In our ongoing effort to post consistent and timely Phoenix housing 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 last housing market update from November 2012, “Phoenix Housing Market Update – November 26, 2012.”
Average Home Sales Price
Even though the number of monthly home sales has been declining since last summer, the average home sale price is still rising. Today, the average price is approximately 2% higher than it was in November and, even more impressively, 35% higher than it was two years ago in 2011. Mike Orr, the director of the Center for Real Estate Theory and Practice at ASU, helped explain the driving force behind the Phoenix real estate market’s recovery in an article published earlier this month, “Phoenix area home prices rise 34% in 2012.” I recommend you give it a read!
Number of Houses for Sale
Just as home foreclosures and foreclosure starts have subsided, so too has the inventory of homes for sale. Since hitting a peak of over 50,000 listings in 2007, the inventory in the Greater Phoenix Area is now floating just barely above 17,000 listings, more than 75% of which are traditional sales – not listed as a short sale or lender owned. Catherine Reagor wrote another great article for AZCentral.com titled, “Foreclosures no longer driving force in metro Phoenix market,” addressing the close tie that exists here in Arizona between foreclosures and the number of houses for sale. Needless to say, now that foreclosures are no longer the driving force behind the Phoenix housing market, traditional home sellers have much less competition to fear and traditional home buyers are acting more quickly on the listings they love!
What do you think of this month’s update? Did any of the new numbers jump out at 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 a message on our Contact Us page, or give us a call the old fashioned way! We would love to hear from you.**
Source: The Cromford Report