Phoenix Residential Market Report
Provide By Sean Heideman, Broker – (480) 213-5251 – Sean.Heideman@PositionRealty.com
The current real time market profile shows there were approximately 10,115 new listings (up from last month) on the market in October 2015 and 6,339 sold transactions. Since the beginning of the year the number of new listings has exceeded the number of sold transactions but the number of total listing has consistently decreased since April 2014.
Since November 2014 (12 months ago), the average sold price has increased approximately +4.4% (up from last month), the average days on market have decreased approximately -17.0% (up from last month) and the number of sold transaction has increased approximately +26.8% (down from last month). Since the month of May 2014 the average sold price has teeter tottered up and down with no upward trend but in April 2015 the average sold price jumped higher than the last 12 months. The summer buying season was strong but as we enter the holiday season prices are starting to rescind back to prices at the beginning of the summer. The current average sold price is approximately $263,000 which is up +2.2% since March 2015.
The volume of foreclosure purchases since November 2014 (12 months ago) has decreased approximately -19.7% and the volume of short sales have decreased approximately -11.7%. Since November 2014 the volume of foreclosure purchases went up and now the trend is back down once again. Also, since August 2013 the volume of short sale purchases have consistently decreased 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.
Since November 2014 (12 months ago), the number of homes for sale on the market have decreased approximately -12.0% or 26,076 homes for sale on the market to a gradually decrease of 23,754 homes. This decrease in the number of homes for sale could be a sign the market is beginning to shift once again back to 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 investment strategy, TODAY!!