How's the Phoenix market doing? We're setting some new records, which is good for the Arizona home buyer, but not so good for sellers.
These figures are provided by The Cromford Report, which specializes in analysis of the Phoenix Metro housing market. Subscriptions are available on their website.
| Annual Sales $/SF | $84.10 | record low | 6/13/11 |
| Annual Sales $/SF as % Peak | 45.6% | record low | 6/13/11 |
| Appreciation - Long Term $/SF | -1.3% | record low | 6/13/11 |
| Average Price - Annual Sales | $162,565 | record low | 6/13/11 |
| Average Price - Monthly Sales | $153,174 | record low | 2/24/11 |
| Monthly Sales $/SF | $80.75 | record low | 1/22/11 |
| Monthly Sales $/SF as % Peak | 42.4% | record low | 1/22/11 |
| Pending Listings $/SF | $80.24 | record low | 6/11/11 |
These are 2001 onwards statistics. The figures shown are for the entire Arizona Regional Multiple Listing Service area and all dwelling types are included. For-sale-by-owner, auctions and other non-MLS transactions are not included.
So far January 22 - measured at $80.75 per sq. ft. - is on record as the extreme low point for monthly average sales $/SF. However January 21 and February 22 are measured at $80.76 and $80,77 respectively. These three dates may go down on record as the second low point of a W-shaped pricing chart. The first low-point was on April 6, 2009 at $82.09.
The monthly average sales $/SF has now moved to a higher level between $82 and $85. However the annual average $/SF will continue to fall for some time due to the large drop in pricing during the third and fourth quarters of 2010.
The pending listings $/SF continues to hit new lows occasionally. This is because the population of pending listings includes a higher percentage of short sales compared with actual closed sales. Short sales tend to stay pending for a longer period and have a higher chance of dropping out of escrow. Unlike a normal market where short sales are rare, our current pending listing inventory is no longer a very representative sample of the listings that will actually close in the near future. For this reason we expect pending $/SF to continue to be significantly lower than average sales $/SF for the foreseeable future.
Square footage pricing varies in every area of the Phoenix Metro housing market.
If you would like more information about housing in the Phoenix Metro area, particularly pin-pointing a specific area, neighborhood, or zip code, please contact me. You may search the Arizona Regional Multiple Listing Service - ARMLS - home offerings at www.RealEstateNAz.com
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