July 7, 2010 Leave a comment
Phoenix, AZ – According to the Arizona Regional MLS the average home price in the Phoenix area rose 3.23% comparing May 2010 to June 2010.
Fireworks over Phoenix and home prices were exploding as June saw an increase of 3.23% in the average sales price over the prior month to $188,568. This is 14% higher than our low of $165,298 back in March of 2009. This is good news for Sellers as the bank owned properties are decreasing in the market. However Sellers do need to be cautious as more Short Sale properties enter the market and increase competition. Buyers who are waiting for prices to drop need to be alert as to the trends. For buyers who are waiting for prices to drop, this trend shows that for the past 6 months, average prices have been higher than our 36-month low in 2009. Investors and savvy buyers continue to understand the value the current market offers. Combined with the current interest rates and financing options available to them, they are making decisions that have allowed them to take advantage of the affordability the current market continues to provide.
If you are thinking about buying a home in the Phoenix area
or selling a home in the Phoenix area contact: