A quick look at the most recent ARMLS Stat Report shows that buyer interest and willingness to pay are definitely creeping up.
In the chart above, you can see that percent of home sales in Greater Phoenix is shifting. Sales are down in homes price $100,000 and less, while increasing in price ranges of $150,000-200,000 and $250,000-300,000. Even the $300,000-350,000 prices range is showing a bit of improvement.
You can see that this positive trend also shows up in the Price per Square Foot Comparison. More so, in the price ranges from $400,000 and above.
Both of the trends are definitely worth keeping an eye on.
The summary of the report goes on to say:
Overall, October STAT is best summed up as “holding the line.” While there were positive indicators, like increases in the median and average list prices, a one day decline in DOM and slight decreases in foreclosures pending; other metrics took steps, although minimal, in a backwards direction: decline in median and average sales prices, increase in new and total inventory, decline in total sales and an increase in MSI. The promise of recovery, fueled last month by the whimsical uptick in all four pricing metrics (median and average listing and sales prices), was not dashed in October, just not fulfilled.
If you’d like a full copy of ARMLS Stat Report, please email your request at dru@drubloomfield.com and I’ll send you a .pdf copy quickly.
More on local real estate market trends:
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