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Phoenix Real Estate Market Report ~ April 2017

The current real time market profile shows there were approximately 10,513 new listings (down 1,678 listings from last month) on the market in April 2017 and 9,365 sold transactions (down 532 listings from last month). The overall inventory of homes on the market in April 2017 is 21,806 homes (down 440 listing from last month) which is down -16.4% as compared to the number of home on the marker in August 2014. In April 2015 there were 24,965 homes, in April 2014 there were 29,308 homes and in April 2013 there were 20,275 homes for sale on the market. Due to the large spike in the number of sold transactions and the decline in average days on market this shows buyer’s demand is strong where inventories may continue to be low and drive up prices.

Since November 2016 after our new president took office the average sales price has increased from approximately $281,000 to $292,500 or an appreciation rate of 3.5% in 6 months. In March we saw a 43.2% increase in the number of sold transaction in one month but this month the number of sold transactions are down 532 or -5.7%. The number of sold transactions usually increases from March until June but we will have to see next month if this will be the beginning of a new trend as evident of a decrease in buyer demand or ability to buy. Since April 2016 (12 months ago), the average sold price has increased +3.5% (up from last month), the average days on market has decreased approximately -2.6% (down from last month) and the number of sold transactions has decreased approximately -0.1% (down from last month).

The volume of foreclosure purchases since April 2016 (12 months ago) has decreased approximately -17.0% and the volume of short sales decreased of approximately -38.1%. Since April 2013 the number of foreclosures have decreased -545.7% and the current percentage of foreclosure sales is only 2% of the market which indicates a healthy market. Also, since April 2013 the number of short sale transactions have decreased -1,076.9% and the current percentage of short sales sold is only 2% of the market. Unfortunately, some homeowners who bought between 2005 and 2007 are still up-side-down as shown in the annual average sold price chart above.

Since April 2016 (12 months ago), the number of homes for sale on the market have decreased approximately -12.2% or 24,840 homes for sale on the market to a gradual decrease of 21,806 homes (Down 440 homes from last month). The total number of listings is low as compared to 29,308 listings in August 2014. This decrease in the number of homes for sale indicates we are currently in a seller’s market (low supply and increased demand).

Real estate prices are still relatively low (near 2008 prices), interest rates are planned to increase in 2017 and the macroeconomic market is improving both in terms of prices and the overall economy. Give us a call to discuss your best buying or selling strategy, TODAY!!

Position Realty
Office: 480-213-5251

Phoenix Residential Market ~ February 2016

Real Time_Supply

Pie Chart_Market

Average Sold Price_Monthly

Average Days on Market_Monthly

Active vs Sold Transactions

Foreclosures_Monthly

Short Sales_Monthly

The current real time market profile (properties for sale) shows there were approximately 10,648 new listings (up 94 listings from last month) on the market in February 2016 and 5,833 sold transactions. Since the beginning of the year the number of new listings has exceeded the number of sold transactions which the recent interest rate increase by the Fed may entice property owners to sell and tighter mortgage underwriting guidelines for borrowers are preventing new purchases.

Since March 2015 (12 months ago), the average sold price has increased approximately +5.9% (up from last month), the average days on market have decreased approximately -9.8% (up from last month) and the number of sold transactions have decreased approximately -25.5% (up from last month). Since the month of September 2015 the average sold price has formed a new upward trend where each month the average sold price has gradually increased. Last year’s summer buying season was weak where we saw price decreases from June to September. If the number of new listings continues to increase and the number of sold transactions decreases, then prices in the summer may start to decrease again in 2016. Let’s hope this summer’s buying season is better than last year.

The volume of foreclosure purchases since March 2015 (12 months ago) has decreased approximately -38.8% and the volume of short sales decreased of approximately -28.6%. 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 depending if they purchased their homes between 2005 and 2007.

Since March 2015 (12 months ago), the number of homes for sale on the market have decreased approximately -1.4% or 25,745 homes for sale on the market to a gradually decrease of 25,221 homes. The total number of listings is still low as compared to 29,308 listings in April 2014. This decrease in the number of homes for sale indicates we are currently in 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!!

Position Realty
Office: 480-213-5251

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