Jan. 14, 2019

Phoenix Metro Market Forecast- 2019

Rising Home Prices May Slow

Valley home prices are expected to climb at a slower pace or flatten out during the coming year.

Housing market watchers including Realtor.com expect Phoenix home prices to climb between 4 and 6 percent this year.

This forecast is based on pending sales, population projections and recent job growth numbers.

That compares to the 6 to 8 percent annual home price increases during the past few years,

Worried about a bubble?

Home prices reached a medium price of $268,000 last summer, than dropping to $262,000 last fall. That said, if inflation is taken into consideration, home values are more than 10 percent below the 2006 boom level.

Tina Tamboer, senior housing analyst with the Cromford Report said " nothing in the current data shows a market crash coming for Phoenix."

There is some good news for buyers in that there are 4.2% more listings than one year ago, however, that only provides approximately 3.2 months of inventory, well below normal averages.



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October 29, 2018 Market Report

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Oct. 15, 2018

Phoenix Metro Market Report

Posted in Market Commentary
Oct. 1, 2018

September 25 Statistics

                                             September 25 Statistics

                                            Phoenix Metropolitan Area

Total Active Residential Listings                                                       13,726

                                                                                                           17,057 (with ICB included)

Average Market Time                                                                        61 days

Compared to last year at this time                                                   65 days

List Price vs. sales price                                                                    97.9% days

Compared to last year                                                                       97.7% days

 Number of sales YTD                                                                         64,011

Average Sales Price                                                                            $329,945

Compared to last year                                                                        $305,513

Overall appreciation or depreciation                                                     7.9%


Posted in Market Reports
Sept. 13, 2018

Market Statistics September 2018

                                   Statistics Phoenix Metropolitan Area

                                              September 13, 2018


Total Active Residential Listings                                                                                            16,187 (Active)

                                                                                                                                             20,042 (Contingent)

Average Market Time                                                                                                            59.9 days

Compared to last year at this time                                                                                       65.53 days

List price vs. sales price                                                                                                        97.9%

Compared to last year                                                                                                           97.6%

Number of sales YTD (2.5% increase)                                                                                69,603

Average sales price                                                                                                               $319,954

Compared to last year                                                                                                          $294,987

Overall appreciation or depreciation                                                                                      8.5%

Posted in Market Commentary
Aug. 27, 2018

Latest Market Statistics August,2018

                                                    Phoenix Metropolitan Statistics

                                                          August 21, 2018

Total Active Residential Listings                                                                                 16,059 (Active)

                                                                                                                                      19,934 (Contingent

Average Market Days                                                                                                       58.4 days

Compared to last year at this time                                                                                   66 days

List price vs. sales price                                                                                                    98.2%

Compared to last year                                                                                                      97.8%

Number of sales YTD (2.5% increase)                                                                            64,318

Average sales price                                                                                                      $321,182

Compared to last year                                                                                                 $298,794

Overall appreciation                                                                                                            7.8%


Posted in Market Reports
Aug. 6, 2018

Metro Phoenix Home Prices Set Record

In June,the Valley's median home price soared past the previous record to reach $268,000 according to the Arizona Regional Multiple Listing Service.  The previous record of $265,000 was set in June of 2006.

Comparing the Valley's housing market prior to the 2006 rise in home prices to today's market is like comparing night and day. Easy loans with outrageous costs led to foreclosures in metro phoenix, which by 2011 were about 4,500 per month.At the time, some national housing analysts said it would take 20 to 25 years for recovery.

Here are reasons why I feel good about this market:

  • Fewer than 5% of all metro Phoenix home owners are underwater.
  • Valley foreclosures are down to less than 150 a month
  • Phoenix area home values have been steadily ticking up 5 to 8 percent a year for the last 5 years.
  • Maricopa County is the fastest growing county in the country.

The Valley draws bargain hunting homebuyers from other major cities.

Here are some comparable Median home costs from other Western cities:

  • Seattle $485,000
  • Los Angeles $550,000
  • Denver $442,000
Posted in Market Commentary
July 9, 2018

Phoenix new homebuilding

New homes are being built in the Phoenix area at the fastest pace in 10 years, and prices are climbing faster than they have in five years.

All signs indicate that the Phoenix metro homebuilding market is in recovery.

More than 1,950 new homes were sold valley wide in May, and the pace of sales for the year is 18 percent ahead of last year as reported by Belfore Real Estate Consulting and R.L. Brown's Phoenix Housing Market Letter reports that May was the best month for new home sales since March, 2008.

Brown also reports that the median new home price is up almost 3 percent from last year to $330,000. That's about $70,000 more than the median price of existing home sales.

Forecasts call for homebuilding to steadily climb valley wide to more than 26,000 annually by 2020.

However,, homebuilders and analysts see a few big obstacles in the way of this recovery: rising labor, land and construction material costs.  All three will add to the cost of a new Valley home.


Source: Arizona Republic.

Posted in Market Commentary