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Spring 2012 Market Update
Allow me to provide you with information on homes for sale in all areas of the Valley, so you can compare. I’ve worked the North, Northeast to the Northwest, Southwest Valley for the last 10 years and could move you in the right direction to fit your needs & lifestyle.
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| Average Home Price | $2,000,000 - View Graph Trend |
| Average Price Compared to Last Year | Up 5-10% |
| Average Time on Market | 30-60 days |
| Best Selling Price Range | $650,000 - $699,000 |
| Worst Selling Price Range | $1,000,000+ |
| Prices As % of Asking Price | 95-100% |
| Existing Home Prices for the past 90 days are? | No Change |
| Market Trend | Decreasing |
| Buyers’ or Sellers’ Market | Equal buyers and sellers |
| Buyer Activity for the past 90 days in Paradise Valley is | Increasing |
| Seller Activity for the past 90 days in Paradise Valley is? | No Change |
| Multiple Offers? | Yes |
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | 25-30% |
| Is Financing Available For Qualified Buyers? | Yes |
| Comments on Financing For Qualified Buyers | Call Tony Caraballo with PrimeLending for a prequalification at 480 538-4964, weekends or evenings for your convenience. Tony has an excellent track record with many of my clients. You will find his knowledge & service skills will benefit you. He will help you, explain your options and help us get you into a home without the stress. Apply on line at www.myzalender.com. |
| Housing Inventory | Good supply - Some Prices |
| Inventory Comments | Less than 200k is a red hot seller’s market. Inventory is low (a five month supply) and prices are rising. Less than 100k has only a 90 day supply. If you are in that market, waiting to buy will likely be a very expensive wait. Up to about 400k the market is almost perfectly balanced (a 7.4 month supply) – with no price movement in either direction. 400 - 500k has a 9.5 month supply valley wide, with slight downward pressure on prices. 600 – 800k has a 13.7 month supply, with easily observable downward pressure on prices. Homes above 800k have almost a two year supply and those in the 2 – 3 million price range suffer from a six and half year supply. There, the rate of decline isn’t easy to even guess. |
| Greatest Activity | Repeat Buyers |
| Reason to Buy/Sell | $8000 or $6500 Tax Credit expires April 30th, 2010! And, lower prices with a good selection and low interest rates creates a perfect time to buy in the Valley! |
| Nearest Metro Area | Phoenix |
| Housing Hot Spots | Most cities within the Maricopa County area are considered 'Housing Hotspots' |
| Average Sold Price | $2,000,000 - View Graph Trend |
Paradise Valley Local News
Agent quarterly survey shows growing optimism toward a housing market recovery
End of tunnel, meet light. Real estate agents have been imagining that vision for a while, and first-quarter optimism in 2012 has some saying the road to recovery could be just around the corner.
Much of the upbeat attitude from HouseHunt's market condition survey stems from tighter inventory and houses not remaining as long on the market. Of agents reporting, 38 percent said inventory was tight in their cities, compared to 32 percent in the fourth quarter of 2011 and 13 percent at the beginning of last year. Regarding time on the market, 30 percent reported houses selling in 60 days or less, compared to 22 percent in the previous quarter and 10 percent at the beginning of 2011.
Click here for full article...
End of tunnel, meet light. Real estate agents have been imagining that vision for a while, and first-quarter optimism in 2012 has some saying the road to recovery could be just around the corner.
Much of the upbeat attitude from HouseHunt's market condition survey stems from tighter inventory and houses not remaining as long on the market. Of agents reporting, 38 percent said inventory was tight in their cities, compared to 32 percent in the fourth quarter of 2011 and 13 percent at the beginning of last year. Regarding time on the market, 30 percent reported houses selling in 60 days or less, compared to 22 percent in the previous quarter and 10 percent at the beginning of 2011.
Click here for full article...
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Mortgage Rates
– May 28th, 2012 –
---------------------------------
30 yr. fixed rate: 3.82%---------------------------------
15 yr. fixed rate: 3.11%
30 yr. jumbo rate: 4.38%
15 yr. jumbo rate: 3.61%
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