In our 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. For a frame of reference on this month’s numbers, you may want to take a quick look at my post last month, “Phoenix Housing Market Update – March 30, 2012.”
Average Home Sales Price
Prices are currently rising by about 3% per month and Mike Orr of The Cromford Report believes it is almost certain that Phoenix’s annual home price appreciation will exceed 25% by the end of September 2012. As exciting as this is, we’re still hearing home sellers say they’re still waiting for the average home sale price in their area to rise more. Although I can appreciate any person’s wish for their home to sell for the highest possible price, this concerns me because pricing trends are volatile. Case in point, for at least the last two years, the average sales price in Greater Phoenix has risen through spring and then, without warning, fell in both July and August. Maybe this year, it’s best to strike while the iron is hot.
Number of Houses for Sale
Thanks to the Phoenix area’s rising average home sale price, traditional (i.e., non-distressed) sellers are starting to come back to the market. In fact, the number of non-distressed houses for sale in relation to the number of short sales and bank owned houses for sale rose again in April. But as much as the new inventory was welcomed, it was still not enough to stop the total number of Active Listings from falling – this month it fell by almost 3.5%.
Where are you sellers? The Phoenix housing market misses you!
**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.**
Source: The Cromford Report