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Phoenix Residential Market Report ~ December 2014

Real Time_Supply

Pie Chart_Market

Average Sold Price_Monthly

Average Days on Market_Monthly

Transaction_Monthly

Active vs Sold Transactions

Foreclosures_Monthly

Short Sales_Monthly

The current real time market profile shows there were approximately 5,890 new listings on the market in December 2014 and 6,483 sold transactions. For the first month, the number of sold transactions exceeded the number of new listings which could be an indication of stronger demand going into 2015

Since January 2014 (12 months ago), the average sold price has increased approximately +4.5% (up from last month), the average days on market have increased approximately +14.5% (down from last month) and the number of transaction has increased approximately +39.4% (up from last month). Since the month of January 2014 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 $256,000 which is up slightly from last month.

The volume of foreclosure purchases since January 2014 (12 months ago) has decreased approximately -18.3% and the volume of short sales have decreased approximately -14.8%. Since January 2014 the volume of foreclosure purchases went up the beginning of the year and now the trend is back downward. 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 January 2014 (12 months ago), the number of homes for sale on the market have decreased approximately -2.9%. Since March 2014 there were 29,435 homes for sale on the market but the number of homes for sale has been gradually decreasing to 26,270 or a -10.8% decrease in December 2014. This decrease in the number of homes for sale could be a sign the market is beginning to shift once again back to 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 ~ November 2014

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 shows there were approximately 10,009 new listings on the market in October 2014 but only 6,244 sold transactions. Currently the number of transactions is back down to the amount experienced in 2008 and as a result there is an increase in inventory because the number of listings is not being purchased at a fast enough rate.

Since November 2013 (12 months ago), the average sold price has increased approximately +2.6% (up from last month), the average days on market have increased approximately +39.7% (up from last month) and the number of transaction has increased approximately +25.1% (down from last month). Since the month of November 2013 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 $248,000 which is up slightly from last month.

The volume of foreclosure purchases since November 2013 (12 months ago) has increased approximately +4.7% and the volume of short sales have decreased approximately -37.0%. Since November 2013 the volume of foreclosure purchases went up the beginning of the year and now the trend is back downward. 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 November 2013 (12 months ago), the number of homes for sale on the market have decreased approximately -0.6%. Since March 2014 there were 29,435 homes for sale on the market but the number of homes for sale has been gradually decreased to 26,668 or a -9.4% decrease in November 2014. This decrease in the number of homes for sale could be a sign the market is beginning shift once again back to a seller’s market (low supply and increased demand) but we will not know for sure until after the holiday season.

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 ~ September 2014

Position Market Index

Pie Chart_Market

Average Sold Price_Monthly

Average Days on Market_Monthly

Active vs Sold Transactions

Foreclosures_Monthly

Short Sales_Monthly

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 are down since 2008 and as a result there is an increase in inventory because the number of listings is not being purchased at a fast enough rate.

Since October 2013 (12 months ago), the average sold price has decreased approximately -3.5% (down from last month), the average days on market have increased approximately +31.3% (up from last month) and the number of transaction has increased approximately 6.1% (down from last month). Since the month of October 2013 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 $245,000 which is unchanged from last month.

The volume of foreclosure purchases since October 2013 (12 months ago) has decreased approximately -8.0% and the volume of short sales have decreased approximately -54.3%. Since October 2013 the volume of foreclosure purchases went up the beginning of the year and now the trend is back downward. 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 October 2013 (12 months ago), the number of homes for sale on the market have increased approximately +4.1%. 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 October the number of homes for sale has decreased from 26,076 homes to 25,960 homes or a decrease of approximately -0.4%. This decrease in the number of homes for sale is expected as we enter the holiday season and is normal for the market.

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 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 buying strategy, TODAY!!

Position Realty
Office: 480-213-5251

Phoenix Real Estate Market Report January 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 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 February 2013 (12 months ago), the average sold price has increased approximately +12.4% (up from last month), the average days on market have increased approximately +5.6% (up from last month) and the number of transaction has decreased approximately -27.8% (down from last month). The month of November showed signs the average sold price was starting to decrease and this trend has continued throughout the month of February. The current average sold price is approximately $248,000 which is down -2.7% from last month at $254,000. Also, the current number of transactions in month of January at 4,651 has never been this low since April 2008. If this trend continues throughout the year it could be very bad news for real estate price. Hopefully the average sold price, average days on market and the number of transaction will reverse with the spring / summer buying season.

The volume of REO purchases since February 2013 (12 months ago) has decreased approximately -49.3% and the volume of short sales have decreased approximately -69.3%. 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 February 2013 (12 months ago), the number of homes for sale on the market have increased approximately +23.8%. 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 hopefully buyers will resume their buying trend as we enter the spring / summer buying season.

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 Real Estate Market Report ~ June 2012

Phoenix Real Estate

real estate phoenix

phoenix realtor

phoenix foreclosures

phoenix real estate

Phoenix Real Estate 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 Phoenix 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 Phoenix 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 December 2011 (6 months ago), the average sold price has increased approximately +25.1% (up from last month), the average days on market have decreased approximately -9.8% (down from last month) and the number of transaction has increased approximately +8.1% (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 December 2011 has decreased approximately -40.8% and the volume of short sales have decreased approximately -5.8%. 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 20,512 where a year ago there were approximately 48,000 homes on the market. Since the December 2011 (6 months ago), the number of homes for sale on the market has decreased approximately -17.7% (down from last month). As more and more buyers enter the market and as more of the supply of residential homes are exhausted, Phoenix 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. Phoenix 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!!

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