The Phoenix Market is Hot AGAIN!!
The Phoenix Real Estate market is HOT again. Year over year inventory levels have decreased 53%, from 30,230 in March of 2011 down to 14,175in March 2012. The median sales price has increased18.1% from $110,000 in March of 2011 to $129,900 in March of 2012. Trustee’s sales are down 59.6% and new notices of Trustees sales are down 21.2%. All good news, right? This scenario greatly resembles what was going on in 2005. The big difference …… the value of our homes. On average homes values have dropped 55% since our peak. Some areas decreased more and some areas less.
So how do these numbers compare to Tramonto? Inventory levels have dropped 33%. From 18 homes in March of 2011 down to 12 homes in March of 2012. The median sales price in March of 2012 is $204,750 up from $174,000 in March of 2011. There were 16 sales in March of 2012 and 17 in March of 2011. Trustee’s sales were up 75% in March of 2012.
TRAMONTO 1ST QUARTER 2012 AVERAGES
Average Sales Price: $203,305 Average Active Market Time: 60 Days
Average Sales Price Per Sq Ft: $84.17 # of Homes Sold in the 1st Qrt 2012: 41
Properties Sold for an Average of 98% of Listed Price
If you are a buyer in this crazy market then you know firsthand the challenges of trying to find a home to purchase. Low prices and a shortage of supply have lead to numerous showings and multiple offers. If you are thinking about selling your home, make sure your home is ready to show, be prepared for multiple showings and pack your bags.