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!!