I mentioned in my last post that I try to look for the bright spots in the real estate market, but then I didn't write about any. (of course, they are hard to find right now..) Here's a silver lining on the edge of the real estate market cloud:
One set of data that I pull each month is a list of the Sold, Single Family Residences (not condos, etc.), in Peoria, broken down by price range and other factors. **I chose Peoria a long time ago, and have never updated to include the rest of the city, mostly because there aren't any major differences in the trends among the Phoenix-area suburbs.**
When looking at Sold data exclusively, the numbers are firming up a little bit. The sales prices, in terms of $/sq ft, have held steady over the last four months. The sales price as a percentage of list price have also held steady over the last four months. And the number of homes sold this January is higher than the number sold in January, 2006.
It's not the best news, but at least it's something which isn't negative! I'll keep looking for positives, so that when the market does begin to turn, we'll be able to put our clients in the most advantageous position possible.