Here’s the latest Phoenix real estate market report from The Cromford Report™ which includes some very positive info on sales prices. Stable below $300,000, and on the rise in higher price ranges.
Cromford Report – Monthly Market Review – Jun 28, 2011
- Supply continues to fall, though rather more slowly in the ranges between $200,000 and $800,000.
- Demand very strong below $200,000 but showing seasonal weakness above $200,000.
- Average sales price per sq. ft. is stable below $300,000 and increasing above $300,000.
- A change in the sales mix could adversely affect overall market average prices and medians.
- Foreclosure activity declining and active REO inventory is at the lowest level for several years.
Homes under $100,000
- Demand remains strong while supply is still declining. Prices now stable for 7 months.
- Demand normally falls off during the summer but the demand in this price range is dominated by intense buying by investors who are only slightly affected by the seasons.
- Active listings are now 7.8% below this time last year.
- This supply continues to gradually shift away from REOs (down 15.7% in the last month) towards short sales and pre-foreclosures.
Homes Between $100,000 and $200,000
- Supply down and demand fading slightly. Pricing remains very stable.
- Having peaked in October, supply has fallen another 6.8% in the past month and is down 23.4% when compared with March.
- Demand has faded a little, but this is in line with normal seasonal patterns.
- REOs dropped to 38% of monthly sales while normal listings also fell to 38%. Short sales and pre-foreclosures increased from 21% to 24% of sales.
Homes Between $200,000 and $400,000
- Buying interest falters a little although supply continues to decline. Pricing remains very stable.
- The supply of single family homes dropped by another 4.1% between May 26 and June 26, and is now down 17.0% over the last three months and 29.2% over the last year.
- Over the last month REO supply actually rose by 2.4% reversing an 8 month trend, while short sales and pre-foreclosures fell by 3.0% and normal listings fell 5.5%.
Homes Between $400,000 and $800,000
- Supply falling but demand continues to weaken. Nevertheless sales prices remain on an upward trend.
- Single family homes between $400,000 and $800,000 have experienced a 6.4% fall in active listings in the last month.
- The sales volume strengthened slightly in June, with monthly sales up 7.0%.
- REO supply didn’t change during June at 84 homes, but this is down 10.6% over the last 3 months.
Homes over $800,000
- Demand weakens for the summer months but supply is down again. Sales prices continue to climb.
- We see the first sign of the spring season turning to summer as pending sales start to fade.
- The good news is that the supply of homes above $800,000 fell 8.5% in one month, 18.9% over three months and 29.2% since June 2010.
- Active REOs rose 18.4% from 38 to 45 over the last month but these represent only 2.9% of total active listings.
For the full report: Cromford Report – Monthly Market Review – Jun 28, 2011
More real estate updates: