Courtesy of Barb Savoy-Pacella, ABR, CHMS, CEO ~ Keller Williams Arizona Realty
Not only am I not holding my breath, or peeking between my fingers as though watching a horror film this week, I actually just gathered my team and did the “Snoopy Dance” in the hallway! We are really gaining momentum on improvement in the Phoenix Metro area real estate market!
Over the past 30 days, the average price per square foot across the metro area has increased by 1.7%, which is a great step in the right direction! The current sales pending price per square foot is showing a 3% increase over the pending price per square foot in October, which should mean more great news regarding pricing next month. Additionally, when we dissect the three major segments of the market, traditional equity sales; short sales; and foreclosures, traditional equity sales have gained some ground in the mix!
What I am most excited about today is what is happening with short sale pricing. Last month, we had observed that although foreclosure and equity sale pricing was beginning to increase, short sale pricing was continuing to decline. Not this month! The increase is slight, but it’s an increase, none the less, and I am celebrating! All three segments of the market are continuing to see slight pricing increases. Hallelujah!
Supply is still remarkably low. As we know, a 5.5 month supply of inventory is considered a balanced market. The valley overall has a 3.5 month supply, at this time, which varies by location and price range, and with the exception of some of the luxury segments of the market, most locations and price ranges are under 5.5 months . Buyers in the price ranges under $400,000 are often competing with multiple offers for homes that are in good condition and good locations.
Listings Pending Sale are down slightly this week, which is seasonally anticipated at 10,985 That is a decrease of 456 pending sales compared to last week. Listings that are active with contingencies account for an additional 7,689 properties.
Current Conditions in the Phoenix Market:
- There are 15,465 single family detached listings, currently active in MLS. That is an increase of 125 listings over last week, which is typical for our market, seasonally.
- There are 19,712 total listings currently active in MLS, which includes condos, patio homes, townhomes, and lofts.
For additional information, and to view homes for sale, visit us at www.PacellaGroup.com
Comments(1)