In an ongoing effort to post consistent and timely real estate market updates, here below is a Concise Market Snapshot from The Cromford Report, and my own short commentary afterward. This snapshot has been re-posted with permission from The Cromford Report.
Since the last time I posted this real estate update on August 31, 2011, a lot has happened! The number of houses for sale is down by approximately 2.5%, and the listing success rate is up to 74.6%. But the best news of all… The average sales price today is HIGHER than it was on this same day in 2010! Yes, the average sales price across the Phoenix real estate market has risen for the last three straight months, and it doesn’t appear to be letting up, either.
If you’re thinking about buying…
In August, I recommended you start your search soon before the inventory of homes decreases any further. Now that it has decreased further, let’s remember that the number of houses for sale reported above reflects all of the types of homes (single family houses, townhouses, condos, etc.) throughout Phoenix and its suburbs. In some areas, the inventory may have risen slightly, while in other areas, the inventory may have dropped dramatically. If you’d like to know what’s available in your area of interest, you can contact us here!
If you’re thinking about selling…
In August, I suggested you put your home on the market soon before demand begins to dwindle, as it typically does in the fall months here in the Phoenix area. As expected, the number of pending sales is lower today than it was three months ago, but there are still plenty of reasons to be optimistic as a seller right now.
1. As the number of pending sales decreased, so did the total number of active listings. This means, sellers have less competition against other sellers right now, too.
2. Prospective sellers in the market today have a higher likelihood (74.6%) of selling their homes than the sellers who were in the market on August 31, 2011 had (71.8%).
Have you noticed any of these positive trends in your own subdivision or community? If so, leave a comment below!
**If you would like a chart, similar to the one above, prepared for your own city or zip code within the Greater Phoenix Area, just post a comment below, send us an email, or, give us a call the old fashioned way! We would love to hear from you.**
The Hill Group
7975 N Hayden Rd C-100
Scottsdale, AZ 85258