Arizona Housing Market- Estrella Submarket Gets Hammered! Trails Sacramento Recovery By A Year!

MetroHousingReports.Com

While the news was good in terms of inventory reduction for many of the submarkets tracked in MetroHousingReports.Com April report, the South West / Estrella submarket shows that it came at a serious price... reduction. When considering the 4-month pricing correlation curve, prices plummeted 12% when compared to the previous month's data.

While you may notice that prices of non-foreclosure sales price actually increased slightly, foreclosures made up nearly 2/3 of all closings, overshadowing any good news in pricing last month.



As you will see in the reports, the sales trend has shown a month over month increase in sales for the past 2 months. Looking at the graph below, you can see that the number of sales usually increase this time of year in the Phoenix area.



Many analysts say the Phoenix housing market tends to follow the Sacramento housing market with a 6-9 month lag. Many of the Sacramento Submarkets have shown significant stabilization in both sales velocity and pricing over the past few months. When compared to a relatively stable Submarket in the Sacramento area, one may suggest that Phoenix area Submarkets like Estrella are at least a year behind the Sacramento trend.



The MetroHousingReports.Com Sacramento Housing Market Reports will be released at their website next week, and can be used as a good forecasting tool when considering the Phoenix market. You will also find the "Sweet Spot" reports that shed light on what size and price are moving with the greatest volume.



The Phoenix housing market is comprised of so many unique micro markets and we are here to help you get the info you need. With 21 Submarkets in our Phoenix Reports, they provide more data, for more specific markets. MetroHousingReports.Com can provide this type of data for whatever market you specialize in. Visit their site for more info.