480-442-0779
dorette@doretteoppongtakyi.com

Phoenix Real Estate Market in 2013, how is doing so far?

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?

 

 

average price per square foot of homes sold in Phoenix Arizona

Average price per square foot 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.

 

monthly average price per square foot of homes sold in Phoenix, Arizona from Jan 2003 to Jan 2013

Monthly average price per square foot of homes sold in Phoenix, Arizona from Jan 2003 to Jan 2013

 

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.

 

average sale price per square foot of homes in Phoenix Arizona for the past 12 months

Average sale price per square foot of homes in Phoenix Arizona for the past 12 months

 

 

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?

Lets meet, or have coffee to chat, email me here or call me on 480-442-0779

 

 

 

 

About Dorette Oppong-Takyi

Dorette Oppong-Takyi is a Real Estate Consultant in the Phoenix Area and a Member of The Institute for Luxury Home Marketing, an institute and provides constant education and resources for Luxury Real Estate Agents to assist their clients in purchasing or selling their luxury homes and properties. Even though each transaction is unique and based on each client’s need, the basics and core elements of dedication and resilience she applies to each transaction is never minimized. After years of running her husband’s medical practice, she understands the importance of providing stellar customer service to her clients as well as individualized attention to details for each client.

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