Phoenix Residential Market Report ~ September 2016

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 9,938 new listings (up 606 listings from last month) on the market in September 2016 and 7,442 sold transactions. The overall inventory of homes on the market is down -16.4% in September 2016 as compared to the number of home on the marker in August 2014. The current number of home on the market is equivalent to houses on the market in September 2015 but due to the greater demand this year the low inventory of homes on the market may cause prices to appreciate at a faster rate. There is currently 21,738 listing on the market and 7,442 sold transactions which equates to 2.7 months of inventory at the market. Historically, 2.9 months of inventory on the market which is the lowest the Phoenix market has seen June 2013.

In July 2016 the average sold price took a steep dive south as well as the number of sold transactions. The month of September the average sold price increased approximately +2.4% to $282,128 and is approximately back to the average price in June 2016 at $282,879. Historically, as we enter the winter holiday season the number of sold transaction decrease but since 2014 the average sold price increased. In 2014, the average sold price increased +5.3% from September to December and in 2015 the average sold price increased +3.6%. Since October 2015 (12 months ago), the average sold price has increased approximately +7.2% (up from last month), the average days on market have is unchanged (down from last month) and the number of sold transactions have increased approximately +17.4% (down from last month).

The volume of foreclosure purchases since October 2015 (12 months ago) has decreased approximately -17.9% and the volume of short sales decreased of approximately -25.8%. Since August 2013 the number of foreclosures have decreased -211.7% indicating a healthy market. Also, since August 2013 the volume of short sales have decreased -479.7% 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 but some homeowners are still up-side-down if they purchased their homes between 2005 and 2007.

Since October 2015 (12 months ago), the number of homes for sale on the market have decreased approximately -8.5% or 21,754 homes for sale on the market to a gradual decrease of 21,738 homes. The total number of listings is low as compared to 26,076 listings in August 2014. This decrease in the number of homes for sale indicates we are currently in 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 buying or selling strategy, TODAY!!

Position Realty
Office: 480-213-5251

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.

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!!

5 Strong Performing Housing Markets

Several real estate markets are showing signs of recovery, with median home prices and sales rising. But which markets are showing some of the strongest signs of recovery?

24/7 Wall St. recently evaluated home price changes for the year ending in July, foreclosure data, the unemployment rate, and other factors to help determine which housing markets are performing some of the strongest. The states that emerged on top of the list are:

1. Arizona Home price change in the last year year: +16.6% Median home price: $248,229

2. Idaho Home price change in the last year: +10% Median home price: $85,000

3. Utah Home price change in the last year: +9.3% Median home price: $129,000

4. South Dakota Home price change in the last year: +8.3% Median home price: $101,700

5. Colorado Home price change in the last year: +7.3% Median home price: $240,000

Listings in Phoenix, Arizona are currently receiving multiple offers which is causing prices to increase. Higher priced areas like Scottsdale and Paradise Valley are also see a spike in real estate prices. Now is a great time to buy before prices go any higher.

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!!

Phoenix Leads The Pack In The National Real Estate Recovery

The Phoenix metro housing market continues a strong rebound in 2012. Factors for the rebound? Diminishing supply of homes, fewer foreclosures, record low mortgage rates, out of town cash investors, pent up demand from buyers that have been waiting and the fact that the Valley of the Sun is a good place to live.

The Phoenix Business Journal reported on July 16 that the Phoenix metro area is among the leaders in the nation in price recovery for residential housing. For more information and the Phoenix Business Journal article dated: http://www.yourwestvalley.com/valleyandstate/article_073b4758-cf89-11e1-a55a-001a4bcf887a.html

As reported, “Economists say the upward trend in the Phoenix area may serve as a beacon of hope for other cities across the nation that suffered when the housing bubble burst.”

Meanwhile, buyers are witnessing multiple offers and bidding on homes above the list price.

PositionRealty.com
Office: (480) 213-5251

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!!

Phoenix Real Estate Market Report ~ May 2012

Phoenix Residential Market Report Summary

As you can see from the first chart above, Position Realty Market Index, the residential real estate market is currently experiences another buying frenzy that is caused without government intervention or relaxed mortgage underwriting standards. Consumers are jumping into the real estate market because market statistics are indicating the market has hit bottom. As found in the Average Sold Price chart above, real estate prices have been increasing steadily since October 2011 due the increase in demand. The current supply of homes for sale on the market is 19,741 where a year ago there were 48,000 homes for sale.

Since November 2011 (6 months ago), the average sold price has increased approximately +18.7% (up from last month), the average days on market have decreased approximately -7.7% (down from last month) and the number of transaction has increased approximately +15.9% (down 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 November is down -17.7% and the volume of short sale is up +3.8%. The volume of REO purchases are shrinking due to the increased volume of trustee sales, more banks are accepting short sale transaction and existing supply of inventory is getting absorbed at a faster rate.

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. 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 (depends on the sustained level of demand).

Sean Heideman, Broker ~ Office: 480-213-5251 ~ Sean.Heideman@PositionRealty.com

Results, No Excuses

Tag Archives: real estate market phoenix