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 winter in May 2014, the average sold price has increased approximately +8.9% (down from last month), the average days on market have decreased approximately -17.6% (down from last month) and the number of transactions have decreased approximately -6.7% (down from last month). The average price per square foot is approximately $341 PSF, average days on market is 154 days and 112 transactions last month. Since we are now in the winter months we are seeing the average sold price increase, the average days on market decrease and the number of transactions increase.
The luxury market is following its typical trend as we enter the winter months. The statistics for the month of December is showing a trend that the market is improving: the average sold price trend is increasing, the average days on market are decreasing and the number of transactions is increasing. Based on the statistics for the month of December it appears the Phoenix luxury market is following its typical trend during the winter months.
Trying to “time the market” for the perfect time to buy is nearly impossible but there is no better time than now to purchase. The economy is continuing to show signs of improvement in terms the overall economy and the real estate market is start to improve so you might be able to pick up a good deal. Give us a call to discuss your best buying strategy, TODAY!!