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, “Phoenix Housing Market Update – March 8, 2013.”
Average Home Sales Price
For the first time in 2013, the average home sale price decreased slightly in June. However, today’s average price is still 6% higher than it was last quarter and almost 50% higher than it was two years ago. So, this decrease is probably more reflective of the cyclical softening we often see during the summer and fall months here in the Greater Phoenix Area than it is of any new long-term trend. As a testimonial to this, in 2012, we saw the average home sales price drop in June, July, and August, but in September, it began increasing again. For now, 2013 is looking a lot like 2012.
Number of Houses for Sale
Year-over-year, the number of Active Listings Excluding UCB/AWC Listings has risen by almost 3,000 homes, but if you ask any home buyers in the market today if they’ve noticed the increase, they would probably tell you they haven’t. Why? Since 2001, there has been an average of approximately 32,000 Active Listings for sale. So, whether there are 13,000 or 16,000 homes for sale right now, it still feels low to most home buyers.
Do you have a home to sell right now? Low inventory means low competition!
**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