Phoenix Area Real Estate Market…was that the bottom?

Phoenix Metro Real Estate Report.  What’s happening with the real estate market?  I see definite signs of improvement!

phoenix area real estateSummary:

Pending foreclosures continue to drop at a record rate

Pending sales are up, inventory is dropping.

Sales prices have continued to move up across the board!

 

Homes under $100,000:

Sales up 38% over same time last year.

Supply has shifted to short sales.

The market has improved enormously since November.

 

Homes between $100,000~$200,000:

Traditional listings comprise 37% of this price range. If you have a home to sell that’s in good condition and it falls within this price range… and it’s a traditional resale meaning you have equity in your home ~ Chances are you may be seeing multiple offers on your property with a sale in less than a month.

The current inventory is reflective of a normal market.

Active listing pricing is moving up.

 

Homes between $200,000~$400,000

Market is doing well due to supply dropping and demand rising.

Traditional sales are 56% of this segment.

Over $300,000 looks especially positive.

 

Homes between $400,000~$500,000:

Sales prices are increasing due to decreasing supply and rising demand.

Traditional sales comprise 63% of this segment.

Supply is lower than anytime within the last year.

 

Homes over $800,000:

Short sales are the best buys. Sales prices are lower than REOs.

Supply is now at 1.89 years, the lowest it has been in 15 months.

Many sellers are continuing to set listing prices unrealistically high causing the average listing time to grow to 288 days.

So if you’re a buyer that’s been waiting for the bottom…you better get a move on.  You may have already missed it.

If you’re a seller who has equity in their home and are thinking of selling.  Homes are selling quickly so start packing.

About The Amy Jones Group

Mindy Jones Nevarez is the owner of Amy Jones Group Keller Williams Integrity First. The Amy Jones Real Estate Group has been recognized as the #1 Real Estate Team in Chandler by the Phoenix Business Journal and voted Best of Our Valley for 4 years.

The Amy Jones Group specializes in real estate in Chandler, Sun Lakes, Gilbert, Mesa, Tempe, Ahwatukee, and Phoenix.