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Phoenix Luxury Real Estate Market ~ January 2014

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 summer in August 2013, the average sold price has increased approximately +9.5% (down slightly from last month), the average days on market have decreased approximately -14.4% (up from last month) and the number of transactions have decreased approximately -16.5% (down from last month). The average price per square foot is approximately $328 PSF, average days on market is 196 days and 76 transactions last month. This holiday season the average sold price has increased, the average days on market decreased and the number of transactions decreased.

The luxury market is following its typical trend during the winter months: the average sold price trend is upward, the average days on market are decreased but the numbers of transactions were down as compared to the winter months in 2012. The slowdown in the number of transaction indicates the market is in confusion regarding the overall direction of the market and macro economy as a whole.

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 as compared to past price performance and the economy is continuing to show signs of improvement in terms the overall economy. Time to buy in the Luxury market is NOW!! Give us a call to discuss your best buying strategy, TODAY!!

Position Realty
Office: 480-213-5251

Phoenix Luxury Market Report ~ March 2013

Since March 2012 (12 months ago), the average sold price has increased approximately +11.7% (up from last month), the average days on market have decreased approximately -28.6% (up from last month) and the number of transaction has decreased approximately -7.5% (up from last month). The average price per square foot is approximately $322 PSF, average days on market is 185 days and 86 transaction last month. As you can see from the fourth chart above, Luxury Market Index, the real estate boom from 2004 to 2006 created a great deal of demand in the market and the number of transaction is back down to the 2003 to 2004 levels.

Unlike the rest of the Phoenix real estate market, the Luxury market is trending sideways but the good news is that prices are no longer going down. We will not see an immediate increase in prices until consumers feel the economy has fully recovered and lenders become more willing to issue jumbo loans to qualified buyer.

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 and the economy is starting to see signed of improvement both in terms of real estate 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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