Phoenix Real Estate Snapshot for March 2, 2015
February was an excellent month for the optimists with improvements for sellers across the majority of price ranges and geographic areas. The main exception was the luxury end of the market, where supply has been growing and demand diminishing.
The largest increase in sales over the last year is found between $100,000 to $224,999. This is clearly prime first-time home buyer territory.
The next best improvement is between $75,000 and $99,999 and between $225,000 and $349,999. There is also good improvement in the range between $350,000 and $799,999.
Below $75,000 and above $1,000,000, things look worse than last year, particularly for $1,500,000 to $2,999,999. In the case of the high end, there is far more supply than last year. The heating up between $75,000 and $799,999 is due to a combination of less supply and more demand.
Click on the chart below to enlarge.
Ditto on last week’s report that supply numbers are still weaker than last year at this time, so the market is shaping up quite nicely for sellers as long as they are patient. If the current trends continue and spread through more market segments, then we could see prices regain a little upward momentum later in the year.