Phoenix area real estate ~ Inventory is down…prices are up!

Wow!  How the Phoenix area real estate market has changed in the last six months.  What are the low supply/high demand issues creating in our real estate market?  It’s easy to see in the chart below provided by the Cromford Report which reflects our average monthly sales prices.

Don’t be fooled by reports that investors are creating this wave.  Investors don’t typically pay above list price for a home and that’s just what is happening today.

The average price per sq. ft for monthly sales is now rebounding at a rate similar to what it fell during 2008. The average price per sq. ft has risen 4.3% since February 10, 2012.

Buyers…don’t be disheartened.  “Good deals” still abound but they’re going quickly.  Our prices are still much lower than they were 5 years ago.  BUT, don’t be fooled into thinking you can come in and lowball a list price.  It’s just not going to happen…anymore.

On another note, in the Greater Phoenix Area, there are currently only 5144 single family homes for sale priced under $250,000 (the most popular price range being sold), which is a 27-day supply of homes for sale.  Inventory has dropped over 21% in the last month alone.  Could we soon run out of homes for sale? Stay tuned!

phoenix home prices

 

About Amy Jones Group

Amy Jones is the owner of Amy Jones Group Keller Williams Integrity First. The Amy Jones 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.