May 14 - Today we are taking a closer look at the pricing patterns in the Southeast Valley. Comparing price per sq. ft., during the last 3 months (Feb thru Apr) with the same months in 2015, we see the following for single family homes:
Homes under $250,000 - average rise of 9.0% in $ per sq. ft.
Homes between $250,000 and $500,000 - average rise of 3.1% in $ per sq. ft.
Homes over $500,000 - average fall of 3.3% in $ per sq. ft.
Clearly this means we are seeing better pricing in the least expensive areas while prices decline in the more luxurious locations. This is confirmed by the an analysis by the fastest appreciating ZIP codes:
May 13 - During the first 4 months of this year we saw 32,177 sales recorded in Maricopa County with an Affidavit of Value. 99.3% of these sales were to people giving a USA address. Only 212 buyers (0.7%) gave a foreign address.
In 2015, the equivalent number was 29,019, so sales are up by almost 11%. However sales to people with foreign addresses are down by 45%. Canadians represent 77% of all foreign buyers in 2016, down from 93% in the first 4 months of 2015. Foreign buyers excluding Canadians have almost doubled from 25 to 48, but this is still a tiny number (0.15%) of the overall market.
Chinese buyers have grown from 6 to 10 units, but these units are very low priced - averaging just $127,260 per home. We can see no sign of the Chinese buyers of luxury properties that have been active in California and other coastal areas. The few Chinese buyers in Phoenix are mostly investing in rental condominiums.
A few foreign buyers have purchased luxury homes. By far the most expensive property going to a foreign-based buyer (a $6 million home in Arcadia) was bought by a company registered in Guadalajara, Mexico.
We also see lone buyers of luxury homes over $1 million from Switzerland and Spain. That is pretty much it. With the Canadians selling more homes than they are buying, our local market is almost completely dominated by domestic buyers.
Author:Dave Zajdzinski Phone: 480-332-6468 Dated: May 21st 2016 Views: 301 About Dave: ...
Dave Zajdzinski and the Z TEAM bring over 15 years of real estate experience to home buyers and sellers throughout Arizona. We have helped hundreds of families meet their real estate goals and Dave is consistently ranked one of the top realtors in the Valley. As a Certified Distressed Property Expert, Dave specializes in short sale transactions as well as traditional home sales. The Z TEAM is small enough to be personal throughout your sale yet large enough to handle any need with great detail.
Another S&P/Case-Shiller® Home Price Index® report has been released
"During this difficult housing market, we had a higher-end property that we needed to sell. Dave Z met with us, assessed our situation, and then listed the property. Even though the market was rather dire, effectively used his various resources to enable many potential buyers to view and then bid on the property. After we found the right buyer, and received an offer that was acceptable, Dave then effectively negotiated with the bank to get the deal to go through. Although I had been told by attorneys that the banks would not budge on their initial offer, when Dave did the bank negotiation, he got the offer to go through. We are pleased customers. Thanks Dave."