Prices continue to rise on a city wide basis. As you can see from this chart, prices have risen dramatically since the bottom of the market in 2011.
Our month’s supply of inventory has just dropped to 2.5 months as of April 2, 2016. Demand is picking up for our summer buyers. We have seasonally different sales cycles with winter visitors purchasing, but most of our sales occur from March to September.
Following a very strong March with 9,639 sales, 12% higher than last year. The Fed has promised a couple of rate hikes this year, so that might be on some folks’ minds as we gear up for a busy summer season. Canadians are now selling as opposed to be our #1 Foreign National buyer due to their dollar exchange. The number of purchases for Canadians so far is just 110, the lowest number since 2007 and sold 562 so far this year (Cromford Report).
Price changes by category tell the big picture. Again, courtesy of the Cromford Report.
If you would like zip code information for your area in Maricopa County, please let me know!
Supply in the lower end of the market has dropped and there are fewer homes to choose from, so a big decline in sales. As prices have risen in the $225,000 plus market and equity is again in the bank, that segment up to $600,000, then $800,000 - $1 million has dramatically jumped.