Jim Sexton is the (my) designated Broker at John Hall & Associates. Actually, he’s the owner of the company, who has a reputation for being a numbers guy. I know he really intended this clip for agents, but in this transparent world we live in, it seems appropriate to share.
Jim referenced a couple of Cromford Report commentaries by Mike Orr. One chart in particular, from Mike’s most recent report shows the dramatic drop-off in sales price per square foot over the summer.
Mike has analyzed the data and determines that the major drop off is in the sales price of “normal sales”, not bank-owned or short sales. The decrease in a one month period is almost 10%. However, you can see that normal sales in the Phoenix Metro area are still selling at a price that is significantly higher that both short sales and foreclosures.
Mike goes onto say:
Thus the overall price decline is primarily caused by two main factors: a steep fall in the sales prices of normal listings over $300,000 and the relative scarcity of normal sales in August, particularly the scarcity of higher end homes. We saw only 91 normal sales of homes priced over $600,000 in Maricopa county compared with 142 sales the month before.
If you’d like to see the rest of Mike’s report, just scroll over and down to the “Ask me a question box”, leave me your reach info, and I’ll email it to you a copy right away. Let me warn you, it’s not happy-go-lucky reading, but useful info if you’re trying to time the buying or selling of a house.
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