Phoenix Home Values Report - February 2011
The numbers for January are in and well, they are mixed. Pricing is still soft, but the experts are saying there are many indicators that there are better times coming very soon. The Arizona Regional Multiple Listing Service or ARMLS released their STAT report today and you can click here to read it.
Phoenix home values for homes coming on the market in January 2011 increased by nearly 7%. But don't get too excited because the median sales price for January fell by .2% to $110,000 compared to December. The average sold price in January fell by 2.1% to $157,000 from $160,400. Downward pressure on prices is being blamed on the high inventory levels in the market and the number of short or distressed sales.
In terms of the number of sales in January, they dropped by nearly 22% from December. But there is good news here! The number of sales is actually UP 15.0% compared to January 2010.
Pending sales are also on the rise which should translate into a reduction in inventory. Sales rose 19.4% from January 1 to February 1, an unusually large increase suggesting strengthening demand and a busy buying season ahead. The total of 10,565 is 0.8% lower than 2010 and experts blame that reduction on the fact that there was a tax credit being offered last year at this time.
Another sign Phoenix home values maybe rising soon is that active listings declined between January 1 and February 1 by 1.8%. Sellers should be happy with this number because a lower supply means higher demand and price increases.
So the bottom line is that there are still plenty of great values out there, especially for the buy and hold investor or for those looking to owner occupy a property. For more a more detailed look at the numbers, please click here for the ARMLS STAT report.