The November Cromford Report Monthly Market Review started off with the following summary for the Phoenix real estate market for single family housing:
- In every price range, sales prices in $/SF are now higher than a year ago.
- Inventory is still falling below $200,000 and constraining sales volumes.
- Above $200,000, supply is rising and demand remains relatively weak.
- After a noticeable weak patch during the summer, prices have regained strength.
- Lender‐owned inventory is falling fast, especially at the lower price levels.
- Short sales are overtaking foreclosures as the primary mechanism to resolve mortgage debt problems.
The fact that home prices (per square foot) is improving in all price ranges is great news, especially in the slower November market.
However, the challenges that are constricting the market in the lower end, with falling inventories, make it difficult for buyers are who seriously looking to find the homes they are looking for. I have more than a handful clients who are in this situation. They have cash or financing lined up, but the house selection is minimal in many price ranges. They increase their geographical search area and their upper limits to the price ranges and still do not have a lot of choices.
As we approach the end of the year, I believe we are all looking forward to a robust spring, where more sellers are ready to sell, and buyers find what they are looking for.
Read the full report here: The Cromford Report – Monthly Market Review – Nov 28, 2011
Past Phoenix Market Reports:
- Greater Phoenix Real Estate Update for Single Family Homes–October 2011
- Greater Phoenix Home Sales Pricing Trending Upward
- Scottsdale Real Estate: “Shadow inventory” on the decline
{ 2 trackbacks }
{ 0 comments… add one now }