Phoenix Real Estate Market News

Sales activity for the Arcadia area (for those of you who know the MLS area number it's area 405) has been pretty slow.    

There are 88 single family homes listed for sale between $450,000 and $4,950,000 with square footage ranging from 1536 to 7860.  Since January 1, 2008 ten homes have sold and an additional 12 are under contract. While these aren't staggering numbers we're seeing homes that are priced right and show well sell in a reasonable amount of time. So if you're looking to get into the Arcadia area contact me, request a customized list of homes or search for homes at your leisure.

For those of you who don't mind a home that needs updating and want to get into the area, there's a cute ranch style listed at $450,000 with 1700 square feet off of Camelback Road and 44th Street!

Joe Janus - Phoenix Real Estate

As we move into May, mortgage rates are slowly dropping. The average rate for a 30-year fixed-rate mortgage has lowered to 6.01 percent, with fees increasing to an average of 1.26 points, according to the Mortgage Bankers Association. Last year at this time, the average mortgage rate was 6.16 percent. The average rate for the 15-year fixed-rate loan is now 5.53 percent with fees increasing to 1.24 points.

The lower rates will undoubtedly nudge some prospective home buyers off the fence and into an action mode. Even a small decrease in interest rates lowers monthly payments significantly and increases a buyer's capability to qualify for mortgage financing. More positive news was delivered by the Federal Reserve on April 30 when they announced another quarter-point reduction in the Fed interest rate (now down to 2 percent). This will add pressure for further reductions in mortgage rates.

The metro Phoenix real estate market is seeing an uptrend in existing home sales. Inventory levels have dropped from a  19.6 month supply of homes for sale in January to 15.5 months in February to 13.14 months in March of 2008. The biggest increase in sales are homes priced between $200,000 and $499,999. 

If you've been thinking about buying, contact me...I'd be happy to help!

Joe

Joe Janus - Phoenix Real Estate

This weeks real estate market trend reports for the following zip codes are ready for download.
 a. 85262, 85255 - North Scottsdale
 b. 85013 - North Central Phoenix
 c. 85258 - McCormick Ranch/Scottsdale/Gainey Ranch area of Scottsdale
 d. 85018 - Camelback Corridor/Arcadia Area
 e. 85016 - Biltmore Area 
 d. 85253 - Paradise Valley

No need to give any personal information...just download the PDF files and they're yours to keep. I'm sure you'll find the price-per-square-foot, days on market, and value metrics data a huge help as you make a buying or selling decision.

If you have suggestions for other types of information that would be of use to you; please let me know. I'm always looking for input.

Looking for other data like character of an area/neighborhood, schools and rankings, population and demographic info...? Then request my guide on over 40 cities, towns and neighborhoods in Metro Phoenix. My current clients love the the info they get from this guide!

Joe Janus - Phoenix Homes For Sale

  (Sample Market Trends Summary)  - 10 Page Detail Report also Available for Download

Catherine Reagor
The Arizona Republic
Mar. 18, 2008 12:00 AM

A 10,000-square-foot mansion on 5 prime acres along the slope of Paradise Valley's Mummy Mountain has been snapped up for a record $14 million by a Canadian attorney.

Jeffrey Slopen of Ontario, Canada, paid cash for the contemporary-style home built in 1999 out of block and steel. The home, designed by Phoenix urban architect John Chonka, sold for $7.7 million in 2005 when Valley real-estate executive and land broker Phil Deangelis bought it through the partnership Arizona Mohave.

The home, which has been renovated since its last sale, wasn't even on the market, said Bob Hassett of Russ Lyon Realty, who negotiated the recent deal for the seller and had the listing back in 2005.

The $14 million sale closed in two weeks.

The previous record price for an Arizona home was set in 2005 when venture capitalist Kent Mueller paid $11.4 million for a new 13,600-square-foot house in Paradise Valley

Joe Janus - Paradise Valley Real Estate

On a weekly basis, I'll be summarizing market trends in various zip codes of Phoenix, Scottsdale and Paradise Valley. This week I'm starting with Paradise Valley (zip code 85253). Paradise Valley is situated between Phoenix and Scottsdale and is one of the nations 50 wealthiest areas.

The median home price this week (2/18/08) is $2,850,000 with the 445 homes currently for sale in PV being on the market for an average of 125 days. Days on market and inventory are trending upward which implies a softening market. With the number of homes on the market, buyers will find plenty of choices.

If you'd like a one page summary or the more detailed report on zip code 85253 go to my market trends report page for Paradise Valley real estate.

Joe Janus - Paradise Valley real estate

I've implemented this blog to keep you informed of luxury real estate market trends in the Phoenix area. I'll be initiating posts in the next few days. I'm also looking for input on topics you'd like to read about...so feel free to email me with your suggestions.   

Well...the "official" response time is within 30 minutes but my tests have shown less than 20...

A few months ago I implemented TopProducers "Market Snapshot" on my site and I'm really impressed (so are my site visitors who've used it). The tool pulls data directly from the Arizona Regional Multiple Listing Service (ARMLS) so it's current.  You enter the zip code you want to search along with price point, beds, baths, etc. and within about 20 minutes you'll receive a link to a webpage showing a map of properties. The map includes homes that are currently for sale/have sold in the previous 3 months, graphs of sales-to-listing price percentages, days-on-market, aerial photos and other data. Very cool stuff!

I think it's a great tool because it gives buyers and sellers a realistic view of what's going on in a particular neighborhood.
While it certainly doesn't replace the experience professionals bring to the table, it does provide info buyers and sellers want and need.

Joe Janus - Phoenix real estate