The multiple listing service that covers the Maricopa County real estate market is ARMLS® (Arizona Regional Multiple Listing Service) covers a population of about 4 million people. One of the metric that is produced through ARMLS® is the “Pending Price Index”, which predicts future price over the next quarter based upon homes in Pending status.
One of the purposes for considering the Maricopa County real estate market future median and average value is so business can better plan their business strategies for the coming quarter. Using December figures the January stats showed an average sale price expectation of $160,900. This was a little over 4% lower than the actual $167,500 average sale price recorded. The median price prediction was also 2.5% off as prices continue to rise.
When predicting future values in the Maricopa County real estate market it should be noted that the farther out the predictions are the less accurate they become when compared with actual numbers after the fact.
The chart below show the forecast through April 2012, where it is indicating declining home values over the next quarter.
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