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Phoenix Luxury Market Report ~ December 2014

Luxury Market Index

Luxury Average Sold Price_Monthly

Luxury Average Days on Market_Monthly

Luxury Transaction_Monthly

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 May 2014, the average sold price has increased approximately +8.9% (down from last month), the average days on market have decreased approximately -17.6% (down from last month) and the number of transactions have decreased approximately -6.7% (down from last month). The average price per square foot is approximately $341 PSF, average days on market is 154 days and 112 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 December 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 December 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!!

Phoenix Luxury Market Report ~ December 2013

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 +10.4% (up from last month), the average days on market have decreased approximately -22.3% (down from last month) and the number of transactions have increased approximately +13.2% (up from last month). The average price per square foot is approximately $330 PSF, average days on market is 178 days and 103 transactions last month. This holiday season the average sold price has increased, the average days on market has increased and the average days on market has 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 decreasing but the numbers of transactions are down as compared 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. The government shut down experienced in October and the upcoming deficient negotiations could be causing this dramatic decrease in the number of transactions.

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 continuing to show signs 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!!

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 Luxury Real Estate Market Report ~ September

Since January 2012 (9 months ago), the average sold price has decreased approximately -3.8% (down from last month), the average days on market have increased approximately +1% (up from last month) and the number of transaction has increased approximately +8.6% (same as 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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