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 April 2014, the average sold price has decreased approximately -3.4% (down from last month), the average days on market have increased approximately +1.2% (down from last month) and the number of transactions have decreased approximately -30.8% (down from last month). The average price per square foot is approximately $317 PSF, average days on market is 175 days and 99 transactions last month. Since we are now in the summer months we are seeing the average sold price decreasing, the average days on market increasing and the number of transactions decreasing.
The luxury market is following its typical trend as we enter the summer months. The statistics for the month of July is showing a trend that the market is slowing down: the average sold price trend should be downward, the average days on market should increase and the number of transaction will decrease. Based on the statistics for the month of July it appears the Phoenix luxury market is following its typical trend during the summer 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 market should start to decrease so you might be able to pick up a good deal. Give us a call today to discuss your best buying strategy.