REAL ESTATE PRICES BREAK OUT WITH NEW HIGH IN METRO PHOENIX

by on September 2, 2009

in Real Estate Market Update

I can’t imagine anyone is breaking out the champagne to celebrate in today’s world. However, the reality is we are at a new high with home values for 2009 right now.

The real estate market in metro Phoenix has been hit hard due to the mortgage melt down and ensuing REO/Bank Owned/Foreclosure and Short Sale homes that hit the market. They all were are part of the price declines. Values have been dropping since 2006.

Well we might just be seeing a bottom to the real estate market. I don’t believe in using price per square foot to value a home, but it is the best barrometer to show what is happening in the market. In January of 2009, the average selling price for a Single Family Home in metro Phoenix was $80.95. It seems to have bottomed in March at $73.51, because it has slowly risen to $82.24 as of August of 2009.

Homes, on average, are selling for more than their asking price. I wonder if this is the first time that has happened???? The average asking price was $81.16 and the average selling price was $82.24. That is an Awesome sign for our market. As long as the banks don’t flood us with a ton of new REO listings, this trend should continue.

See the graphs below to show the numbers. Remember if you click on the graph it will enlarge for better viewing.

If you have any questions about the market here in metro Phoenix or Scottsdale, please give me a call or email.

Just my opinion…Jeff Cameron…based on fact

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