Demand weakened, as it always does during the holiday season, which is why our supply took a 24% jump this month. However weak demand does not necessarily make a market crash. Excess supply is what really drives prices down hard, and we’re simply not seeing that. The downward pricing trend is actually weakening. Asking prices […]
According to Flex-MLS, the Marketplace for MetroPhoenix Residential Properties, in Quarter 4, 2022 versus Quarter 4, 2021: The Number of SOLD listings decreased by 28% to 6,545 units, with a top sale of $21,000,000 at 6015 E Cameldale Way, in Paradise Valley. The Average Sales Price increased by 14% to $939,524, moving the Average Price […]
If you’re thinking about Buying or Selling residential real estate, it’s important to understand the current market trends. According to Flex-MLS, the Marketplace for MetroPhoenix Residential Properties, in November 2022 versus October 2022: The Number of SOLD listings decreased by 20% to 333 units with a top sale of $13,500,000 at 6453 E Luke Avenue, […]
Metro Phoenix | October 2022 vs October 2021 Average Sales Price: September 2022 > $867,615 vs October 2022 > $825,130 = 5% decrease Average Days On Market: September 2022 > 52 vs October 2022 > 59 = 13% increase Average Sale Price Per Sq Foot: September 2022 > $342.85 vs October 2022 > $337.73 = 1% […]
Metro Phoenix Average Sales Price: Q3 2021 > $756,951 vs Q3 2022 > $857,765 = 13% increase Average Days On Market: Q3 2021 > 32 vs Q3 2022 > 43 = 34% increase Average Sale Price Per Square Foot: Q3 2021 > $304.51 vs Q3 2022 > $349.96 = 15% increase Sale to List Price […]
Real estate continues to be called the ‘bright spot’ in the current economy, but there’s one thing that may hold the housing market back from achieving its full potential this year: the lack of homes for sale. Buyers are actively searching for and purchasing homes, looking to capitalize on today’s historically low interest rates, but […]
Earlier this year, realtor.com announced the release of the Housing Recovery Index, a weekly guide showing how the pandemic has impacted the residential real estate market. The index leverages a weighted average of four key components of the housing industry by tracking each of the following: Housing Demand – Growth in online search activity Home […]
There has been much talk around the possibility that Americans are feeling less enamored with the benefits of living in a large city and now may be longing for the open spaces that suburban and rural areas provide. In a recent Realtor Magazine article, they discussed the issue and addressed comments made by Lawrence Yun, […]
One of the biggest surprises of 2020 is the resilience of the residential real estate market. Lawrence Yun, Chief Economist of the National Association of Realtors (NAR), is now forecasting that more homes will sell this year than last year. He’s also predicting home sales to increase by 8-12% next year. There’s strong evidence that […]
Last Friday, the Bureau for Labor Statistics released their Employment Report for August 2020. The big surprise was that the unemployment rate fell to 8.4%, a full percent lower than what many analysts had forecasted earlier in the week. Though it is tough to look at this as great news when millions of Americans are […]
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