Aug 13 2016 Market Update

Aug 13 2016 Market Update

If we look at the monthly average sales price per square foot for July we see a rather unimpressive number of $138.27 for all areas & types. Unimpressive because the figure for January was $139.24, so we have gone backwards by one dollar in six months. Those who who would like to see more signs of progress may turn to the median sales price which has moved up from $210,000 to $225,00 over the same 6 months.

This illustrates how you can often see conflicting signals for the same market. The median is being forced higher by the shortage of inventory at the bottom end, resulting in lower sales volumes of cheaper homes. The average price per square foot is losing out because of weak sales at the higher end of the market. These expensive homes pull the average higher and they have been losing market share to the mid-range.

Dorothy Hovard Headshot
Phone: 480-204-5704
Dated: August 13th 2016
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