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Phoenix Residential Market Report ~ August 2014

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 as a result there is an increase in inventory because the number of listings is not being purchased at a fast enough rate.

Since September 2013 (12 months ago), the average sold price has increased approximately +5.5% (up from last month), the average days on market have increased approximately +42.6% (up from last month) and the number of transaction has increased approximately 2.6% (up from last month). Since the month of September the average sold price has teeter tottered up and down with no upward trend. This is good news since the market has not formed a downward trend. We will not see an indication of a market reversal until there have been two to three consecutive months of upward or downward pressure on the average sold price, DOM and number of transactions. The current average sold price is approximately $252,000 which is unchanged from last month.

The volume of foreclosure purchases since September 2013 (12 months ago) has decreased approximately -19.3% and the volume of short sales have decreased approximately -59.7%. Since October 2013 the volume of foreclosure purchases have teeter tottered up and down with no upward trend. 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.

Since September 2013 (12 months ago), the number of homes for sale on the market have increased approximately +18.3%. This increase in the number of listings is caused by investors leaving the market and 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. During the month of August the number of homes for sale has decreased from 26,903 homes to 26,063 homes or a decrease of approximately -3.1%. This is a good sign for the market since an oversupply of homes on the market will cause real estate prices to decrease and the summer buying season has been slower than in recent years.

As more and more sellers enter the market and as more of the supply of residential homes increase, real estate prices may start to decrease (more supply and weaker demand causes prices to decrease).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. Give us a call to discuss your best investment strategy, TODAY!!

Phoenix Real Estate Market Report ~ November 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 numbers of transactions are slowing down as a result there is an increase in inventory because the number of listings is not being purchased at a fast enough rate.

Since December 2012 (12 months ago), the average sold price has increased approximately +11.4% (up from last month), the average days on market have decreased approximately -7.4% (down from last month) and the number of transaction has decreased approximately -25.1% (down from last month). The month of November is the first month this year the average sold price has decreased. The current average sold price is approximately $241,000 which is down -5.0% from last month at $254,000. Also, the number of transactions has decreased -15.2% in the month of November. If this trend continues it could be bad news for the Phoenix real estate market but let’s hope it is just due to the holiday season slow down.

The volume of REO purchases since December 2012 (12 months ago) has decreased approximately -55.8% and the volume of short sales have decreased approximately -77.4%. The volume of REO purchases are shrinking because the increase in real estate prices are causing consumer to stop letting their homes go into foreclosure and the existing supply of REO properties are getting purchased at a faster rate.

Since May 2013 (6 months ago), the number of homes for sale on the market have increased approximately +37.9%. This increase in the number of listings is caused by investors leaving the market and 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. Real estate prices have reached a point where sellers are listing their homes at a faster rate than buyers are purchasing. This may cause a decrease in real estate prices but any decrease could be caused from the holiday slow down.

As more and more sellers enter the market and as more of the supply of residential homes increase, real estate prices may start to decrease (more supply and weaker demand causes prices to decrease).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 sell is NOW!! Give us a call to discuss your best selling strategy, TODAY!!

Position Realty
Office: 480-213-5251

Phoenix Real Estate Market Report ~ October 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 numbers of transactions are slowing down due to the increase in inventory since June 2013 but real estate price are continuing to increase.

Since November 2012 (12 months ago), the average sold price has increased approximately +22.5% (up from last month), the average days on market have increased approximately +1.6% (up from last month) and the number of transaction has decreased approximately -11.7% (up from last month). The current average sold price is approximately $254,000 which is back to the average sold price experienced in 2008. Since August 2013, the number of transactions has been decreasing and the number of home for sale has been increase. If this trend continues it could be bad news for the Phoenix real estate market but let’s hope it is just due to the holiday season slow down.

The volume of REO purchases since January 2013 has decreased approximately -51.8% and the volume of short sales have decreased approximately -51.9%. The volume of REO purchases are shrinking because the increase in real estate prices are causing consumer to stop letting their homes go into foreclosure and the existing supply of REO properties are getting purchased at a faster rate.

Since November 2012 (12 months ago), the number of homes for sale on the market have been fairly stable with approximately a +10.1% increase in homes for sale. Since August 2013, the number of home for sale on the market have increased approximately +21.3%. 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. Real estate prices have reached a point where sellers are listing their homes at a faster rate than buyers are purchasing. This may cause a decrease in real estate prices but it could be from the holiday slow down.

As more and more sellers enter the market and as more of the supply of residential homes increase, real estate prices may start to decrease (more supply and weaker demand causes prices to decrease).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 sell is NOW!! Give us a call to discuss your best selling strategy, TODAY!!

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

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