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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

Phoenix Real Estate Market Report ~ December 2016

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The current real time market profile shows there were approximately 6,152 new listings (down 1,962 listings from last month) on the market in December 2016 and 7,157 sold transactions. The overall inventory of homes on the market in December 2016 is 22,520 which is down -13.3% 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.

In July 2016, the average sold price took a steep dive south to $272,845 but the average sales price has recovered to price levels seen in the beginning of the summer at $282,054 for an overall appreciation rate for the year at +4.2%. Since 2014 this appreciation rate is typical for the Phoenix market since the appreciation rate in 2015 was +5.5% and in 2014 the appreciation rate was +4.5%. Another interesting factor to consider is how our new president and the Fed’s plans to raise interest rates in 2017 will affect real estate prices in the near future. Since January 2016 (12 months ago), the average days on market has decreased approximately -3.8%% (up from last month) and the number of sold transactions has increased approximately +37.8% (up from last month).

The volume of foreclosure purchases since January 2016 (12 months ago) has decreased approximately -24.3% and the volume of short sales decreased of approximately -9.0%. 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 January 2016 (12 months ago), the number of homes for sale on the market have decreased approximately -5.0% or 23,699 homes for sale on the market to a gradual decrease of 22,520 homes (Down 610 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

How Donald Trump’s Policies Could Affect Phoenix Homeowners

Billionaire Donald Trump made much of his fortune as a real-estate developer.

But it’s not yet clear what his presidency will mean for the wealth of homeowners, though many of us are trying to figure it out.

President-elect Trump’s plans for Wall Street, immigration, a border wall and builder regulations could all impact the housing market, particularly in Arizona.

Let’s examine how some of his policies could affect homeowners here:

Interest rates

The most immediate impact on the housing market came right after the election when mortgage rates jumped. Homebuyers and homeowners trying to refinance across the country were jolted as the 30-year mortgage rate jumped above 4 percent early last week. Some buyers balked, and mortgage applications fell 9 percent.

A drop in home sales can turn into slower appreciation in values and a stalled recovery. But the current higher interest rates aren’t all on Trump.

Rates were rising before the election as investors jittery about the market poured more money into Treasury notes, pushing up their yields and mortgage rates.

Banks and lending

One thing we do know is Trump wants to quickly dismantle the Dodd-Frank law that went into effect six years ago in the middle of the crash. Dodd-Frank covers a lot including protecting consumers from predatory lending and regulating banks from getting too big to fail as well as investing in hedge funds. The goal of the package is to prevent a repeat of the crash.

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“If the government decides to dismantle Dodd-Frank as proposed, allowing banks to grow even bigger, credit availability could loosen nationwide,” said Ali Wolf, manager of housing economics for the national real-estate firm Meyers Research.

“Proponents, including former Federal Reserve Chair Alan Greenspan, believe Dodd-Frank was a ‘disastrous mistake’ that kept credit markets too tight,” Wolf added.

Mark Stapp, real-estate expert and director of the Master of Real Estate Development program at Arizona State University, told me that any impact on the capital markets that make it easier to get a loan would be positive.

But there’s concern among other housing advocates that too loose of lending guidelines get us back to the bad loans that led to the boom and crash.

Immigration

What could affect the housing market the most in Arizona are the president-elect’s plans to deport undocumented workers and build a wall between the U.S. and Mexico.

Originally, Trump’s plan called for deporting 11 million immigrants living illegally in the U.S. More recently, he said he would focus on deporting a smaller number, particularly the criminals living illegally in the country.

Arizona housing analyst Mike Orr said the number of deportations are key.

“Will he deport 10,000, 2 million, 3 million or 12 million, and over what time period?” Orr said in an analysis for this column.

He said 10,000 will have no significant impact on metro Phoenix’s housing market. Two million “will create significantly lower demand for housing. And 12 million would devastate housing.”

Building a wall would impact Arizona’s population but also will likely mean more jobs while its being built in our border state, he said.

About 190,000 metro Phoenix residents aren’t in the U.S. legally, according to national research. That many people translates to about 100,000 Valley households.

“Overall, a smaller population means a smaller economy,” Orr said about both immigration and the proposed wall.

Proponents of Trump’s immigration plan, including Sen. John Kavanagh, R-Fountain Hills, have told me the Trump deportation plan can benefit metro Phoenix’s housing market..

“It’s a solution to getting more affordable housing,” he said. “The argument suggests that if people here illegally left, no one would take their place. I don’t think that’s true.”

Kavanagh believes the jobs and homes left vacant by Trump’s deportation plan would be filled by “millions of people who are waiting to come here legally.”

We all will be watching this closely.

Builder regulations

Homebuilding hasn’t recovered from the crash in metro Phoenix, though that part of the market is having its best year in nearly a decade.

In an August speech to the National Association of Home Builders, Trump said the homebuilding industry is overregulated

He estimated that 25 percent of the cost of a home comes from regulations and said the figure should be closer to 2 percent.

Arizona has much lower homebuilding regulation costs than California and the East Coast, so this move by the president-elect could have a smaller impact here.

Also, Stapp said, “claims of eliminating regulations to lower fees are suspect because most are local and not federal.”

He thinks a Trump policy that focuses more on helping increase demand from homebuyers instead of trying to “marginally” cut federal building costs will be better for the housing market.

Trump inherits an economy with a housing market nearly recovered from a catastrophic crash. President Barack Obama came into office eight years ago as the economy and real-estate markets were in free fall.

Now that the new president will be renting at the White House, it’s important for our incoming president to redirect his real-estate expertise from his own portfolio to the nation’s homeowners.

Phoenix Residential Market Report ~ October 2016

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The current real time market profile shows there were approximately 10,023 new listings (up 85 listings from last month) on the market in October 2016 and 7,100 sold transactions. The overall inventory of homes on the market is down -16.4% in October 2016 as compared to the number of home on the marker in August 2014. The current number of home on the market is equivalent to houses on the market in September 2015 but due to the greater demand this year the low inventory of homes on the market may cause prices to appreciate at a faster rate. There is currently 22,986 listing on the market and 7,100 sold transactions which equates to 3.2 months of inventory at the market.

In July 2016, the average sold price took a steep dive south to $272,845. The month of October the average sold price increased approximately +4.4% to $284,888 which is higher than the average price in June 2016 at $282,879. Historically, as we enter the winter holiday season the number of sold transaction will decrease but since 2014 the average sold price increased. In 2014, the average sold price increased +5.3% from September to December and in 2015 the average sold price increased +3.6%. Another interesting factor to consider is how the election of our new president will affect real estate prices. After the election mortgage interest rates increased making it harder for people to buy. Since November 2015 (12 months ago), the average sold price has increased approximately +7.6% (up from last month), the average days on market has increased approximately +1.4% (up from last month) and the number of sold transactions has increased approximately +32.4% (down from last month).

The volume of foreclosure purchases since November 2015 (12 months ago) has decreased approximately -22.2% and the volume of short sales decreased of approximately -15.1%. Since August 2013 the number of foreclosures have decreased -298.7% indicating a healthy market. Also, since August 2013 the volume of short sales have decreased -451.6% because the inventory of homes “up-side-down” have been exhausted and values have risen to a point where consumers can break-even or sell with some equity but some homeowners are still up-side-down if they purchased their homes between 2005 and 2007.

Since November 2015 (12 months ago), the number of homes for sale on the market have decreased approximately -2.5% or 23,585 homes for sale on the market to a gradual decrease of 22,986 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 are still relatively low (near 2008 prices), mortgage rates are still at a historical low 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 Residential Market Report ~ September 2016

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The current real time market profile shows there were approximately 9,938 new listings (up 606 listings from last month) on the market in September 2016 and 7,442 sold transactions. The overall inventory of homes on the market is down -16.4% in September 2016 as compared to the number of home on the marker in August 2014. The current number of home on the market is equivalent to houses on the market in September 2015 but due to the greater demand this year the low inventory of homes on the market may cause prices to appreciate at a faster rate. There is currently 21,738 listing on the market and 7,442 sold transactions which equates to 2.7 months of inventory at the market. Historically, 2.9 months of inventory on the market which is the lowest the Phoenix market has seen June 2013.

In July 2016 the average sold price took a steep dive south as well as the number of sold transactions. The month of September the average sold price increased approximately +2.4% to $282,128 and is approximately back to the average price in June 2016 at $282,879. Historically, as we enter the winter holiday season the number of sold transaction decrease but since 2014 the average sold price increased. In 2014, the average sold price increased +5.3% from September to December and in 2015 the average sold price increased +3.6%. Since October 2015 (12 months ago), the average sold price has increased approximately +7.2% (up from last month), the average days on market have is unchanged (down from last month) and the number of sold transactions have increased approximately +17.4% (down from last month).

The volume of foreclosure purchases since October 2015 (12 months ago) has decreased approximately -17.9% and the volume of short sales decreased of approximately -25.8%. Since August 2013 the number of foreclosures have decreased -211.7% indicating a healthy market. Also, since August 2013 the volume of short sales have decreased -479.7% because the inventory of homes “up-side-down” have been exhausted and values have risen to a point where consumers can break-even or sell with some equity but some homeowners are still up-side-down if they purchased their homes between 2005 and 2007.

Since October 2015 (12 months ago), the number of homes for sale on the market have decreased approximately -8.5% or 21,754 homes for sale on the market to a gradual decrease of 21,738 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 are still relatively low (near 2008 prices), mortgage rates are still at a historical low 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 ~ August 2016

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The current real time market profile shows there were approximately 9,332 new listings (up 291 listings from last month) on the market in August 2016 and 7,936 sold transactions. Since August 2016 the overall inventory of homes on the market is down -16.4% as compared to the number of home on the marker in August 2014. Current demand is equivalent to demand for housing experienced in August 2015 but due to the greater demand this year the lower inventory of homes on the market may cause prices to appreciate at a faster rate. There is currently 21,873 listing on the market and 7,963 sold transaction which equates to 2.7 months of inventory on the market. Historically, 2.7 months of inventory on the market is the lowest the Phoenix market has seen June 2013.

In July 2016 the average sold price took a steep dive south as well as the number of sold transactions. The month of August the average sold price increased approximately +1.0% to $275,642 but is still down -2.6% from June 2016 at $282,879. This could be the temporary price decrease due to the upcoming presidential election. Last year’s summer buying season was weak where we saw prices decrease from June to September. This month the number of transaction increased 194 transactions which is a small increase as compared to prior months. Since September 2015 (12 months ago), the average sold price has increased approximately +6.0% (up from last month), the average days on market have increased approximately +7.0% (up from last month) and the number of sold transactions have increased approximately +14.1% (up from last month).

The volume of foreclosure purchases since September 2015 (12 months ago) has decreased approximately -28.1% and the volume of short sales increased of approximately +1.3%. Since August 2013 the number of foreclosures have decreased -228.3% indicating a healthy market. Also, since August 2013 the volume of short sales have decreased -344.2% because the inventory of homes “up-side-down” have been exhausted and values have risen to a point where consumers can break-even or sell with some equity but some homeowners are still up-side-down if they purchased their homes between 2005 and 2007.

Since September 2015 (12 months ago), the number of homes for sale on the market have increased approximately +0.4% or 21,778 homes for sale on the market to a gradual increase of 21,873 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 are still relatively low (near 2008 prices), mortgage rates are still at a historical low 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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