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Phoenix Residential Market Report ~ September 2016

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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

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The current real time market profile shows there were approximately 10,622 new listings on the market in March 2015 and 7,892 sold transactions. Since the beginning of the year the number of new listings has exceeded the number of sold transaction but the number of total listing has consistently decreased since April 2014.

Since April 2014 (12 months ago), the average sold price has increased approximately +1.9% (up from last month), the average days on market have increased approximately +10.8% (up from last month) and the number of transaction has increased approximately +3.0% (up from last month). Since the month of April 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 $257,000 which is up slightly from last month.

The volume of foreclosure purchases since April 2014 (12 months ago) has decreased approximately -31.9% and the volume of short sales have decreased approximately -26.3%. Since April 2014 the volume of foreclosure purchases went up and now the trend is back down once again. 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 April 2014 (12 months ago), the number of homes for sale on the market have decreased approximately -12.8% or 29,308 homes for sale on the market to a gradually decrease of 25,570 homes. 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 ~ September 2014

Position Market Index

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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 are down since 2008 and as a result there is an increase in inventory because the number of listings is not being purchased at a fast enough rate.

Since October 2013 (12 months ago), the average sold price has decreased approximately -3.5% (down from last month), the average days on market have increased approximately +31.3% (up from last month) and the number of transaction has increased approximately 6.1% (down from last month). Since the month of October 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 $245,000 which is unchanged from last month.

The volume of foreclosure purchases since October 2013 (12 months ago) has decreased approximately -8.0% and the volume of short sales have decreased approximately -54.3%. Since October 2013 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 October 2013 (12 months ago), the number of homes for sale on the market have increased approximately +4.1%. 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 October the number of homes for sale has decreased from 26,076 homes to 25,960 homes or a decrease of approximately -0.4%. This decrease in the number of homes for sale is expected as we enter the holiday season and is normal for the market.

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 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 strategy, TODAY!!

Position Realty
Office: 480-213-5251

Phoenix Luxury Real Estate Market Report ~ February 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.% (down slightly from last month), the average days on market have decreased approximately -27.1% (down from last month) and the number of transactions have decreased approximately -3.3% (down from last month). The average price per square foot is approximately $327 PSF, average days on market is 167 days and 88 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!!

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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