Phoenix Real Estate Market Report Nov 2011
Greater Phoenix – Single Family Detached
· In every price range, sales prices in $/SF are now higher than a year ago.
· Inventory is still falling below $200,000 and constraining sales volumes.
· Above $200,000, supply is rising and demand remains relatively weak.
· After a noticeable weak patch during the summer, prices have regained strength.
· Lender-owned inventory is falling fast, especially at the lower price levels.
· Short sales are overtaking foreclosures as the primary mechanism to resolve mortgage debt problems.
1. Homes under $100,000
Summary: Supply getting tight and now constraining the market. Prices are rising and are now 2.7% higher than last year.
2. Homes Between $100,000 and $200,000
Summary: Supply lower and demand holding. Pricing is on a firm upward trend.
3. Homes Between $200,000 and $400,000
Summary: Supply is higher and demand is still unimpressive. Nevertheless, pricing remains extremely stable.
4. Homes Between $400,000 and $800,000
Summary: Supply is up only slightly and demand is stronger. Prices regaining ground lost in August and September.
5. Homes over $800,000
Summary: Supply is growing while demand remains below par. However prices remain remarkably stable.
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Mary Maxie, Associate Broker, Prudential Arizona Properties
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