Phoenix Market Trends - Monthly Median Sales Price - January 2013

Phoenix Market Trends - Monthly Median Sales Price - January 2013 

The Monthly Median Sales Price is a consistent indicator in the Real Estate Market.  This is especially true in the Valley of the Sun.  When the economy is right-side up in the Metro Phoenix area, the Monthly Median Sales Price can evidence the actual position of the market at that time.  For example, it not only shows the trends from the months previous, but it also can give insight to the possibilities of the current month, as well as give insight to upcoming months that either have or lack potential in the Real Estate Market.  

As this chart below indicates, the Monthly Median Sales Price for January 2013 was $161,000.  This is a great indicator, as it tends to be the most accurate account of the industry at any particular time.  The Monthly Median Sales Price is unique in that it is the amount exactly in the middle of all the homes sold in the Valley of the Sun in the complete month.  The benefit of the amount being the exact middle versus an average of all the homes sold in the Metro Phoenix area is that this amount can be higher than the average (sometimes it ends up higher than the average and other times lower).  If we can determine the Monthly Median Sales Price higher than what the average would be, then that means that each home being sold in the market has the opportunity to bump up just a bit higher than normal  This may not seem like much in the scope of one home being sold - however, if you are considering that there are typically thousands and thousands of homes sold in the Metro Phoenix area, these bumps add up.  Add up to more value for the homes in the area comparable, which drives up Real Estate properties, which inititates the appreciation cycle.  

Based off of the numbers above, January 2013 ended very well - rounding up to $161,000 - which is great because if this is the Monthly Median Sales Price, that means that the high end of the sales are happening about $320,000 - which is a great indicator for all of us living in the Valley of the Sun.  This means that more people are buying homes here, which means that we will have a need for more jobs, more work, more money being circulated, which means more business in general.

With the market looking SO good, it is a GREAT TIME TO SELL YOUR HOME!!  It is a SELLER'S MARKET right now and, most homes are selling for higher prices, as more and more people are bidding on the same house, driving up prices and shifting the advantage to the Seller.  IF you have been considering SELLING YOUR HOME, now is a GREAT time to do so.  Give Anna Banana a call to set up a time to review your FREE PROPERTY ANALYSIS REPORT which will give you the information to make a sound Real Estate decision.  With Anna Banana's network of Real Estate professionals lined up to help out, the process overall process becomes seamless.  

Phoenix Market Trends - Monthly Median Sales Price - January 2013