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 November 2014, the average sold price has decreased approximately -14.6% (down from last month), the average days on market have increased approximately +13.6% (up from last month) and the number of transactions have increased approximately +71.4% (up from last month). The average price per square foot is currently approximately $316 PSF, average days on market is 217 days and 132 transactions last month. Since we are now entering the summer months we are seeing the average sold price decrease, the average days on market increase and the number of transactions increase.
The luxury market is following its typical trend as we enter the summer months. The statistics for the month of March 2015 are showing a trend that the market is improving: the average sold price trend is decreasing, the average days on market are increasing but the number of transactions continue to increasing. Based on the statistics for the month of March it appears the Phoenix luxury market is following its typical trend as we start to enter the summer 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!!