Phoenix Monthly Average Sales Price Market Report - March 2014
The Monthly Average Sales Price is often appears in a few different capacities within the Real Estate field. This allows the researcher to view the market from a couple perspectives - one where you can individualize each property that goes on the market (in previous posts, we saw the Monthly Average Sales Price per Square Foot, for example). Using the Monthly Average Sales Price will also gives an overview of the Real Estate market in the Metro Phoenix area - allowing a view of how the market is absorbing growth.
If you take a look back just 3 short years ago (March 2011), the Monthly Average Sales Price of $167,396. This means that there were half of the homes sold in that month sold for less than this amount and half of the homes that sold in this month sold for higher than this amount. Not too bad for half of the properties involved in Real Estate transactions - however, if we consider that March 2014 is almost complete and the Metro Phoenix Real Estate market's Monthly Average Sales Price has risen to $263,369. That is almost a $100,000 increase in a 3-year period, which by any account is a significant climb. This number really affects homeowners and Sellers in the Real Estate industry, as the more the value of a home increases, the better it is for these demographics.
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Phoenix Monthly Average Home Sales Price as of mid-March 2014
The Metro Phoenix market has experienced a flux of good and bad times. This is evident in the chart above - as, it shows the decline throughout 2011 with slight climbs - however, it also shows the significance of little change over an extended period of time. When the Metro Phoenix area was experiencing these improvements, they did not seem to be so impactful; however, hindsight is always 20/20 and we can definitely see how these slight bump ups made a HUGE difference in the BIG picture.
The great news is that the Metro Phoenix Real Estate market is prepared for more of the same. With each property that is purchased, there is an increase in the Monthly Average Sales Price (along with a lot of other factors that are monitored) and the values in that area slightly go up. Then, Realtors will take comparisons for homes that are going on the market from properties that have already sold, which means that they will price the new properties accordingly. People buy these properties for more and the values of the homes in the surrounding areas bump up because of it and the appreciation cycle continues. Usually the Real Estate market is a mirror to the general economy in the Metro Phoenix area - when the market is doing well, so are the residents of the Valley of the Sun.
Phoenix Monthly Average Sales Price Market Report - March 2014
Orginally posted at Phoenix Property Shoppe
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