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 +9.0% (up slightly from last month), the average days on market have increased approximately +1.2% (up from last month) and the number of transactions have increased approximately +101.4% (up from last month). The average price per square foot is approximately $328 PSF, average days on market is 173 days and 143 transactions last month. As we enter the summer months you should see the average sold price has decrease, the average days on market increase 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 decreasing and the numbers of transactions are up as compared to the winter months in 2012. The statistics from the month of May and June should show a trend that the market is slowing down: the average sold price trend should be downward, the average days on market should increase and the number of transaction will decrease. We will have to wait and see if the market follows its typical spring / summer market trend.
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 market should start to decrease so you might be able to pick up a good deal. Give us a call to discuss your best buying strategy, TODAY!!