Highest Average Sales Price Per Square Foot since 2008

Last week we reported that the current Phoenix Metro Pending sales may indicate a decrease in the average sales price in the next few months – that may still be the case. But this last month registered the highest price per square foot (PSF) since August of 2008 – $130 PSF.

Since the price PSF bottomed out in 2011 at $82 PSF, there have been 42 months of consecutive increases including this last month. The peak of the market was $184 PSF back in November of 2008, so we are still well below what the top of our market reached just under 7 years ago.

 

Listing Supply Continues Dropping ~ Sales Looking Strong

Supply continues to fall – we have just 20,847 active listings, down another 1,000 from this time last month. Sales are looking strong – 9,319, and this is the first time we have seen a sales number over 9,000 in almost two years – June 30th 2013. Per the MLS, the year to date for all ARMLS sales is 12.5% higher than at the same point in 2014.

Foreclosure Sales Rate Drops Down to Early 2000’s

May’s foreclosures (Deed Transfer after foreclosure sale) are in the books recording 348 during May. This is amazing, and all the more so considering that in March of 2010, we hit a monthly record of 5450 deed foreclosures!

And if you figure in our extreme Phoenix Metro population growth with hundreds of thousands of new homes that were built since the 1990’s, and over a million in population growth, this is an astonishingly low number
By 
Mike Bodeen