The average price per square foot for pending listings across all Phoenix areas and types has exceeded $140 for the first time since May 8, 2008!
The rising trend in the price of pending listings has yet to be followed by a rise in the average price per sq. ft. for monthly sales. This number has hovered around $132 to $133 for several months. However, a 3% rise in the price of pending listings is not something that can be resisted for long. We expect to see some strengthening of recorded sales prices over the next 30 days.
This news comes to us from The Cromford Report …
The Cromford Report is owned and produced by Cromford Associates LLC, an Arizona limited liability company managed by Mike Orr and based in Mesa AZ.
Mike holds a masters degree in Mathematics from the University of Oxford in England and spent 31 years in the computer industry, working for IBM, Amdahl, Splash Technology and the Santa Cruz Operation. In his most recent positions he was President of Tarantella and CEO of Mobilearia.
He first started investing in real estate in 1976 and left the computer industry to focus on real estate in 2002.