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Phoenix Luxury Real Estate Market Report ~ February 2014

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.% (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 decreased approximately -3.3% (down from last month). The average price per square foot is approximately $327 PSF, average days on market is 167 days and 88 transactions last month. This holiday season the average sold price has increased, the average days on market decreased 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 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. Time to buy in the Luxury market is NOW!! Give us a call to discuss your best buying strategy, TODAY!!

Phoenix Luxury Market Report ~ November 2013

Prices in the Phoenix luxury real estate markets typically go up during the winter season and go back down during the summer months. Since June 2013, the average sold price has increased approximately +3.4% (up from last month), the average days on market have decreased approximately -39.6% (down from last month) and the number of transactions have decreased approximately -36.6% (down from last month). The average price per square foot is approximately $323 PSF, average days on market is 99 days and 64 transactions last month. This holiday season the average sold price has increased, the average days on market has decreased and the average days on market has decreased.

The luxury market is not following its typical trend during the winter months; the average days on market are decreasing and the number of transactions is also decreasing. This trend reversal indicated the market is in confusion regarding the overall direction of the market and macro economy as a whole. The government shut down experienced in October and the upcoming deficient negotiations could be causing this dramatic decrease in the number of transactions.

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 continuing to show signs 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

Phoenix Luxury Market Report – August 2013

Prices in the Phoenix luxury real estate markets typically go up during the winter season and go back down during the summer months. Since December 2012, the average sold price has decreased approximately -6.1% (up from last month), the average days on market have increased approximately +18% (up from last month) and the number of transactions have increased approximately +1.1% (down from last month). The average price per square foot is approximately $299 PSF, average days on market is 229 days and 91 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 luxury market has followed its typical trend during the summer months but overall 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 luxury market but we will have to see if this trend continues during the winter months. The improving market is contributed to consumer’s 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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