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Phoenix Luxury Market Report ~ November 2014

Luxury Average Sold Price_Monthly

Luxury Average Days on Market_Monthly

Luxury Transaction_Monthly

Luxury Market Index

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 increased approximately +0.3% (down from last month), the average days on market have increased approximately +2.3% (down from last month) and the number of transactions have decreased approximately -32.9% (down from last month). The average price per square foot is approximately $329 PSF, average days on market is 177 days and 96 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 September 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 September 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!!

Position Realty
Office: 480-213-5251

Phoenix Residential Market Report ~ July 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 August 2013 (12 months ago), the average sold price has increased approximately +5.2% (down from last month), the average days on market have increased approximately +46.6% (up from last month) and the number of transaction has decreased approximately -2.4% (down from last month). Since the month of September 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 $252,000 which is down approximately -2.6% from last month at $259,000.

The volume of foreclosure purchases since August 2013 (12 months ago) has decreased approximately -26.7% and the volume of short sales have decreased approximately -65.6%. 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 August 2013 (12 months ago), the number of homes for sale on the market have increased approximately +30.8%. 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. During the month of July the number of homes for sale has decreased from 27,494 home to 26,903 home or a decrease of approximately -2.1%. 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 today to discuss your best investment strategy.

Phoenix Residential Market Report ~ May 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 June 2013 (12 months ago), the average sold price has increased approximately +3.6% (down from last month), the average days on market have increased approximately +27.7% (same as last month) and the number of transaction has decreased approximately -6.6% (down 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 $48,000 which is down approximately -1.8% from last month at $252,000.

The volume of foreclosure purchases since June 2013 (12 months ago) has decreased approximately -26.1% and the volume of short sales have decreased approximately -69.9%. Since October 2013 the volume of foreclosure purchases has increased approximately +19.2%. The volume of foreclosure purchases is rising again because Fannie Mae and institutional lenders have been holding onto inventory and they are starting to release their inventory at a faster rate. The volume of short sales is still down but foreclosure purchases are back on the rise.

Since June 2013 (12 months ago), the number of homes for sale on the market have increased approximately +51.4%. 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 May the number of homes for sale has decreased from 29,308 home to 28,776 home or a decrease of approximately -1.8%. 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!!

Position Realty
Office: 480-213-5251

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

Arizona and National Economic Update ~ May 28th, 2013

Arizona Snapshot:
The latest population figures from the U.S. Census Bureau show that Arizona and Greater Phoenix are growing more rapidly than most places. But, the absolute rate continues to be slow by historic standards. Maricopa County accounts for the bulk of the population growth in the State. The Southern Arizona housing market continues to improve, but, at a much slower rate than in Greater Phoenix. Retail sales in the State were up strongly in April with information, clothing, building materials and motor vehicle sales leading the way in the year over year comparisons.

U.S. Snapshot:
Initial claims for unemployment insurance continued to show moderate improvement as did new orders for durable goods. Total existing home sales continued to show improvement and median prices of existing homes continued to increase. New home sales and prices followed the same trends as existing homes.

Arizona:
The latest population data for mid-year estimates as of July 1, 2012 show that Maricopa County grew by 73,644 or 1.9%. While this is very slow by historic standards, it shows an improving trend following the Great Recession. Pima County grew by a modest 0.5% and Pinal County grew by 1.0%. Within Maricopa County in terms of the top ten largest cities, Gilbert was the fastest growing city in percentage terms (3.4%) followed by Chandler (2.5%). The City of Phoenix is ranked as the 6th largest city in the U.S. and, according to the Census Bureau, grew by 1.7%. In terms of all cities in the U.S., Buckeye was one of the fastest growing cities with populations over 50,000.

The Southern Arizona housing market continued to show moderate improvement. Median resale prices were up 10.7% over a year ago to $164,900 while median new home prices were up 12.0% to $239,700. A total of 172 new homes were permitted in the Greater Tucson area. This is up 21.1% over a year ago. Foreclosures were down about 31% from a year ago.

Retail sales in April were up a strong 8.2% over a year ago. Leading the way were information, clothing, building materials and motor vehicles. Year to date, retail sales are up 7.3%.

National:
Initial claims for unemployment insurance were 340,000. This continues the moderate decline that has taken place over the last few months. Last week’s figure was 8.4% below a year ago. New orders for manufactured durable goods in April increased $7.2 billion or 3.3%. This increase, up two of the last three months, followed a 5.9% decrease in March.

Existing home sales in April were 9.7% above year earlier levels and about flat with March levels. Median home prices for existing homes now stand 11.0% above year earlier levels to $192,000 compared to $173,700 a year ago and $183,900 in March. New home sales were up 16.8% in April compared to a year ago and were about flat with March. Median new home prices were up 14.9% over the last year to $271,600. This, combined with a rising stock market, should make consumers feel better and create a situation where fewer home owners are under water. All of this is good news.

PositionRealty.com
Office: 480-213-5251

Phoenix Residential Market Report Summary ~ October

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. From March to June of this year the residential real estate market experienced another buying frenzy caused without government intervention or relaxed mortgage underwriting standards. Currently the number of transactions is slowing back down to number of transaction experienced around the same time a year ago due to the lack of inventory and we are currently in the holiday seasons.

Since January 2012 (10 months ago), the average sold price has increased approximately +23.5% (up from last month), the average days on market have decreased approximately -22.7% (up from last month) and the number of transaction has increased approximately +10.3% (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 -50.7% and the volume of short sales have decreased approximately -0.5%. 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 22,283 (up from last month) where the same time a year ago there were 46,197 homes on the market which is a decrease of -51.8%. Since the January 2012 (10 months ago), the number of homes for sale on the market has decreased approximately -6.5% (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 (lack of supply causes prices to increase).

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!!

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!!

The 10 Most Popular Housing Markets

Chicago continues to hold on to the top-spot in January as the most widely searched housing market at Realtor.com. The following are the top searched housing markets from last month, according to Realtor.com data of 146 metro areas.

1. Chicago
Median list price: $186,000

2. Detroit
Median list price: $81,700

3. Los Angeles-Long Beach, Calif.
Median list price: $320,444

4. Philadelphia, Pa.-N.J.
Median list price: $221,995

5. Phoenix-Mesa, Ariz.
Median list price: $169,500

6. Atlanta
Median list price: $150,000

7. Tampa-St. Petersburg-Clearwater, Fla.
Median list price: $142,500

8. Dallas
Median list price: $189,900

9. Orlando, Fla.
Median list price: $155,000

10. Las Vegas, Nev.-Ariz.
Median list price: $121,500

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