of approximately +9.0%. If inventory remain low throughout 2018 and a strong demand for housing continues we can expect the market to continue to appreciation above the national average. Historically, real estate prices don’t start to increase until March as the buying season begins ands starts to slow down in August once kids go back to school. With the low inventory of homes the market has already appreciated 5.8% from an average sold price of $315,070 in January 2018 to $333,396 in June 2018. Another sign we are in a healthy market is the current percentage of foreclosures and short sales sold remains at only 1% of the total market. Since July 2017 (12 months ago), the average days on market has decreased approximately -6.2% (down from last month) and the number of sold transaction has increased approximately +15.1% (down from last month).

Since January 2018 we have seen four sharp trends: The average sold price has appreciated +5.8%, the average days on market have decreased -18.7%, the number of sold transactions has increased +48.6% and months of inventory have decreased -49.2%. Should this trend continue throughout 2018 we can expect another year of appreciation above the national average in the Phoenix real estate market. Historically, 20,808 homes for sale represent the lowest number of homes this market has seen for over a decade. This low number of homes for sale indicates we are in a seller’s market (low supply and increased demand). Property owners are not putting their homes on the market because they are holding off to accumulate additional equity from the market. Hopefully, this roller coaster will come to a slow end instead of everyone wanting to put their homes on the market at the same time.

Real estate prices will continue to increase and interest rates are planned to increase in 2018 so if you are thinking about buying a home this year will be the time to buy before you get priced out of the market. Give us a call to discuss your best buying or selling strategy, TODAY!!

Position Realty
Office: 480-213-5251

Phoenix Real Estate Market Report ~ May 2018

The number of new listing this month is 10,670 listings which is back in line with the number of listing back in May 2017 of 10,672 listings. The overall number of active listing is still down as compared to 21,230 listings in May 2017 and 20,808 listing in May 2018 which is a decrease of 422 listing or -2.0% In the past months this difference has been a lot wider where the number of new listings coming on the market is helping with the total number of active listings. As for the number of sold transactions, we had fewer transactions in May 2017 of 9,859 transactions as compared to 10,098 transactions in April 2018. This increase in demand during the summer buying season is causing prices to appreciate at a faster rate than in 2017. Also the low amount of active listings and the high amount of transactions the months of inventory has gone from 3.9 months in January 2018 to 1.81 months in May 2018.

The Phoenix Housing Market ended 2017 with an overall annual appreciation rate of approximately +9.0%. If inventory remain low throughout 2018 and a strong demand for housing continues we can expect the market to continue to appreciation above the national average. Historically, real estate prices don’t start to increase until March as the buying season begins and with the low inventory of homes the market has already appreciated 5.5% from an average sold price of $315,070 in January 2018 to $332,267 in May 2018. Another sign we are in a healthy market is the current percentage of foreclosures and short sales sold remains at only 1% of the total market. Since June 2017 (12 months ago), the average days on market has decreased approximately -7.5% (down from last month) and the number of sold transaction has increased approximately +4.9% (up from last month).

Since January 2018 we have seen four sharp trends: The average sold price has appreciated +5.5%, the average days on market have decreased -17.3%, the number of sold transactions has increased +62.6% and months of inventory have decreased -53.6%. Should this trend continue throughout 2018 we can expect another year of appreciation above the national average in the Phoenix real estate market. Historically, 20,808 homes for sale represent the lowest number of homes this market has seen for over a decade. This low number of homes for sale indicates we are in a seller’s market (low supply and increased demand). Property owners are not putting their homes on the market because they are holding off to accumulate additional equity from the market. Hopefully, this roller coaster will come to a slow end instead of everyone wanting to put their homes on the market at the same time.

Real estate prices will continue to increase and interest rates are planned to increase in 2018 so if you are thinking about buying a home this year will be the time to buy before you get priced out of the market. Give us a call to discuss your best buying or selling strategy, TODAY!!

Position Realty
Office: 480-213-5251

Phoenix Real Estate Market Report ~ April 2018

Back in April 2017 (same time last year), the number of new listings on the market was 10,518 listing as compared to 10,804 listing in March 2018 which is only an increase of 286 listings. More concerning is the number of active listings was 21,682 listing in April 2017 as compared to 18,928 listings in April 2018 which is a decrease of -2,754 listings or -12.7%. In April 2016 there were 25,169 listing, in April 2015 there were 24,965 listings and in April 2014 there were 29,308 listing. As for the number of sold transactions, we had fewer transactions in April 2017 of 8, 833 transactions as compared to 9,182 transactions in April 2018. Due to the lack of new listings and the high amount of transactions the months of inventory has gone from 3.9 months in January 2018 to 2.06 months in April 2018.

The Phoenix Housing Market ended 2017 with an overall annual appreciation rate of approximately +9.0%. If inventory remain low throughout 2018 and a strong demand for housing continues we can expect the market to continue to appreciation above the national average. Historically, real estate prices don’t start to increase until March as the buying season begins and with the low inventory of homes the market has already appreciated 4.7% from an average sold price of $308,715 in February 2018 to $323,306 in April 2018. Another sign we are in a healthy market is the current percentage of foreclosures and short sales sold remains at only 1% of the total market. Since April 2017 (12 months ago), the average days on market has decreased approximately -7.1% (down from last month) and the number of sold transaction has increased approximately +6.3% (up from last month).

Since January 2018 we have seen three sharp trends: The average days on market have decreased -13.3%, the number of sold transactions has increased +47.8% and months of inventory have decreased -47.2%. Should this trend continue throughout 2018 we can expect another year of appreciation above the national average in the Phoenix real estate market. Historically, 18,928 homes for sale represent the lowest number of homes this market has seen for over a decade. This low number of homes for sale indicates we are in a seller’s market (low supply and increased demand). Property owners are not putting their homes on the market because they are holding off to accumulate additional equity from the market. Hopefully, this roller coaster will come to a slow end instead of everyone wanting to put their homes on the market at the same time.

Real estate prices will continue to increase and interest rates are planned to increase in 2018 so if you are thinking about buying a home this year will be the time to buy before you get priced out of the market. Give us a call to discuss your best buying or selling strategy, TODAY!!

Position Realty
Office: 480-213-5251

Phoenix Real Estate Market Report ~ March 2018

Back in March 2017 (same time last year), the number of new listings on the market was 12,200 listing as compared to 11,559 listing in March 2018 which is a decrease of 641 listings or -5.3%. More concerning is the number of active listings was 22,246 listing in March 2017 as compared to 19,129 listings in March 2018 which is a decrease of 3,117 listings or -14.0%. In March 2016 there were 25,329 listing, in February 2015 there were 25,570 listings and in February 2014 there were 29,435 listing. As for the number of sold transactions, we had approximately the same number of transactions in March 2017 of 9,365 transactions as compared to 9,652 transactions in March 2018. Due to the lack of new listings and the high amount of transactions the months of inventory has gone from 3.9 months in January 2018 to 1.98 months in March 2018.

The Phoenix Housing Market ended 2017 with an overall annual appreciation rate of approximately +9.0%. If inventory remain low throughout 2018 and a strong demand for housing continues we can expect the market to continue to appreciation above the national average. Historically, real estate prices don’t start to increase until February or March as the buying season begins and with the low inventory of homes we can expect to continue to see the market appreciate. Another sign we are in a healthy market is the current percentage of foreclosures and short sales sold remains at only 1% of the total market. Since March 2017 (12 months ago), the average days on market has decreased approximately -4.1% (down from last month) and the number of sold transaction has increased approximately +9.3% (up from last month).

Since January 2018 we have seen three sharp trends: The average days on market have decreased -5.3%, the number of sold transactions has increased +55.4% and months of inventory have decreased -49.2%. Should this trend continue throughout 2018 we can expect another year of appreciation above the national average in the Phoenix market. Historically, 19,129 homes for sale represent the lowest number of homes this market has seen for over a decade. This low number of homes for sale indicates we are in a seller’s market (low supply and increased demand). Property owners are not putting their homes on the market because they are holding off to accumulate additional appreciation from the market. Hopefully, this roller coaster will come to a slow end instead of everyone wanting to put their homes on the market at the same time.

Real estate prices will continue to increase and interest rates are planned to increase in 2018 so if you are thinking about buying a home this year will be the time to buy before you get priced out of the market. Give us a call to discuss your best buying or selling strategy, TODAY!!

Position Realty
Office: 480-213-5251

Phoenix Real Estate Market Report ~ February 2018

Back in February 2017 (same time last year), the number of new listings on the market was 10,016 listing as compared to 9,940 listing in February 2018 which is a decrease of only 76 listings or -0.8%. More concerning is the number of active listings was 22,307 listing in February 2017 as compared to 19,278 listings in February 2018 which is a decrease of 3,029 listings or -13.6%. In February 2016 there were 24,916 listing, in February 2015 there were 26,174 listings and in February 2014 there were 28,778 listing. Every year since February 2014 the number of active listings has decreased approximately 2,500 listings. As for the number of sold transactions, we had a record high of 7,073 sold transactions in February 2018 as compared to 5,519 transactions in February 2014. As more new listing come on the market the number of sold transactions also increases but if the number of new listings decreases in 2018 there will be fewer transactions which will increase the appreciation rate for the Phoenix market.

The Phoenix Housing Market ended 2017 with an overall annual appreciation rate of approximately +9.0%. If inventory remain low throughout 2018 and a strong demand for housing continues we can expect the market to continue to appreciation above the national average. From December 2017 to January 2018, the average sold price increased from $309,327 to $315,070 but we saw a decrease from January 2018 to February 2018 to $308,715 which is a -2.0% decrease. Historically, the real estate prices don’t start to increase until February or March as the buying season begins and with the low inventory of homes we can expect to continue to see the market appreciate. Another sign we are in a healthy market is the current percentage of foreclosures and short sales sold remains at only 1% of the total market. Since March 2017 (12 months ago), the average days on market has decreased approximately -2.6% (down from last month) and the number of sold transaction has decreased approximately -24.5% (up from last month).

Since March 2017 (12 months ago), the number of homes for sale on the market have decrease approximately -13.3% or 22,246 homes for sale on the market to a gradual decrease of 19,278 homes (Down 2,968 homes). Historically, 19,278 homes for sale represent the lowest number of homes this market has seen for over a decade. Property owners are not putting their homes on the market because the overall macro economy remains strong and they are holding off to accumulate additional appreciation from the market. This low number of homes for sale indicates we are in a seller’s market (low supply and increased demand).

Real estate prices will continue to increase and interest rates are planned to increase in 2018 so if you are thinking about buyer a home this year will be the time to buy before you get priced out of the market. Give us a call to discuss your best buying or selling strategy, TODAY!!

Position Realty
Office: 480-213-5251

Phoenix Real Estate Market Report ~ January 2018

From December 2017 to January 2018, the number of new listings increased to approximately 10,587 (up 4,324 listings from last month) listings which is an increased of 69% from 6,263 listings in December. The number of sold transactions was approximately 6,212 sold transactions (down 992 transactions from last month). The decrease in number of transaction and the sharp increase in number of new listings has caused the months of inventory to increase from 2.73 months in December to 3.90 months which is an increase of +38.8%. This is normal to see a sharp increase in the number of new listings coming on the market after the holidays and it will take several months to see an increase in the number of sold transactions due to the time it takes to close a transaction. Overall, the inventory of homes on the market is still very low where in January 2018 there were 19,185 homes (down 503 listing from last month) on the market as compared to 27,050 listings on the market in January 2014.

The Phoenix Housing Market ended 2017 with an overall annual appreciation rate of approximately +9.0%. If inventory remain low throughout 2018 and a strong demand for housing continues we can expect the market to continue to appreciation above the national average. From December 2017 to January 2018, the average sold price increased from $309,327 to $315,070 in which is a +1.9% increase. Historically, the real estate prices don’t start to increase until February or March but this year price appreciation has started early. Since July 2017, the number of sold transactions has been decreasing from 8,024 sold transaction to 6,212 sold transactions in February 2017. Although the overall number of sold transaction have been decreasing the current percentage of foreclosures and short sales sold remains at only 1% of the market which indicates a healthy market. Since February 2017 (12 months ago), the average days on market has decreased approximately -7.4% (up from last month) and the number of sold transaction has decreased approximately -5.0% (up from last month).

Since February 2017 (12 months ago), the number of homes for sale on the market have decrease approximately -15.2% or 22,612 homes for sale on the market to a gradual decrease of 19,185 homes (Down 3,427 homes). Historically, 19,185 homes for sale represent the lowest number of homes this market has seen for over a decade. Property owners are not putting their homes on the market because the overall macro economy remains strong and they are holding off to accumulate additional appreciation from the market. This low number of homes for sale indicates we are in a seller’s market (low supply and increased demand).

Real estate prices will continue to increase and interest rates are planned to increase in 2018 so if you are thinking about buyer a home this year will be the time to buy before you get priced out of the market. Give us a call to discuss your best buying or selling strategy, TODAY!!

Position Realty
Office: 480-213-5251

Phoenix Real Estate Market Report ~ December 2017

The current real time market profile shows there were approximately 6,262 new listings (down 2,290 listings from last month) on the market in December 2017 and 7,204 sold transactions (down 14 listings from last month). This is the first month after four consecutive months the number of new listings is below the number of sold transactions. Lower supply of properties on the market will drive prices up further if the number of sold transaction continues to be above the number of new listings. This is normal to see the number of new listing drop during the month of December due to the holidays. The market will usually start to pick up in February or March and be in full swing during the summer months. Overall, the inventory of homes on the market is still very low where in December 2017 there were 19,688 homes (down 821 listing from last month) on the market which is down -25.1% as compared to the number of home on the marker in December 2014.

The Phoenix Housing Market ended the year with an overall appreciation rate of approximately +9.0% (up from last month) or from $283,793 in January 2017 to $309,327 in December 2017. In 2014 real estate prices appreciated 4.5%, in 2015 5.5% and in 2016 4.2% where according to the National Association of Realtor the average annual appreciation rate is 5.4%. The highest apperception rate after the real estate boom was 25.6% in 2012 and 19.8% in 2013. Overall, Phoenix is above the average annual apperception rate for the United States and exceeded the appreciation rate over the last three years. If inventory continues to be low and a strong demand for housing continues in 2018 we will continue to see an appreciation rate above the national average.

The volume of foreclosure purchases since January 2017 (12 months ago) has decreased approximately -38.6% and the volume of short sales decreased of approximately -47.7%. The current percentage of foreclosure sales and short sales sold is only 1% of the market which indicates a healthy market. Unfortunately, there are still some homeowners who bought between 2005 and 2007 that are still up-side-down as shown in the yearly average sold price chart above.

Since January 2017 (12 months ago), the number of homes for sale on the market have decrease approximately -9.9% or 21,854 homes for sale on the market to a gradual decrease of 19,688 homes (Down 821 homes). The total number of listings is low as compared to 25,960 listings in September 2014. This decrease in the number of homes for sale indicates we are currently in a seller’s market (low supply and increased demand).

Real estate prices will continue to increase and interest rates are planned to increase in 2018 so if you are thinking about buyer a home this year will be the time to buy before you get priced out of the market. Give us a call to discuss your best buying or selling strategy, TODAY!!

Position Realty
Office: 480-213-5251

Phoenix Real Estate Market Report ~ November 2017

The current real time market profile shows there were approximately 8,552 new listings (down 1,422 listings from last month) on the market in November 2017 and 7,218 sold transactions (down 206 listings from last month). This is the fourth consecutive month the number of new listings exceeded the number of sold transactions. Overall, the inventory of homes on the market is still very low where in November 2017 there were 20,509 homes (up 75 listing from last month) on the market which is down -20.2% as compared to the number of home on the marker in November 2014. In November 2015 there were 23,585 homes, in November 2014 there were 26,270 homes and in November 2013 there were 26,836 homes for sale on the market. The average days on market have been in decline since February 2017 but in November the average days on market increased 4.6% but this is normal due to the holidays.

Historically, since 2014 the average sold price has declined from July to August and doesn’t start to increase until late September and early October. Despite the decrease in the number of transaction since August 2017 the average sold price has continued to increase from $297,070 in October to $308,202 in November which is a 3.7% appreciation rate. Overall, the average sales price since December 2016 (12 months ago) has an appreciation rate of approximately +9.3% (up from last month) or from $282,054 in December 2016 to $308,202 in November 2017. In 2014 real estate prices appreciated 4.5%, in 2015 5.5% and in 2016 4.2% where according to the National Association of Realtor the average annual appreciation rate is 5.4%. Therefore, Phoenix is above the historical appreciation rate as long as prices continue to increase in December.

The volume of foreclosure purchases since December 2016 (12 months ago) has decreased approximately -39.9% and the volume of short sales decreased of approximately -59.5%. The current percentage of foreclosure sales and short sales sold is only 1% of the market which indicates a healthy market. Unfortunately, there are still some homeowners who bought between 2005 and 2007 that are still up-side-down as shown in the yearly average sold price chart above.

Since December 2016 (12 months ago), the number of homes for sale on the market have decreased approximately -8.9% or 22,520 homes for sale on the market to a gradual decrease of 20,509 homes (Down 2,011 homes). The total number of listings is low as compared to 25,960 listings in September 2014. This decrease in the number of homes for sale indicates we are currently in a seller’s market (low supply and increased demand).

Real estate prices will continue to increase and interest rates are planned to increase in 2018 so if you are thinking about buyer a home this year will be the time to buy before you get priced out of the market. Give us a call to discuss your best buying or selling strategy, TODAY!!

Position Realty
Office: 480-213-5251

Phoenix Real Estate Market Report ~ September 2017

The current real time market profile shows there were approximately 9,646 new listings (down 203 listings from last month) on the market in September 2017 and 7,451 sold transactions (down 812 listings from last month). This is the second consecutive month the number of new listings exceeded the number of sold transactions. Overall, the inventory of homes on the market is still very low where in September 2017 there were 19,769 homes (up 527 listing from last month) on the market which is down -23.8% as compared to the number of home on the marker in September 2014. In September 2015 there were 21,778 homes, in September 2014 there were 25,960 homes and in September 2013 there were 22,048 homes for sale on the market. Due to the declining in average days on market since February 2017 this shows buyer’s demand is strong where inventories may continue to be low and drive up prices.

The average sold price decreased from $299,435 in August to $294,378 in September which is a -1.7% decrease. Historically, since 2014 the average sold price has declined from July to August and doesn’t start to increase until late September and early October. Overall, the average sales price since October 2016 (12 months ago) still has an appreciation rate approximately +3.3% (down from last month) or from $284,888 in October 2016 to $294,378 in September 2017. In 2014 real estate prices appreciated 4.5%, in 2015 5.5% and in 2016 4.2% where according to the National Association of Realtor the average annual appreciation rate is 5.4%. Therefore, Phoenix is still on track to reach is historical appreciation rate as long as price increase from October to December. Since October 2016 (12 months ago), the average days on market has decreased approximately -10.8% (down from last month) and the number of sold transactions has increased approximately +4.9% (down from last month).

The volume of foreclosure purchases since October 2016 (12 months ago) has decreased approximately -33.8% and the volume of short sales decreased of approximately -55.6%. The current percentage of foreclosure sales and short sales sold is only 1% of the market which indicates a healthy market. Unfortunately, there are still some homeowners who bought between 2005 and 2007 that are still up-side-down as shown in the yearly average sold price chart above.

Since October 2016 (12 months ago), the number of homes for sale on the market have decreased approximately -14.0% or 22,986 homes for sale on the market to a gradual decrease of 19,769 homes (Down 3,217 homes). The total number of listings is low as compared to 25,960 listings in September 2014. This decrease in the number of homes for sale indicates we are currently in a seller’s market (low supply and increased demand).

Real estate prices will continue to increase and interest rates are planned to increase in 2017 so if you are thinking about buyer a home this year will be the time to buy before you get priced out of the market. Give us a call to discuss your best buying or selling strategy, TODAY!!

Position Realty
Office: 480-213-5251

Phoenix Real Estate Market Report ~ August 2017

The current real time market profile shows there were approximately 9,849 new listings (up 901 listings from last month) on the market in August 2017 and 8,263 sold transactions (up 239 listings from last month). This is the first time in over a year the number of new listings exceeded the number of sold transactions. Overall, the inventory of homes on the market is still very low where in August 2017 there were 19,242 homes (down 632 listing from last month) on the market which is down -26.2% as compared to the number of home on the marker in August 2014. In August 2015 there were 21,487 homes, in August 2014 there were 26,076 homes and in August 2013 there were 20,571 homes for sale on the market. Due to the declining in average days on market since February 2017 this shows buyer’s demand is strong where inventories may continue to be low and drive up prices.

The average sold price increased from $296,650 in July to $299,435 in August which is a +0.9% increase. Historically, since 2014 the average sold price has declined from July to August and doesn’t start to increase until late September and early October. Overall, the average sales price since September 2016 (12 months ago) still has an appreciation rate approximately 6.1% (up from last month) or from $282,128 in September 2016 to $299,435 in August 2017. In 2014 real estate prices only appreciated 4.5%, in 2015 5.5% and in 2016 4.2% where according to the National Association of Realtor the average annual appreciation rate is 5.4%. Therefore, Phoenix is still above the national appreciation rate. Since September 2016 (12 months ago), the average days on market has decreased approximately -8.2% (up from last month) and the number of sold transactions has increased approximately +11.0% (up from last month).

The volume of foreclosure purchases since September 2016 (12 months ago) has decreased approximately -45.7% and the volume of short sales decreased of approximately -35.6%. The current percentage of foreclosure sales and short sales sold is only 1% of the market which indicates a healthy market. Unfortunately, there are still some homeowners who bought between 2005 and 2007 that are still up-side-down as shown in the yearly average sold price chart above.

Since September 2016 (12 months ago), the number of homes for sale on the market have decreased approximately -11.5% or 21,738 homes for sale on the market to a gradual decrease of 19,242 homes (Down 2,496 homes). The total number of listings is low as compared to 26,076 listings in August 2014. This decrease in the number of homes for sale indicates we are currently in a seller’s market (low supply and increased demand).

Real estate prices will continue to increase and interest rates are planned to increase in 2017 so if you are thinking about buyer a home this year will be the time to buy before you get priced out of the market. Give us a call to discuss your best buying or selling strategy, TODAY!!

Position Realty
Office: 480-213-5251

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