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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

Phoenix Real Estate Market Report ~ July 2017

The current real time market profile shows there were approximately 8,948 new listings (down 1,231 listings from last month) on the market in July 2017 and 8,024 sold transactions (down 1,599 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 July 2017 there were 19,874 homes (down 1,365 listing from last month) on the market which is down -26.1% as compared to the number of home on the marker in July 2014. In July 2015 there were 22,129 homes, in July 2014 there were 26,906 homes and in July 2013 there were 19,724 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 dropped from $304,678 in June to $296,650 in July which is a -2.6% 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 August 2016 (12 months ago) still has an appreciation rate approximately 7.6% (down from last month) or from $275,642 in August 2016 to $296,650 in July 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 August 2016 (12 months ago), the average days on market has decreased approximately -14.5% (down from last month) and the number of sold transactions has increased approximately +0.8% (down from last month).

The volume of foreclosure purchases since August 2016 (12 months ago) has decreased approximately -42.2% and the volume of short sales decreased of approximately -57.8%. 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 August 2016 (12 months ago), the number of homes for sale on the market have decreased approximately -9.1% or 21,873 homes for sale on the market to a gradual decrease of 19,874 homes (Down 1,365 homes from last month). The total number of listings is low as compared to 26,903 listings in July 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 ~ June 2017

The current real time market profile shows there were approximately 10,179 new listings (down 692 listings from last month) on the market in June 2017 and 9,623 sold transactions (down 239 listings from last month). The overall inventory of homes on the market in June 2017 is 21,239 homes (up 9 listing from last month) which is down -22.8% as compared to the number of home on the marker in June 2014. In June 2015 there were 22,475 homes, in June 2014 there were 27,494 homes and in April 2013 there were 19,005 homes for sale on the market. Due to the large spike in the number of sold transactions and the decline in average days on market this shows buyer’s demand is strong where inventories may continue to be low and drive up prices.

Since November 2016 after our new president took office the average sales price has increased from approximately $281,000 to $304,678 or an appreciation rate of 8.2% and the number of sold transactions has increased from approximately 6,898 to 9,623 transactions or an increase of 39.5%. In 2014 real estate prices only appreciated 4.5%, in 2015 5.5% and in 2016 4.2% but in 2017 we may reach a double digit appreciation rate. The number of sold transactions usually starts to decrease in July due to summer vacations but we will have to see next month if buyer demand will continue to follow the usual trend. Since July 2016 (12 months ago), the average sold price has increased +11.7% (up from last month), the average days on market has decreased approximately -6.9% (up from last month) and the number of sold transactions has decreased approximately +23.9% (down from last month).

The volume of foreclosure purchases since July 2017 (12 months ago) has decreased approximately -33.9% and the volume of short sales decreased of approximately -36.1%. The current percentage of foreclosure sales and short sales sold is only 2% 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 July 2016 (12 months ago), the number of homes for sale on the market have decreased approximately -5.6% or 22,504 homes for sale on the market to a gradual decrease of 21,239 homes (Down 9 homes from last month). The total number of listings is low as compared to 29,308 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

Phoenix Real Estate Market Report ~ May 2017

The current real time market profile shows there were approximately 10,513 new listings (up 155 listings from last month) on the market in May 2017 and 9,859 sold transactions (up 494 listings from last month). The overall inventory of homes on the market in May 2017 is 21,230 homes (down 576 listing from last month) which is down -26.2% as compared to the number of home on the marker in May 2014. In May 2015 there were 24,410 homes, in May 2014 there were 28,776 homes and in April 2013 there were 19,462 homes for sale on the market. Due to the large spike in the number of sold transactions and the decline in average days on market this shows buyer’s demand is strong where inventories may continue to be low and drive up prices.

Since November 2016 after our new president took office the average sales price has increased from approximately $281,000 to $300,000 or an appreciation rate of 6.8% and the number of sold transactions has increased from approximately 6,898 to 9,859 transaction or an increase of 42.9%. From April to May the average sold price has increased approximately 2.8%. The number of sold transactions usually starts to decrease in July due to summer vacations but we will have to see next month if buyer demand will continue to follow the usual trend. Since June 2016 (12 months ago), the average sold price has increased +6.3% (up from last month), the average days on market has decreased approximately -5.4% (down from last month) and the number of sold transactions has decreased approximately +9.8% (up from last month).

The volume of foreclosure purchases since June 2016 (12 months ago) has decreased approximately -29.4% and the volume of short sales decreased of approximately -19.5%. The current percentage of foreclosure sales and short sales sold is only 2% 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 June 2016 (12 months ago), the number of homes for sale on the market have decreased approximately -8.9% or 23,298 homes for sale on the market to a gradual decrease of 21,230 homes (Down 576 homes from last month). The total number of listings is low as compared to 29,308 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 are still relatively low (near 2008 prices), interest rates are planned to increase in 2017 and the macroeconomic market is improving both in terms of prices and the overall economy. 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 2017

The current real time market profile shows there were approximately 10,513 new listings (down 1,678 listings from last month) on the market in April 2017 and 9,365 sold transactions (down 532 listings from last month). The overall inventory of homes on the market in April 2017 is 21,806 homes (down 440 listing from last month) which is down -16.4% as compared to the number of home on the marker in August 2014. In April 2015 there were 24,965 homes, in April 2014 there were 29,308 homes and in April 2013 there were 20,275 homes for sale on the market. Due to the large spike in the number of sold transactions and the decline in average days on market this shows buyer’s demand is strong where inventories may continue to be low and drive up prices.

Since November 2016 after our new president took office the average sales price has increased from approximately $281,000 to $292,500 or an appreciation rate of 3.5% in 6 months. In March we saw a 43.2% increase in the number of sold transaction in one month but this month the number of sold transactions are down 532 or -5.7%. The number of sold transactions usually increases from March until June but we will have to see next month if this will be the beginning of a new trend as evident of a decrease in buyer demand or ability to buy. Since April 2016 (12 months ago), the average sold price has increased +3.5% (up from last month), the average days on market has decreased approximately -2.6% (down from last month) and the number of sold transactions has decreased approximately -0.1% (down from last month).

The volume of foreclosure purchases since April 2016 (12 months ago) has decreased approximately -17.0% and the volume of short sales decreased of approximately -38.1%. Since April 2013 the number of foreclosures have decreased -545.7% and the current percentage of foreclosure sales is only 2% of the market which indicates a healthy market. Also, since April 2013 the number of short sale transactions have decreased -1,076.9% and the current percentage of short sales sold is only 2% of the market. Unfortunately, some homeowners who bought between 2005 and 2007 are still up-side-down as shown in the annual average sold price chart above.

Since April 2016 (12 months ago), the number of homes for sale on the market have decreased approximately -12.2% or 24,840 homes for sale on the market to a gradual decrease of 21,806 homes (Down 440 homes from last month). The total number of listings is low as compared to 29,308 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 are still relatively low (near 2008 prices), interest rates are planned to increase in 2017 and the macroeconomic market is improving both in terms of prices and the overall economy. 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 2017

The current real time market profile shows there were approximately 12,191 new listings (up 2,192 listings from last month) on the market in March 2017 and 9,365 sold transactions (up 2,827 listings from last month). The overall inventory of homes on the market in March 2017 is 22,246 homes (down 366 listing from last month) which is down -14.7% as compared to the number of home on the marker in August 2014. In December 2015 there were 23,353 homes, in December 2014 there were 26,270 homes and in December 2013 there were 26,463 homes for sale on the market. Due to the large spike in the number of sold transactions and the decline in average days on market this shows buyer’s demand is strong where inventories may continue to be low and drive up prices.

Since November 2016 after our new president took office the average sales price has increased from approximately $281,000 to $289,000 or an appreciation rate of 2.7%. Since the Federal Reserve last increased interest rates by .25 basis points mortgage interest rates have gone down due to the anticipation of a possible war. It appears the interest rate increase has not slowed down the Phoenix market and it has actually increased buyer’s demand for housing as evident with a 43.2% increase in the number of sold transaction from last month. Since March 2016 (12 months ago), the average sold price has increased +6.4%, the average days on market has increased approximately +0.0% (down from last month) and the number of sold transactions has increased approximately -10.9% (up from last month).

The volume of foreclosure purchases since March 2016 (12 months ago) has increased approximately +6.0% and the volume of short sales increased of approximately +2.4%. Since August 2013 the number of foreclosures have decreased -188.3% and the current percentage of foreclosure sales is only 2% of the market which indicates a healthy market. Also, since August 2013 the number of short sale transactions have decreased -430.2% and the current percentage of short sales sold is only 2% of the market. Unfortunately, some homeowners who bought between 2005 and 2007 are still up-side-down as shown in the annual average sold price chart above.

Since March 2016 (12 months ago), the number of homes for sale on the market have decreased approximately -11.6% or 25,169 homes for sale on the market to a gradual decrease of 22,246 homes (Down 366 homes from last month). 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 are still relatively low (near 2008 prices), interest rates are planned to increase in 2017 and the macroeconomic market is improving both in terms of prices and the overall economy. 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 2017

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The current real time market profile shows there were approximately 9,999 new listings (up 3,847 listings from last month) on the market in February 2017 and 6,538 sold transactions. The overall inventory of homes on the market in February 2017 is 22,612 homes which is down -12.9% as compared to the number of home on the marker in August 2014. In December 2015 there were 23,353 homes, in December 2014 there were 26,270 homes and in December 2013 there were 26,463 homes for sale on the market. This declining number of homes for sale on the market is a good for sellers if 2017 brings added buyer demand due to changes planned to be enacted by our new president.

Since November 2016 after our new president took office the average sales price has increased from approximately $281,000 to $$287,000 or an appreciation rate of 2.1%. Last Wednesday the Federal Reserve increased interest rates by .25 basis points and another rate increase is expected in July and October of this year. We will not see the effect of this rate increase in the Phoenix market until after a few months because it typically takes 30 to 45 days for a finance buyer to complete the purchase of their new home. Another change in the Phoenix market since November 2016 is the average days on market have increased from 73 days to 81 days or an increase of 11%. Since March 2016 (12 months ago), the average sold price has increased 6.6%, the average days on market has increased approximately +2.5% (up from last month) and the number of sold transactions has decreased approximately -22.7% (up from last month).

The volume of foreclosure purchases since March 2016 (12 months ago) has decreased approximately -24.3% and the volume of short sales decreased of approximately -36.7%. Since August 2013 the number of foreclosures have decreased -301.3% and the current percentage of foreclosure sales is only 2% of the market which indicates a healthy market. Also, since August 2013 the number of short sale transactions have decreased -516.2% and the current percentage of short sales sold is only 2% of the market. Unfortunately, some homeowners who bought between 2005 and 2007 are still up-side-down as shown in the annual average sold price chart above.

Since March 2016 (12 months ago), the number of homes for sale on the market have decreased approximately -10.7% or 25,329 homes for sale on the market to a gradual decrease of 22,612 homes (Up 758 homes from last month). 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 are still relatively low (near 2008 prices), interest rates are planned to increase in 2017 and the macroeconomic market is improving both in terms of prices and the overall economy. Give us a call to discuss your best buying or selling strategy, TODAY!!

Position Realty
Office: 480-213-5251

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