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 summer in August 2013, the average sold price has increased approximately +9.5% (down slightly from last month), the average days on market have decreased approximately -14.4% (up from last month) and the number of transactions have decreased approximately -16.5% (down from last month). The average price per square foot is approximately $328 PSF, average days on market is 196 days and 76 transactions last month. This holiday season the average sold price has increased, the average days on market decreased and the number of transactions decreased.
The luxury market is following its typical trend during the winter months: the average sold price trend is upward, the average days on market are decreased but the numbers of transactions were down as compared to the winter months in 2012. The slowdown in the number of transaction indicates the market is in confusion regarding the overall direction of the market and macro economy as a whole.
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 as compared to past price performance and the economy is continuing to show signs of improvement in terms the overall economy. Time to buy in the Luxury market is NOW!! Give us a call to discuss your best buying strategy, TODAY!!