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Phoenix Residential Market Report ~ October 2016

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The current real time market profile shows there were approximately 10,023 new listings (up 85 listings from last month) on the market in October 2016 and 7,100 sold transactions. The overall inventory of homes on the market is down -16.4% in October 2016 as compared to the number of home on the marker in August 2014. The current number of home on the market is equivalent to houses on the market in September 2015 but due to the greater demand this year the low inventory of homes on the market may cause prices to appreciate at a faster rate. There is currently 22,986 listing on the market and 7,100 sold transactions which equates to 3.2 months of inventory at the market.

In July 2016, the average sold price took a steep dive south to $272,845. The month of October the average sold price increased approximately +4.4% to $284,888 which is higher than the average price in June 2016 at $282,879. Historically, as we enter the winter holiday season the number of sold transaction will decrease but since 2014 the average sold price increased. In 2014, the average sold price increased +5.3% from September to December and in 2015 the average sold price increased +3.6%. Another interesting factor to consider is how the election of our new president will affect real estate prices. After the election mortgage interest rates increased making it harder for people to buy. Since November 2015 (12 months ago), the average sold price has increased approximately +7.6% (up from last month), the average days on market has increased approximately +1.4% (up from last month) and the number of sold transactions has increased approximately +32.4% (down from last month).

The volume of foreclosure purchases since November 2015 (12 months ago) has decreased approximately -22.2% and the volume of short sales decreased of approximately -15.1%. Since August 2013 the number of foreclosures have decreased -298.7% indicating a healthy market. Also, since August 2013 the volume of short sales have decreased -451.6% 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 if they purchased their homes between 2005 and 2007.

Since November 2015 (12 months ago), the number of homes for sale on the market have decreased approximately -2.5% or 23,585 homes for sale on the market to a gradual decrease of 22,986 homes. The total number of listings is low as compared to 26,076 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), 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 buying or selling strategy, TODAY!!

Position Realty
Office: 480-213-5251

Phoenix Residential Market Report ~ August 2015

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The current real time market profile shows there were approximately 9,243 new listings (down from last month) on the market in July 2015 and 7,972 sold transactions. Since the beginning of the year the number of new listings has exceeded the number of sold transaction but the number of total listing has consistently decreased since April 2014.

Since August 2014 (12 months ago), the average sold price has increased approximately +4.0% (down from last month), the average days on market have decreased approximately -13.8% (down from last month) and the number of sold transaction has increased approximately +26.2% (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 has been strong with a +2.1% increase in price since April 2015. The current average sold price is approximately $263,000 which is up since March 2015. This second month of price increases is a strong indication of a market reversal from the real estate market we experienced in 2014. Let’s hope the market continues its upward trend throughout the rest of the summer buying season.

The volume of foreclosure purchases since August 2014 (12 months ago) has decreased approximately -37.2% and the volume of short sales have increased approximately -34.4%. Since August 2014 the volume of foreclosure purchases went up and now the trend is back down once again. 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.

Since August 2014 (12 months ago), the number of homes for sale on the market have decreased approximately -15.1% or 26,076 homes for sale on the market to a gradually decrease of 22,129 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!!

Position Realty
Office: 480-213-5251

Phoenix Residential Market Report ~ July 2014

As you can see from the first chart above, Position Realty Market Index, the first time home buyer tax credit created a great deal of demand in the market similar to the real estate boom from 2004 to 2006. Currently the number of transactions is slowing down as a result there is an increase in inventory because the number of listings is not being purchased at a fast enough rate.

Since August 2013 (12 months ago), the average sold price has increased approximately +5.2% (down from last month), the average days on market have increased approximately +46.6% (up from last month) and the number of transaction has decreased approximately -2.4% (down from last month). Since the month of September 2013 the average sold price has teeter tottered up and down with no upward trend. This is good news since the market has not formed a downward trend. We will not see an indication of a market reversal until there have been two to three consecutive months of upward or downward pressure on the average sold price, DOM and number of transactions. The current average sold price is approximately $252,000 which is down approximately -2.6% from last month at $259,000.

The volume of foreclosure purchases since August 2013 (12 months ago) has decreased approximately -26.7% and the volume of short sales have decreased approximately -65.6%. Since October 2013 the volume of foreclosure purchases have teeter tottered up and down with no upward trend. 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.

Since August 2013 (12 months ago), the number of homes for sale on the market have increased approximately +30.8%. This increase in the number of listings is caused by investors leaving the market and sellers that purchased during the real estate boom are putting their homes on the market to break-even or sell with a small amount of equity. During the month of July the number of homes for sale has decreased from 27,494 home to 26,903 home or a decrease of approximately -2.1%. This is a good sign for the market since an oversupply of homes on the market will cause real estate prices to decrease and the summer buying season has been slower than in recent years.

As more and more sellers enter the market and as more of the supply of residential homes increase, real estate prices may start to decrease (more supply and weaker demand causes prices to decrease).Real estate prices are still at an all time low (near 2008 prices), mortgage rates are still at a historical low and the market is improving both in terms of prices and the overall economy. Give us a call today to discuss your best investment strategy.

Phoenix Residential Market Report ~ May 2014

As you can see from the first chart above, Position Realty Market Index, the first time home buyer tax credit created a great deal of demand in the market similar to the real estate boom from 2004 to 2006. Currently the number of transactions is slowing down as a result there is an increase in inventory because the number of listings is not being purchased at a fast enough rate.

Since June 2013 (12 months ago), the average sold price has increased approximately +3.6% (down from last month), the average days on market have increased approximately +27.7% (same as last month) and the number of transaction has decreased approximately -6.6% (down from last month). Since the month of September the average sold price has teeter tottered up and down with no upward trend. This is good news since the market has not formed a downward trend. We will not see an indication of a market reversal until there have been two to three consecutive months of upward or downward pressure on the average sold price, DOM and number of transactions. The current average sold price is approximately $48,000 which is down approximately -1.8% from last month at $252,000.

The volume of foreclosure purchases since June 2013 (12 months ago) has decreased approximately -26.1% and the volume of short sales have decreased approximately -69.9%. Since October 2013 the volume of foreclosure purchases has increased approximately +19.2%. The volume of foreclosure purchases is rising again because Fannie Mae and institutional lenders have been holding onto inventory and they are starting to release their inventory at a faster rate. The volume of short sales is still down but foreclosure purchases are back on the rise.

Since June 2013 (12 months ago), the number of homes for sale on the market have increased approximately +51.4%. This increase in the number of listings is caused by investors leaving the market and sellers that purchased during the real estate boom are putting their homes on the market to break-even or sell with a small amount of equity. During the month of May the number of homes for sale has decreased from 29,308 home to 28,776 home or a decrease of approximately -1.8%. This is a good sign for the market since an oversupply of homes on the market will cause real estate prices to decrease and the summer buying season has been slower than in recent years.

As more and more sellers enter the market and as more of the supply of residential homes increase, real estate prices may start to decrease (more supply and weaker demand causes prices to decrease).Real estate prices are still at an all time low (near 2008 prices), mortgage rates are still at a historical low and the 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

What’s Really Behind the Housing Recovery?

The housing market has shown several consecutive months of improvement in home prices and buyer demand. The housing market—once a downer for the U.S. economy—is now its one bright spot. But why?

A recent TIME magazine article questions what’s really behind the real estate market’s improvement.

Tim Iacano of Iacano Research credits the majority of the recovery and rise in home prices—if not all of it—to the Federal Reserve’s aggressive actions to keep mortgage rates low. The Fed’s quantitative easing (QE) program has prompted mortgage rates to fall to all-time lows in recent weeks.

The lower interest rates have increased home buyers’ purchasing power and boosted affordability.

For example, Iacano points out that a buyer today could purchase a house worth $280,000 and if he’s able to snag a record-breaking 3.3 percent mortgage rate, he’ll have a $1,100 per month mortgage payment.

“Even if mortgage rates moved back up to their 20-year average rate of 6.5 percent (what many thought were simply unbelievable rates when they first dropped that low last decade), that same $1,100 mortgage payment would finance a home purchase of just $193,000, not the current $279,000,” Iacano points out. “The difference between these two prices is nearly 50 percent!”

PositionRealty.com
Office: 480-213-5251

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