The headline (correctly) reads:
"Demand is still strong, but Valley home frenzy calming".
According to ASU Real Estate Department figures, the average monthly increase in overall residential real estate values has slowed to 1.4% per month. This is down from around 5% per month earlier this year.
Average time on the market for resale homes is at just over 25 days versus 5.6 days in January 2005.
But, the median price for an existing home in the Valley climbed to $258,700 in August, a new record, showing that we are still headed in an upward direction.
Resale home inventory (number of homes on the market) is increasing as well.
Although there is no way to directly monitor this, it appears that investor money in the real estate market is becoming less of a factor. Investors are still here but not in the numbers they were earlier in the year.
So, we are still in a relatively strong uptrend in prices but the pace of that increase has slowed.
Stay tuned.
Richard
Subscribe to:
Post Comments (Atom)
Hi Richard Haworth , Thanks for the Residential market update. Do you have any info on the commercial properties market trends? Barbara says she misses your upbeat calls. Is jack Merton still doing commercial sales with your firm? Best wishes, Jim Censky ,10/11/05
ReplyDeleteHi Richard Haworth , Thanks for the Residential market update. Do you have any info on the commercial properties market trends? Barbara says she misses your upbeat calls. Is jack Merton still doing commercial sales with your firm? Best wishes, Jim Censky ,10/11/05
ReplyDelete