Market Snapshot

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Indicators for understanding today's Housing Market

You have probably heard that Real Estate is local. Looking at prices and inventory in a given zip code or neighborhood isn't the same as trying to look at housing across the nation. It's like temperature. You can't use an average or median of the temperatures of all cities and use that to describe a "national" temperature.

So we need to look locally for how the housing market is doing. Below is statistics from "The Cromford Report".

The table below provides a detailed statistical analysis of today's residential resale market in the Phoenix metropolitan area.

The figures shown are for the entire Arizona Regional area as defined by the Arizona Regional Multiple Listing Service (ARMLS). All residential resale transactions recorded by ARMLS are included. Geographically, this includes Maricopa county, a large part of Pinal county and a small part of Yavapai county. In addition, "out of area" listings recorded on ARMLS are included, although these constitute a very small percentage (typically less than 1%) of total sales and have very little effect on the statistics.

All dwelling types (single family homes, condos, townhouses, manufactured homes, etc) are included. For-sale-by-owner, auctions and other non-MLS transactions are not included. Land, commercial units and multiple dwelling units are also excluded.

The trend over the last couple months shows the metro Phoenix median "sold" price is inching slightly higher. And homes are selling faster when they are priced right. This also shows nearly half of the sold homes are Lender Owned homes. They became Lender Owned because they didn't sell at the foreclosure auction.

HEADING DESCRIPTIONS

ST = SHORT TERM TREND - The arrows in this column indicate the direction of the change between TODAY and LAST MTH

LT = LONG TERM TREND - The arrows in this column indicate the direction of the change between TODAY and LAST YR

Color code: The background to the trend arrow is colored green if the direction is favorable for sellers and is colored red if the direction is favorable for buyers. It is colored yellow if the change was zero. If the circle is white then then the statistic is neutral for both buyers and sellers.

Columns: Each data column shows measurements taken on a single day with the date shown at the top of the column.

TODAY means the date given at the top of the page.

LAST MTH means the same date last month.

LAST QTR means the same date three months ago.

LAST YR means the same date one year ago.

2 YRS AGO means the same date two years ago.

How about interest rates for financing your Home? See what BankRate.com says. Your FICO Score is a huge factor in determining your Interest Rate. See MyFico.com to see estimated Interest Rates by FICO Score.

Are you interested in having more detailed information where you live today? Or in a zip code where you want to move? Email me with that zip code, and I can email back some info. David@DevasRealEstate.com