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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

Phoenix Residential Market Report ~ May 2013

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 due to the lack of inventory but real estate price are continuing to increase.

Since June 2012 (12 months ago), the average sold price has increased approximately +19.8% (up from last month), the average days on market have decreased approximately -11.1% (up from last month) and the number of transaction has increased approximately +10.7% (up from last month). The current average sold price is $242,000 (up 4.4% from last month) which is back to the average sold price experienced in 2008. Since January 2013, the number of transaction is up approximately +55.4% as we enter the summer home buying season.

The volume of REO purchases since June 2012 has decreased approximately -26.8% and the volume of short sales have decreased approximately -54.7%. The volume of REO purchases are shrinking due the increase in real estate prices, more banks are accepting short sale transaction as opposed to foreclosure and an existing supply of inventory is getting purchased at a faster rate.

Since the June 2012 (12 months ago), the number of homes for sale on the market has increased approximately +2.7% (up from last month). As real estate prices increase, more and more 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. The inventory of active homes is consistently being replenished but purchase prices continue to increase.

As more and more buyers enter the market and as more of the supply of residential homes are exhausted, real estate prices will continue to increase at a faster rate (lack of supply and strong demand causes prices to increase).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. Time to buy is NOW!! Give us a call to discuss your best buying strategy, TODAY!!

PositionRealty.com
Office: 480-213-5251

5 Strong Performing Housing Markets

Several real estate markets are showing signs of recovery, with median home prices and sales rising. But which markets are showing some of the strongest signs of recovery?

24/7 Wall St. recently evaluated home price changes for the year ending in July, foreclosure data, the unemployment rate, and other factors to help determine which housing markets are performing some of the strongest. The states that emerged on top of the list are:

1. Arizona Home price change in the last year year: +16.6% Median home price: $248,229

2. Idaho Home price change in the last year: +10% Median home price: $85,000

3. Utah Home price change in the last year: +9.3% Median home price: $129,000

4. South Dakota Home price change in the last year: +8.3% Median home price: $101,700

5. Colorado Home price change in the last year: +7.3% Median home price: $240,000

Listings in Phoenix, Arizona are currently receiving multiple offers which is causing prices to increase. Higher priced areas like Scottsdale and Paradise Valley are also see a spike in real estate prices. Now is a great time to buy before prices go any higher.

PositionRealty.com
Office: 480-213-5251

Phoenix Residential Market Report ~ July 2012

Phoenix Residential Market Report

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 residential real estate market is experiences another buying frenzy that is caused without government intervention or relaxed mortgage underwriting standards. The real estate market has reached a level of equilibrium where demand exceeds supply and all buyers are rushing into the market to take advantage of low prices.

Since January 2012 (6 months ago), the average sold price has increased approximately +21.6% (up from last month), the average days on market have decreased approximately -18.2% (down from last month) and the number of transaction has increased approximately +31.4% (up from last month). The largest average price increase over the last 12 months was experienced in March from $168,961 in February to $184,078 in March.

The volume of REO purchases since January 2012 has decreased approximately -31.4% and the volume of short sales have increased approximately +26.2%. The volume of REO purchases are shrinking due to the increased volume of trustee sales, more banks are accepting short sale transaction and an existing supply of inventory is getting purchased at a faster rate.

The current supply of homes for sale on the market is 19,387 where a year ago there were approximately 48,000 homes on the market. Since the January 2011 (6 months ago), the number of homes for sale on the market has decreased approximately -18.7% (down from last month). As more and more buyers enter the market and as more of the supply of residential homes are exhausted, real estate prices will continue to increase at a faster rate (as currently experiencing).

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 (not for long), mortgage rates are at a historical low and the market is improving both in terms of prices and the overall economy. Time to buy is NOW!! Give us a call to discuss your best buying strategy, TODAY!!

Phoenix Leads The Pack In The National Real Estate Recovery

The Phoenix metro housing market continues a strong rebound in 2012. Factors for the rebound? Diminishing supply of homes, fewer foreclosures, record low mortgage rates, out of town cash investors, pent up demand from buyers that have been waiting and the fact that the Valley of the Sun is a good place to live.

The Phoenix Business Journal reported on July 16 that the Phoenix metro area is among the leaders in the nation in price recovery for residential housing. For more information and the Phoenix Business Journal article dated: http://www.yourwestvalley.com/valleyandstate/article_073b4758-cf89-11e1-a55a-001a4bcf887a.html

As reported, “Economists say the upward trend in the Phoenix area may serve as a beacon of hope for other cities across the nation that suffered when the housing bubble burst.”

Meanwhile, buyers are witnessing multiple offers and bidding on homes above the list price.

PositionRealty.com
Office: (480) 213-5251

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