If you’re reading current local real estate news reports regarding home sales and price increases of those sales, you’ll see it being lackluster at best. As we’ve been reporting recently however, sales are trending upwards based on Pending Sales, which are the most accurate current sales evaluation we can work with. Appraisers only use closed sales for their evaluations. Some Realtors who are using Cromford Report-like data such as we’re using, have the flexibility of real time analysis.

If we compare pending homes in the Greater Phoenix Metro area, (excluding distressed properties) we’re finding significant sales increases compared to the same period of time last year.

With just a few exceptions, most price ranges are showing strong year to date sales increases with the largest percentage increase being in the Luxury Market $3,000,000 plus category.

When homes are trending well for sellers, they’re trending downward for buyers. Sales prices are starting to rise again. Buyers will be getting less house for the money and that seems to be across the price spectrum.

Interestingly enough, two of the lowest sales price ranges are under $125,000. The reason for that is that these price ranges have much fewer homes for sale this year versus last. (See the Cromford generated chart below)

The highest priced sale this year in the Phoenix Metro area is $8,000,000. There are currently 31 homes listed for sale above this amount, the highest being priced at $32,000,000.

So what’s our takeaway? Same-ole that we’ve been saying for quite a while now. When homes are trending well for sellers, they’re trending downward for buyers. Sales prices are starting to rise again. Buyers will be getting less house for the money and that seems to be across the price spectrum. It looks like buyers are catching on and that’s a good thing!

Check out the Chart below to get a good idea as to our changing market:

 

Rank Price Range Under Contract 3/18/14 Under Contract 3/18/15 % Change
1 $3M and over 11 25 127%
2 $350K to $400K 392 593 51%
3 $225K to $250K 594 869 46%
4 $250K to $275K 441 613 39%
5 $175K to $200K 822 1,137 38%
6 $300K to $350K 537 717 34%
7 $200K to $225K 594 793 34%
8 $150K to $175K 890 1,184 33%
9 $275K to $300K 450 589 31%
10 $600K to $800K 220 285 30%
11 $400K to $500K 465 601 29%
12 $500K to $600K 225 283 26%
13 $125K to $150K 927 1.148 24%
14 $1M to $1.5M 109 125 15%
15 Up to $100K 602 620 3%
16 $100K to $125K 559 567 1%
17 $2M to $3M 38 38 0%
18 $1.5M to $2M 54 53 -2%
19 $800K to $1M 124 115 -7%

Thanks again to Michael Orr (Cromford Report) of the ASU School of Business and Real Estate for permission to provide you, our clients, with this excellent information found nowhere else in such clarity and detail.