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Phoenix Real Estate Market Report ~ February 2014

As you can see from the first chart above, Position Realty Market Index, the first time home buyer tax credit created a great deal of demand in the market similar to the real estate boom from 2004 to 2006. Currently the numbers of transactions are slowing down as a result there is an increase in inventory because the number of listings is not being purchased at a fast enough rate.

Since March 2013 (12 months ago), the average sold price has increased approximately +6.9% (up from last month), the average days on market have increased approximately +22.5% (up from last month) and the number of transaction has decreased approximately -29.5% (down from last month). The month of November showed signs the average sold price was starting to decrease and this trend has continued throughout the month of February. The current average sold price is approximately $242,000 which is down -2.3% from last month at $247,000. Also, the current number of transactions at 4,651 in the month of January has never been this low since April 2008. If this trend continues throughout the year it could be very bad news for real estate prices. Hopefully the average sold price, average days on market and the number of transaction will reverse with the spring / summer buying season.

The volume of REO purchases since March 2013 (12 months ago) has decreased approximately -41.4% and the volume of short sales have decreased approximately -75.4%. Since October 2013 the volume of REO purchases has increased approximately +18.3. The volume of REO purchases is rising again because Fannie Mae and institutional lenders have been holding onto inventory and they are starting to release their inventory at a faster rate. The volume of short sales are still down but REO purchases are back on the rise.

Since March 2013 (12 months ago), the number of homes for sale on the market have increased approximately +37.1%. This increase in the number of listings is caused by investors leaving the market and sellers that purchased during the real estate boom are putting their homes on the market to break-even or sell with a small amount of equity. Real estate prices have reached a point where sellers are listing their homes at a faster rate than buyers are purchasing. This may cause a decrease in real estate prices but hopefully buyers will resume their buying trend as we enter the spring / summer buying season.

As more and more sellers enter the market and as more of the supply of residential homes increase, real estate prices may start to decrease (more supply and weaker demand causes prices to decrease). The best time to buy real estate is when there is more supply than demand (buyer’s market). It might not be too late to sell so give us a call to discuss your best selling strategy before it could be too late!!

Position Realty
Office: 480-213-5251

Phoenix Luxury Real Estate Market ~ January 2014

Prices in the Phoenix luxury real estate markets typically go up during the winter season and go back down during the summer months. Since the end of the summer in August 2013, the average sold price has increased approximately +9.5% (down slightly from last month), the average days on market have decreased approximately -14.4% (up from last month) and the number of transactions have decreased approximately -16.5% (down from last month). The average price per square foot is approximately $328 PSF, average days on market is 196 days and 76 transactions last month. This holiday season the average sold price has increased, the average days on market decreased and the number of transactions decreased.

The luxury market is following its typical trend during the winter months: the average sold price trend is upward, the average days on market are decreased but the numbers of transactions were down as compared to the winter months in 2012. The slowdown in the number of transaction indicates the market is in confusion regarding the overall direction of the market and macro economy as a whole.

Trying to “time the market” for the perfect time to buy is nearly impossible but there is no better time than now to purchase. Real estate prices are at an all time low as compared to past price performance and the economy is continuing to show signs of improvement in terms the overall economy. Time to buy in the Luxury market is NOW!! Give us a call to discuss your best buying strategy, TODAY!!

Position Realty
Office: 480-213-5251

Phoenix Real Estate Market Report January 2014

As you can see from the first chart above, Position Realty Market Index, the first time home buyer tax credit created a great deal of demand in the market similar to the real estate boom from 2004 to 2006. Currently the numbers of transactions are slowing down as a result there is an increase in inventory because the number of listings is not being purchased at a fast enough rate.

Since February 2013 (12 months ago), the average sold price has increased approximately +12.4% (up from last month), the average days on market have increased approximately +5.6% (up from last month) and the number of transaction has decreased approximately -27.8% (down from last month). The month of November showed signs the average sold price was starting to decrease and this trend has continued throughout the month of February. The current average sold price is approximately $248,000 which is down -2.7% from last month at $254,000. Also, the current number of transactions in month of January at 4,651 has never been this low since April 2008. If this trend continues throughout the year it could be very bad news for real estate price. Hopefully the average sold price, average days on market and the number of transaction will reverse with the spring / summer buying season.

The volume of REO purchases since February 2013 (12 months ago) has decreased approximately -49.3% and the volume of short sales have decreased approximately -69.3%. The volume of REO purchases are shrinking because the increase in real estate prices are causing consumer to stop letting their homes go into foreclosure and the existing supply of REO properties are getting purchased at a faster rate.

Since February 2013 (12 months ago), the number of homes for sale on the market have increased approximately +23.8%. This increase in the number of listings is caused by investors leaving the market and sellers that purchased during the real estate boom are putting their homes on the market to break-even or sell with a small amount of equity. Real estate prices have reached a point where sellers are listing their homes at a faster rate than buyers are purchasing. This may cause a decrease in real estate prices but hopefully buyers will resume their buying trend as we enter the spring / summer buying season.

As more and more sellers enter the market and as more of the supply of residential homes increase, real estate prices may start to decrease (more supply and weaker demand causes prices to decrease).Real estate prices are still at an all time low (near 2008 prices), mortgage rates are still at a historical low and the market is improving both in terms of prices and the overall economy. Time to sell is NOW!! Give us a call to discuss your best selling strategy, TODAY!!

Phoenix Luxury Market Report ~ December 2013

Prices in the Phoenix luxury real estate markets typically go up during the winter season and go back down during the summer months. Since the end of the summer in August 2013, the average sold price has increased approximately +10.4% (up from last month), the average days on market have decreased approximately -22.3% (down from last month) and the number of transactions have increased approximately +13.2% (up from last month). The average price per square foot is approximately $330 PSF, average days on market is 178 days and 103 transactions last month. This holiday season the average sold price has increased, the average days on market has increased and the average days on market has decreased.

The luxury market is following its typical trend during the winter months; the average sold price trend is upward, the average days on market are decreasing but the numbers of transactions are down as compared the winter months in 2012. The slowdown in the number of transaction indicates the market is in confusion regarding the overall direction of the market and macro economy as a whole. The government shut down experienced in October and the upcoming deficient negotiations could be causing this dramatic decrease in the number of transactions.

Trying to “time the market” for the perfect time to buy is nearly impossible but there is no better time than now to purchase. Real estate prices are at an all time low and the economy is continuing to show signs of improvement both in terms of real estate prices and the overall economy. Time to buy is NOW!! Give us a call to discuss your best buying strategy, TODAY!!

Position Realty
Office: 480-213-5251

Phoenix Real Estate Market Report ~ December 2013

As you can see from the first chart above, Position Realty Market Index, the first time home buyer tax credit created a great deal of demand in the market similar to the real estate boom from 2004 to 2006. Currently the numbers of transactions are slowing down as a result there is an increase in inventory because the number of listings is not being purchased at a fast enough rate but we saw a small increase in the number of transaction in December.

Since January 2013 (12 months ago), the average sold price has increased approximately +19.4% (up from last month), the average days on market have decreased approximately -1.4% (up from last month) and the number of transaction has increased approximately +0.2% (up from last month). The month of November showed signs the average sold price was decreasing but the average sales price increased back up to the October average sold price in the month of December. The current average sold price is approximately $254,000 which is up +5.2% from last month at $241,000. Also, the number of transactions in December is back up to the October figure of 5,800 transactions. Hopefully the average sold price and number of transaction will continue the upward trend throughout 2014.

The volume of REO purchases since January 2013 (12 months ago) has decreased approximately -53.6% and the volume of short sales have decreased approximately -57.1%. The volume of REO purchases are shrinking because the increase in real estate prices are causing consumer to stop letting their homes go into foreclosure and the existing supply of REO properties are getting purchased at a faster rate.

Since January 2013 (12 months ago), the number of homes for sale on the market have increased approximately +19.4%. This increase in the number of listings is caused by investors leaving the market and sellers that purchased during the real estate boom are putting their homes on the market to break-even or sell with a small amount of equity. Real estate prices have reached a point where sellers are listing their homes at a faster rate than buyers are purchasing. This may cause a decrease in real estate prices but hopefully buyers will resume their buying trend now that the holidays are over.

As more and more sellers enter the market and as more of the supply of residential homes increase, real estate prices may start to decrease (more supply and weaker demand causes prices to decrease).Real estate prices are still at an all time low (near 2008 prices), mortgage rates are still at a historical low and the market is improving both in terms of prices and the overall economy. Time to sell is NOW!! Give us a call to discuss your best selling strategy, TODAY!!

Phoenix Real Estate Market Report ~ November 2013

As you can see from the first chart above, Position Realty Market Index, the first time home buyer tax credit created a great deal of demand in the market similar to the real estate boom from 2004 to 2006. Currently the numbers of transactions are slowing down as a result there is an increase in inventory because the number of listings is not being purchased at a fast enough rate.

Since December 2012 (12 months ago), the average sold price has increased approximately +11.4% (up from last month), the average days on market have decreased approximately -7.4% (down from last month) and the number of transaction has decreased approximately -25.1% (down from last month). The month of November is the first month this year the average sold price has decreased. The current average sold price is approximately $241,000 which is down -5.0% from last month at $254,000. Also, the number of transactions has decreased -15.2% in the month of November. If this trend continues it could be bad news for the Phoenix real estate market but let’s hope it is just due to the holiday season slow down.

The volume of REO purchases since December 2012 (12 months ago) has decreased approximately -55.8% and the volume of short sales have decreased approximately -77.4%. The volume of REO purchases are shrinking because the increase in real estate prices are causing consumer to stop letting their homes go into foreclosure and the existing supply of REO properties are getting purchased at a faster rate.

Since May 2013 (6 months ago), the number of homes for sale on the market have increased approximately +37.9%. This increase in the number of listings is caused by investors leaving the market and sellers that purchased during the real estate boom are putting their homes on the market to break-even or sell with a small amount of equity. Real estate prices have reached a point where sellers are listing their homes at a faster rate than buyers are purchasing. This may cause a decrease in real estate prices but any decrease could be caused from the holiday slow down.

As more and more sellers enter the market and as more of the supply of residential homes increase, real estate prices may start to decrease (more supply and weaker demand causes prices to decrease).Real estate prices are still at an all time low (near 2008 prices), mortgage rates are still at a historical low and the market is improving both in terms of prices and the overall economy. Time to sell is NOW!! Give us a call to discuss your best selling strategy, TODAY!!

Position Realty
Office: 480-213-5251

Phoenix Luxury Market Report ~ November 2013

Prices in the Phoenix luxury real estate markets typically go up during the winter season and go back down during the summer months. Since June 2013, the average sold price has increased approximately +3.4% (up from last month), the average days on market have decreased approximately -39.6% (down from last month) and the number of transactions have decreased approximately -36.6% (down from last month). The average price per square foot is approximately $323 PSF, average days on market is 99 days and 64 transactions last month. This holiday season the average sold price has increased, the average days on market has decreased and the average days on market has decreased.

The luxury market is not following its typical trend during the winter months; the average days on market are decreasing and the number of transactions is also decreasing. This trend reversal indicated the market is in confusion regarding the overall direction of the market and macro economy as a whole. The government shut down experienced in October and the upcoming deficient negotiations could be causing this dramatic decrease in the number of transactions.

Trying to “time the market” for the perfect time to buy is nearly impossible but there is no better time than now to purchase. Real estate prices are at an all time low and the economy is continuing to show signs of improvement both in terms of real estate prices and the overall economy. Time to buy is NOW!! Give us a call to discuss your best buying strategy, TODAY!!

Position Realty
Office: 480-213-5251

Phoenix Luxury Property Market Report ~ October 2013

Prices in the Phoenix luxury real estate markets typically go up during the winter season and go back down during the summer months. Since August 2013, the average sold price has increased approximately +15.1% (up from last month), the average days on market have decreased approximately -27.5% (down from last month) and the number of transactions have decreased approximately -5.5% (up from last month). The average price per square foot is approximately $344 PSF, average days on market is 166 days and 86 transactions last month. The Luxury Market Index shows the real estate boom from 2004 to 2006 created a great deal of demand in the market and the number of transaction is back down to the 2003 to 2004 levels.

As you can see from the fourth chart above, the luxury market is showing signs of improvement. The luxury market is following its typical trend during the winter months; the average days on market are decreasing and the number of transaction are increasing. These are good signs from the luxury market but we will have to see if this trend continues throughout the winter months. The improving market is contributed to consumer’s sentiment that the overall economy has recovered and lenders are becoming more willing to issue jumbo loans to qualified buyer.

Trying to “time the market” for the perfect time to buy is nearly impossible but there is no better time than now to purchase. Real estate prices are at an all time low and the economy is starting to see signed of improvement both in terms of real estate prices and the overall economy. Time to buy is NOW!! Give us a call to discuss your best buying strategy, TODAY!!

Position Realty
Office: 480-213-5251

Phoenix Real Estate Market Report ~ October 2013

As you can see from the first chart above, Position Realty Market Index, the first time home buyer tax credit created a great deal of demand in the market similar to the real estate boom from 2004 to 2006. Currently the numbers of transactions are slowing down due to the increase in inventory since June 2013 but real estate price are continuing to increase.

Since November 2012 (12 months ago), the average sold price has increased approximately +22.5% (up from last month), the average days on market have increased approximately +1.6% (up from last month) and the number of transaction has decreased approximately -11.7% (up from last month). The current average sold price is approximately $254,000 which is back to the average sold price experienced in 2008. Since August 2013, the number of transactions has been decreasing and the number of home for sale has been increase. If this trend continues it could be bad news for the Phoenix real estate market but let’s hope it is just due to the holiday season slow down.

The volume of REO purchases since January 2013 has decreased approximately -51.8% and the volume of short sales have decreased approximately -51.9%. The volume of REO purchases are shrinking because the increase in real estate prices are causing consumer to stop letting their homes go into foreclosure and the existing supply of REO properties are getting purchased at a faster rate.

Since November 2012 (12 months ago), the number of homes for sale on the market have been fairly stable with approximately a +10.1% increase in homes for sale. Since August 2013, the number of home for sale on the market have increased approximately +21.3%. As real estate prices increase, more and more sellers that purchased during the real estate boom are putting their homes on the market to break-even or sell with a small amount of equity. Real estate prices have reached a point where sellers are listing their homes at a faster rate than buyers are purchasing. This may cause a decrease in real estate prices but it could be from the holiday slow down.

As more and more sellers enter the market and as more of the supply of residential homes increase, real estate prices may start to decrease (more supply and weaker demand causes prices to decrease).Real estate prices are still at an all time low (near 2008 prices), mortgage rates are still at a historical low and the market is improving both in terms of prices and the overall economy. Time to sell is NOW!! Give us a call to discuss your best selling strategy, TODAY!!

Phoenix Luxury Market Report – August 2013

Prices in the Phoenix luxury real estate markets typically go up during the winter season and go back down during the summer months. Since December 2012, the average sold price has decreased approximately -6.1% (up from last month), the average days on market have increased approximately +18% (up from last month) and the number of transactions have increased approximately +1.1% (down from last month). The average price per square foot is approximately $299 PSF, average days on market is 229 days and 91 transactions last month. The Luxury Market Index shows the real estate boom from 2004 to 2006 created a great deal of demand in the market and the number of transaction is back down to the 2003 to 2004 levels.

As you can see from the fourth chart above, the luxury market is showing signs of improvement. The luxury market has followed its typical trend during the summer months but overall the average price per square foot is increasing; the average days on market are decreasing and the number of transaction are increasing. These are good signs from the luxury market but we will have to see if this trend continues during the winter months. The improving market is contributed to consumer’s sentiment that the overall economy has recovered and lenders are becoming more willing to issue jumbo loans to qualified buyer.

Trying to “time the market” for the perfect time to buy is nearly impossible but there is no better time than now to purchase. Real estate prices are at an all time low and the economy is starting to see signed of improvement both in terms of real estate prices and the overall economy. Time to buy is now! Give us a call to discuss your best buying strategy today!

Position Realty
Office: 480-213-5251

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