With the help of our partners at Equity Title Agency, of course, here below is a new monthly analysis we’re going to start making of Phoenix real estate sales. Buyers (especially investors) can use this information to help identify smart price ranges in which to buy. Sellers can use this information to help choose the most effective list price. Homeowners can use this information to stay ahead of the Phoenix real estate market, in case they are planning to enter the resale market soon.
In order to makes sense of the statistics below, you will need to understand the basic parameters of the analysis. We will track all sales during a rolling three-month period up to $500,000. Then, we will break down the sales into $50,000 tiers. Lastly, we will display the percentage of sales that fell within each tier and what the average Cumulative Days on Market (commonly referred to as “average selling time”) was for each tier. Together, these two sets of data will show you which price ranges are selling in greater numbers and the fastest. So, without further adieu…
Home Sales by Price Range from January 1, 2008 – March 31, 2008
Cumulative Days on Market by Price Range from January 1, 2008 – March 31, 2008
Houses that sold between $150,000 and $250,000 accounted for 48% of the houses sold between January 1, 2008 and March 31, 2008, and sold in an average of 125 days (just over 4 months). Houses priced between $450,000 and $500,000 took an average of 65 days (over 2 months) longer to sell than those priced between $400,000 and $450,000.