Phoenix Area Housing Market Observation...

Mar 17, 2015 by

Cromford Daily Observation ~ The number of active listings for Greater Phoenix (excluding UCB) is 21,829 which seems quite reasonable, if a bit on the low side. However the picture looks rather different when we break it down into price ranges. Below $150,000 we have only 3,708 listings and the trend is sharply down. There were 5,754 on the same date last year and 4,372 as recently as January 20. Anyone wanting to buy a home is this price range is going to have an increasingly hard time. There have been 1,660 closed sales in the last 4 weeks in this price range, so today’s supply represents only 2.2 months of supply. Between $150,000 and $250,000 we have 5,711 listings and the trend is sharply down. There were 7,500 on the same date last...

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Market Summary for the Beginning of February...

Feb 3, 2015 by

January was a mixed bag. Supporting the pessimists we saw weaker sales counts than last year (down 1.7%) and lower prices than in December (median down 1.0%, $/SF down 0.8%). We also witnessed the pending listing count failing to beat last year, though it did rise 27.7% during January. Supporting the optimists, the active listing count (excluding UCB) rose only 6% during January and remains 6.2% below the same point in 2014. More importantly, the under contract count rose 30.5% during January and finally overtook last year, beating it by 2.1%. Overall it looks like a reasonable but not at all spectacular start to the year. Supply remains weak, especially at the affordable end of the market. At the top end supply is starting to pack on weight and sellers of luxury homes are...

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S&P/ Case-Shiller® Update...

Nov 10, 2014 by

Another release for the S&P / Case-Shiller® Home Price Index® with prices rising more slowly. The data relates to sales that occurred between June and August 2014 and changes over the last month were as follows: Detroit +0.85% Dallas +0.55% Denver +0.52% Las Vegas +0.49% New York +0.42% Atlanta +0.39% Chicago +0.36% Portland +0.34% Miami +0.30% Minneapolis +0.29% Cleveland +0.27% Tampa +0.19% Phoenix +0.18% Boston +0.11% Washington DC +0.01% Seattle +0.00% Los Angeles -0.02% San Diego -0.08% Charlotte -0.0% San Francisco -0.44% These changes were very small compared with recent years suggesting price stabilization is occurring. Compared with a year ago there are still some fairly large upward movements, but most of these look like they are losing momentum fast. Miami +10.46% Las Vegas +10.12% San Francisco +8.96% Dallas +7.32% Portland +7.25% Detroit +7.01% Los...

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Cromford Report – Scottsdale Luxury Market Update...

Nov 7, 2014 by

The Cromford Report shows how the Scottsdale Luxury Home Market Monthly Average Sales Price per Square foot has been climbing since 2010. There are ups and downs but overall price/square foot has...

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Cromford Report – Average Home Sale Price/SF – Scottsdale, AZ...

Sep 5, 2014 by

Update on Scottsdale Real Estate Market. The Cromford Report shows that for Scottsdale, Arizona, the Average Sales Price for a Single Family Detached Home, is $192.18/SF. Home prices have seen a steady increase since 2010, when the average sales price was $157/SF. This market segment includes homes priced up to $800,000. Please click on the Graph below to see more...

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Cromford Report – Average Luxury Home Sales Price/SF – Scottsdale, AZ...

Sep 5, 2014 by

The Cromford Report shows that for Scottsdale, Arizona, the Average Sales Price for a Luxury Single Family Detached Home, is $321/SF.  Luxury Home prices have seen an increase since 2010, when the average sales price was $275/SF. The Luxury segment includes homes priced $800,000 and up. Please click on the Graph below to see more...

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New!!! Real Estate Market Trends by Zip code...

Jun 17, 2014 by

June 2014 Market Update   Paradise Valley Luxury Market has had a steady Sales Volume increase. The price per square foot has been increasing since mid 2011 with prices averaging $325/SF in 2014.  Price reductions continue to go down, now averaging about 10%.  Price reductions hit a high from 2009 to 2010, when foreclosures were the norm but with the market returning to normal, Sellers are now getting close to their asking price. Paradise Valley 85253 Luxury Trends 2008_2014 Paradise Valley 85253 Luxury Trends 2011_2014   North Scottsdale, 85255, sales volume has been in a slight upward trend since 2008. The Average Sale Price/SF was pretty flat during 2009-2012, but has been in an up trend since 2013.  In 2011 Average Sales Price per square foot was $250/SF and is now $300/SF on average. The Average Price Reductions have decreased over...

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Real Home Prices vs Zestimates

May 13, 2014 by

Cromford Report Daily Observation … Unfortunately Zillow® has decided to provide 12-month forecasts for home values. Since the figure given is a forecast for the Zestimate® value, it does not necessarily have any relationship to REAL market value. On the other hand, this means it can never really be challenged because the Zestimate is created by Zillow in the first place. In the past Zillow Zestimate’s have often been greatly divergent from real market values. They have often been extremely volatile for no apparent reason, sometimes rising or falling by 10% or more in just a few weeks. There are Zestimates that were 80% below or 200% above true market value, though this sort of aberration seems to be getting rarer. The fact is that a real appraisal or professional CMA are the only sensible...

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The Power of Words to Sell Your Home...

Apr 30, 2014 by

A new study reports that the words used in listings can help increase the sale price of the home. On average, each property characteristic mentioned in a listing increased the sale price by just under 1% and the probability of selling the home by 9.2%. The study found listings that provided detailed information about amenities and features such as granite countertops and wood-burning fireplaces, sell for more money. Of course, if it’s stated the home must, indeed, have these features. The study didn’t include standard features, just the premium ones. A listing with 15 additional property characteristics can sell for about 13.5% more. So, when it comes time to sell, think of your home’s features and how you’d describe them to your dear friend. Your agent and you can then determine which words evoke the...

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Paradise Valley Homes Sales Price...

Apr 24, 2014 by

Paradise Valley Homes Sales Prices Paradise Valley Homes Average Sales Price per Square Foot, has been trending upward since 2012. This can be seen on the chart below which is taken from the Cromford Report and it shows sold prices for homes in Paradise Valley, Arizona. The prices have been a bit noisy with dips and highs, but overall there is an upward trend in pricing. In March 2012, average Paradise Valley Homes Sales Price was $244/SF and in June 2014, the average sales price was $304/SF....

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Fountain Hills Sales Price($)/SqFt 2010-2014...

Apr 24, 2014 by

Fountain Hills sales prices/SF are trending up since 2010, though a little less than Scottsdale prices/SF.

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Scottsdale Sales Price($)/SqFt 2010-2014...

Apr 23, 2014 by

Scottsdale shows an upward trend in Monthly Sales Price per SF, since Nov 2010 to April 2014.  ...

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