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Phoenix Luxury Market Report ~ April 2015

Luxury Market Index

Luxury Average Sold Price_Monthly

Luxury Average Days on Market_Monthly

Luxury Transaction_Monthly

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 -9.5% (up from last month), the average days on market have decreased approximately -5.2% (down from last month) and the number of transactions have increased approximately +98.7% (up from last month). The average price per square foot is currently approximately $335 PSF, average days on market is 181 days and 153 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 April 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 continues to increasing. Based on the statistics for the month of April 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!!

Position Realty
Office: 480-213-5251

Phoenix Luxury Market Report Summary

Price in the luxury real estate market in Phoenix typically go up during the winter season and go back down during the summer months. Since November 2012, the average sold price has increased approximately +14.5% (up from last month), the average days on market have decreased approximately -33.3% (down from last month) and the number of transaction has increased approximately +67.1% (up from last month). The average price per square foot is approximately $307 PSF, average days on market is 156 days and 117 transactions last month. The Luxury Market Index shows the real estate boom from 2004 to 2006 created a great deal of demand in the market and the number of transaction is back down to the 2003 to 2004 levels.

As you can see from the fourth chart above, the luxury market is showing signs of improvement. The average price per square foot is increasing; the average days on market are decreasing and the number of transaction are increasing. These are good signs from the market but we will have to see if this improvement continues during the summer months. The improving market is contributed to consumers sentiment that the overall economy has recovered and lenders are becoming more willing to issue jumbo loans to qualified buyer.

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 starting to see signed 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!!

Position Realty
Office: 480-213-5251

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