Thanks for tuning in. Be sure to watch the end of the video and see how one of my clients turned $10,000 into $75,000 over the past 12 months.
Homes Sales for metro Phoenix and Scottsdale for August 2012
Available Homes 11,407 UP 7.7% from July 2012
Pending or Under Contract 14,293 Down 2.5% from July 2012
Closed Homes 6,473 UP 5.35% from July 2012
New Sales 5,981 UP 5.1% from July 2012
After prices soared over 27% this last year, we are seeing a floor being established. Even though there is a shortage of homes, prices over all have stopped rising. We do have to look at each neighborhood to see what is happening there. Some areas are still in the catch up mode, while others have leveled off.
The bounce ended in June and over the past 3 months we have ben seeing a trading range. Below see the floor or trading range for each area of real estate and where it was a year ago.
Area Price Per Square Foot PPSF
New Floor 1 Year Ago
Metro Phoenix $91.00 to $93.50 $72.00
Foreclosure/REO $74.00 to $75.00 $56.00
Short Sale $68.00 to $72.00 $66.00
Scottsdale $165.00 to $175.00 $150.00
McDowell Mountain Ranch $183.00 to 205.00 $165.00
Every category except Short Sale has bounced. There are several reasons for that, many Shorts closing now sold 4, 5 or 6 months ago.
The range in McDowell Mountain Ranch is so large because of the smaller sample. There are only about 20 sales a month. So, one month with several luxury homes closing compared to the next with no million dollar home closings causes large swings in the PPSF.
Questions about real estate? I want to be your answer!
Jeff Cameron
The Cameron Team
MRW Homes
480-502-7699
480-652-2004