Here below is a Concise Market Snapshot from The Cromford Report and our own short commentary afterward. For a frame of reference on today’s numbers, the snapshot also shows you the numbers for last month, last quarter, last year, and two years ago. Pretty helpful, right?
It’s no secret that our home prices usually start to move more significantly in the second quarter. This week, the average sales price per square foot hit $150 for the first time since March 2008. Although the Greater Phoenix market has been pretty stable for several months, the recent decline in the number of houses for sales has shifted the mid-price ranges in favor of sellers. This is why the market feels especially hot in the Southeast Valley, where prices often range between $250,000 and $600,000.
Now that the number of active listings is rising again, you might think conditions are improving for buyers. However, at the same time the inventory was rising, the number of sales per month has also been increasing, which has caused the months supply of homes to fall from 3.4 last month to 2.7 today. As you may have noticed, this is lower than the months supply in April of last year and two years ago.
Even sales in the higher price ranges have improved over last year, but as long as the supply of active listings remains high, the average sales price per square foot of homes above $1 million isn’t going to move much.
I hope you’ve enjoyed taking a closer look at the market with us. What do you think about this year’s trends so far?
**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 send us an email or give us a call the old fashioned way! We would love to hear from you.**
Source: The Cromford Report