Phoenix-Mesa-Scottsdale Real Estate in 2012?

Yahoo published an article today "What Your Home Will Be Worth in 2012".  (Thanks for the heads-up, Greg!) The Phoenix forecast seems unlikely to me. Metro: Phoenix-Mesa-Scottsdale What a Home Will Be Worth in 2012: $141,859 Q4 2008 price: $169,000 Projected price change by MSA: -16.1% Projected price change by state: -17.2% What do you...

Waking up to Beauty

I love waking up early and watching the sunrise with a good cup of coffee (and my camera)! Monsoon season will be here soon, so we will be seeing more clouds, which provide a beautiful backdrop for Arizona’s trademark sunrises and sunsets. Enjoy your...

Scottsdale Rainbow

Last night, I was out doing a last minute check on one of my Scottsdale condo listings that is closing today, and caught this rainbow on my phone.  I emailed it to TwitPic which posted it to  Twitter for me, and started getting comments from around town right away.  A fun way to share a gorgeous...

Cromford Report: Phoenix Area Real Estate Update

Mike Orr from the Cromford Report knows Phoenix area real estate market statistics better than most anyone at this point. He just published his mid-month update and there are some very notable changes in our market. I’ve clipped some of the most interesting information to share with you. Mid-Month Pricing Update Each month about this time we look back at the previous month and analyze how pricing has behaved and report on how well our forecasting techniques performed. We also give a forecast for how pricing will move over the next 30 days. …. As of June 17, the average $/SF for monthly sales across all areas and types was $86.81 up 2.5% from $84.71 on May 18. … Today the pending listings for all areas & types shows an average list $/SF of $91.15. This is 0.6% above the average list $/SF for homes sold in the last month ($90.59), which suggests that average sales pricing will continue to increase in the next 30 to 50 days. The relationship between these measurements can be seen clearly in the following chart. Mike goes on to say: … we have already recorded an average 5.7% increase for monthly sales $/SF since the confirmed low point on April 6. Median sales prices reached a confirmed bottom of $115,000 on April 30, and have risen 6.4% to $122,410 since then. Monthly average sales price has recorded a 7.7% increase since April 6. There is now no doubt that overall average $/SF for monthly sales, monthly average sales price and monthly median sales price are all increasing. However the detailed picture is much...

Phoenix Real Estate: Edging Back into a Seller’s Market

More evidence of our changing real estate market: The Cromford Report has defined Contract Ratio as follows: Contract Ratio indicates how "hot" a market it. It specifically measures the number of active sales contracts under negotiation relative to the supply of active listings. It is defined as 100 x (Pending Listings + Active Listings with Contingent Offer) / Active Listings Without a Contingent Offer. The higher the number the greater the buying activity relative to supply. If this number rises then it is a sign of growing contract activity and a positive signal for sellers. Conversely a falling number is a sign of a weakening market – either supply of active listings is increasing or contract activity is slowing, or both. In a balanced market the value of the Contract Ratio is about 30. When it lies below 20 the market can be considered "slow" or a "buyer’s market". Above 40 can be considered a "seller’s market" and when it moves above 100 we regard this as evidence of a "buying frenzy". As you can see, in this chart, the Seller’s market ended in November 2005, and the Phoenix area has re-entered this realm as of March 2009.  Decreased inventory and increased investor and first-time buyer demand is fuelling this...