Phoenix Real Estate Market in 2013, how is doing so far?
Posted by Dorette Oppong-Takyi on Feb 12, 2013 | Comments Off
6 weeks into the year 2013 and the Phoenix real estate market is showing a more positive sign of upward movement compared to the same time in 2012 and 2011.
How are homes selling in Phoenix so far this year?
Well, homes in Phoenix sold for an average price of $106.74 per square foot this past week this is a 36.6% increase compared to same time in 2012.
During week 6 in 2012, homes in Phoenix were selling for about $78.16 per square foot. This is such a huge increase taking into consideration the increase in 2012 when compared to 2011.
In week 6 of 2011, homes in Phoenix sold at an average of $69.72 which increased by only 12.1% in 2012.
This year we are currently seeing an increase in the average price of homes sold in Phoenix triple that of what we saw same time last year (in 2012). The question is are we increasing way to fast or is it sustainable?
Also what is causing the rapid increase in the average price of homes sold in Phoenix Arizona?
The last time we saw this average price per square foot of homes sold in Phoenix, Arizona was in February of 2004 before the housing boom.
During the crash when the average price of homes in Phoenix was decreasing, we also saw homes in Phoenix selling at this price per square foot between September and October of 2008, just before we bottomed out in March of 2009.
Prices of home in Phoenix has been increasing until we got another dip again in January of 2011, since then average prices of home sold in Phoenix have on the upward climb.
The Cromford Index for Phoenix is 186 which indicates we are still in an sellers market, which has dropped since January 21, 2013 at 189.8.
Our demand index for Phoenix is 106.2 which indicates a balanced market for both supply and demand but has been decreasing since the beginning of this year.
Supply Index is at 57.1 but has also been decreasing since the beginning of this year.
What does all this mean to you if you own property in Phoenix and are looking to sell?
Are you holding on to sell later or not sure what to do?
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