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Phoenix Residential Market Report ~ March 2015

Real Time_Supply

Pie Chart_Market

Average Sold Price_Monthly

Average Days on Market_Monthly

Active vs Sold Transactions

Foreclosures_Monthly

Short Sales_Monthly

Transaction_Yearly

The current real time market profile shows there were approximately 9,458 new listings on the market in February 2015 and 5,807 sold transactions. Since the beginning of the year the number of new listings has exceeded the number of sold transaction which is an indication prices of homes may go down if buyer demand does not pick up.

Since March 2014 (12 months ago), the average sold price has decreased approximately -2.1% (down from last month), the average days on market have increased approximately +16.0% (down from last month) and the number of transaction has decreased approximately -10.1% (up from last month). Since the month of March 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 $251,000 which is down slightly from last month.

The volume of foreclosure purchases since March 2014 (12 months ago) has decreased approximately -27.8% and the volume of short sales have decreased approximately -27.4%. Since March 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 March 2014 (12 months ago), the number of homes for sale on the market have decreased approximately
-11.1%. 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 26,174. 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) but the recent uptick of new listings on the market since the beginning of the year is an indication we are still in a buyer’s market.

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 ~ 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 Summary – April 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 May 2013 (12 months ago), the average sold price has increased approximately +4.0% (down from last month), the average days on market have increased approximately +29.7% (up from last month) and the number of transaction has decreased approximately -15.9% (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 down approximately -1.9% from last month at $257,000.

The volume of REO purchases since May 2013 (12 months ago) has decreased approximately -44.6% and the volume of short sales have decreased approximately -74.4%. Since October 2013 the volume of REO purchases has increased approximately +11.1%. The volume of REO 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 are still down but REO purchases are back on the rise.

Since May 2013 (12 months ago), the number of homes for sale on the market have increased approximately +50.6%. 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 has not cause a decrease in real estate prices and as we enter the Spring / Summer buying season we are seeing an increase in the number of sold homes.

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 ~ December 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 but we saw a small increase in the number of transaction in December.

Since January 2013 (12 months ago), the average sold price has increased approximately +19.4% (up from last month), the average days on market have decreased approximately -1.4% (up from last month) and the number of transaction has increased approximately +0.2% (up from last month). The month of November showed signs the average sold price was decreasing but the average sales price increased back up to the October average sold price in the month of December. The current average sold price is approximately $254,000 which is up +5.2% from last month at $241,000. Also, the number of transactions in December is back up to the October figure of 5,800 transactions. Hopefully the average sold price and number of transaction will continue the upward trend throughout 2014.

The volume of REO purchases since January 2013 (12 months ago) has decreased approximately -53.6% and the volume of short sales have decreased approximately -57.1%. 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 January 2013 (12 months ago), the number of homes for sale on the market have increased approximately +19.4%. 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. 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 now that the holidays are over.

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 Summary

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 May 2012 (12 months ago), the average sold price has increased approximately +12.6% (up from last month), the average days on market have decreased approximately -18.1% (up from last month) and the number of transaction has increased approximately +3.3% (up from last month). The current average sold price is $232,000 which is back to the average sold price experienced in 2008. Since January 2013, the number of transaction are up approximately +31.6% as we enter the summer home buying season.

The volume of REO purchases since May 2012 has decreased approximately -30.9% and the volume of short sales have decreased approximately -49.9%. 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 May 2012 (12 months ago), the number of homes for sale on the market has increased approximately +7.7% (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 are 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 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!!

Position Realty
Office: 480-213-5251

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