Average sale price in Greater Phoenix (Maricopa County) has gone up for the second month in a row, by $2,291 in April from March. It was approx $167,000. This was the highest average sale price since October 2010. Non distressed (traditional) sales stand at 36% of the market activity, compared to 44% REO sales and 20% short sales. This is also an increase in traditional sales, showing market improvement.
April’s inventory was over 8% lower, and stood at 29,785 the lowest in 3 years.
Buyers might still have inventory to look at; but the number of available listings is trending downward! Now is not the time to wait for the market to drop further!
Another trend I’m noticing…. The REO properties and short sales which were being purchased by investors over the past year have been, in many casees, renovated and then returned to the market and sold for much higher prices. This is pushed comparables up for appraisals. GREAT news for those homeowners who have been waiting for prices to go up to sell their homes. Check with your real estate agent for information on current value of your property! I have noticed improvements of $10,000 or more in several neighborhoods recently, from January to current sales comparables!
