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 +6.4% (down slightly from last month), the average days on market have decreased approximately -27.1% (down from last month) and the number of transactions have increased approximately +27.5% (up from last month). The average price per square foot is approximately $318 PSF, average days on market is 167 days and 116 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 summer months: the average sold price trend is upward, the average days on market are decreased but the numbers of transactions were down as compared to the winter months in 2012. The slowdown in the number of transaction indicates the market is in confusion regarding the overall direction of the market and macro economy as a whole.
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 as compared to past price performance and the economy is continuing to show signs of improvement in terms the overall economy. Give us a call to discuss your best buying strategy, TODAY!!