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Phoenix Luxury Market Report ~ December 2014

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 May 2014, the average sold price has increased approximately +8.9% (down from last month), the average days on market have decreased approximately -17.6% (down from last month) and the number of transactions have decreased approximately -6.7% (down from last month). The average price per square foot is approximately $341 PSF, average days on market is 154 days and 112 transactions last month. Since we are now in the winter months we are seeing the average sold price increase, the average days on market decrease and the number of transactions increase.

The luxury market is following its typical trend as we enter the winter months. The statistics for the month of December is showing a trend that the market is improving: the average sold price trend is increasing, the average days on market are decreasing and the number of transactions is increasing. Based on the statistics for the month of December it appears the Phoenix luxury market is following its typical trend during the winter 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!!

Phoenix Luxury Real Estate Market Report ~ March 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 +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!!

Position Realty
Office: 480-213-5251

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 Real Estate Market Report ~ October

Since January 2012 (10 months ago), the average sold price has increased approximately +14.9% (up from last month), the average days on market have decreased approximately -4.9% (down from last month) and the number of transaction has increased approximately +19.1% (up from last month). In the month of October there was several large transactions in the $3 million range which increased the overall average price per square foot. As you can see from the fourth chart above, Luxury Market Index, 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.

Unlike the rest of the Phoenix real estate market, the Luxury market is trending sideways but the good news is that prices are no longer going down. We will not see an immediate increase in prices until consumers feel the economy has fully recovered and lenders become 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. Give us a call to discuss your best buying strategy, TODAY!!

PositionRealty.com
Office: (480) 213-5251

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