Real Estate Is Edging Upward In Price

The current trends show that the Phoenix Real Estate is edging upward in price and

the Phoenix properties are slipping out of the purchasing power of many of us. Due to this, many experts have hinted that this is the best time to invest in the property for both the buyers and Phoenix realtors.

The average price of Phoenix properties has hit a 41-month high. According to the survey agency Data Quick, a recent research revealed that the sales of both Phoenix and Scottsdale Golf Properties have increased considerably in the last few months. This is the sixth consecutive month that the average paid price for homes and second homes has shot up.

However, providing some relief to the Phoenix and Scottsdale realtors is the fact that the prices in Phoenix still are down by almost 43.2 % which soared to the peak in June 2006. Though this doesnt really take away all the misery as when compared to the average in the month of May to the trough of this housing downturn, the prices have earned median traction, showing an upward trend with some increase of 26.7 % from $118347 low, which was recorded in August 2011.

Most of the winter visitors and the permanent house buyers paid a hefty median price of $150,000 for Phoenix and Scottsdale golf properties, which was a terrible jump from the recent months and could be compared to the highest in the history when it was recorded at $154,000 in December of 2008. The prices in May are also up reaching 5.6 % from April and a whopping 25% increment from May last year.

The study conducted by Data Quick also states that the year after year increase in the median prices showcase a very low mortgage rates and tightening the noose around the inventory, which in turn has continued to push the demand even higher. This year over year increment in the median prices also reflect two other trends about the Phoenix properties that has kept both the Phoenix realtors and the Scottsdale realtors guessing about the future of the property scene in the region.

First is the fact that there has been quite a remarkable shift in the preference of the buyers in the recent months. There has been quite an astonishing growth recorded in the high and the mid end markets which are representing the largest share of the total sales made. Citing an example of the number of sales that were over $200,000, Quick Data analysts pointed out that the fraction had increased from 24.7 % recorded in the last year to 33.1 % this year.

Second has been a considerable drop in the re-sales of foreclosed properties.

The analysts have noticed that the portion of sales coming from foreclosed properties that tend to give significant discounts and tend to be concentrated in the low cost areas have dropped considerably. For instance, last month 33.1% of all sales were above $200,000, compared with 24.7% a year ago. Secondly, theres been a substantial drop in the portion of all re-sales of foreclosed properties.

Therefore, if youre a winter visitor to the city of Phoenix looking for second homes then now is the right time to buy real estate in Phoenix.

by: Kurt Ross

POST COMMENT

Phoenix Real Estate Still A Bargain Why You Need To Focus On Real Estate In Carlsbad Ghaziabad Seeing A Fast Pace - Real Estate Development Buying Residential Property Wisely Can Offer Better Returns In Real Estate Kolkata Hyderabad Seen To Be The Flourishing In Terms Of The Real Estate Development Top Real Estate Agent Provides Best Tips For Investment In Toronto Tips You Can Use When Selling Real Estate! Selling Real Estate With Some Easy Tips Indore Real Estate: A Promising Destination For Real Estate Factors Used When Buying Real Estate Existing Condition Of Real Estate Marketplace In Us Benefits Of Hiring A Real Estate Agent For Property In Mohali Tips For Getting The Most Out Of Selling Real Estate