January Phoenix Market Update

Here’s your January Phoenix Market Update. Our friends at the Cromford Report are showing a very slight increase in sold price over December.

Price per square foot – Phoenix

“For the monthly period ending January 15, we are currently recording a sales $/SF of $138.24 averaged for all areas and types across the ARMLS database. This is very little changed from the $138.32 we now measure for December 15.

On January 15 the pending listings for all areas & types shows an average list $/SF of $142.04, 0.7% above the reading for December 15. Among those pending listings we have 88.0% normal, 4.6% in REOs and 7.3% in short sales and pre-foreclosures. This has changed little from this time last month.

So we are not expecting a lot of movement between January and February, although any direction is more likely to be to the upside.”

Anecdotally, Michelle and I were seeing sellers staying on the market a little longer in December, and sold prices coming in a little lower than list price. But, that’s to be expected around the holidays.

Seller’s vs. Buyer’s Market?

We are in a bit of a waiting period right now in the CenPho area. Will the market get active, as it usually does between February and July? Or, will we see a continuation of the slacking seller’s market from December?

If you are a seller, price realistically. We discourage “going fishing” –listing at a high price, hoping somebody will pay higher than market value. That usually leads to people passing up your listing for more attractively priced homes –then your listing goes stale.

Buyers, don’t be afraid to offer what the market shows to be reality, but don’t expect price drops. The seller’s market is went a little slack, but it is still in seller’s market range (according to the Cromford Index).

As always, please give us a call for any of your real estate needs at 602-456-9388.