Metro Phoenix Real Estate Market Is Looking Up!
June 2010 results are now available for homes in Phoenix for sale and closed sales. As compared to May 2010, the average sales price of Single Family Detached homes is up 10% to $203,417, median sales price is up 6%, days on market are down 3% to 79 days and homes are selling for 98% of list!
The number of sales and the average sales price of homes in Scottsdale and Mesa homes for sale AZ are up and the number of days on market to sell are down as compared to a year ago June 2009 and as compared to a month ago May 2010! Even more impressive — these STATS apply to both detached and attached property types in both communities!
Also on the honor roll of high performing real estate markets are Phoenix, Tempe, Gilbert and Chandler homes for sale AZ – all reporting the average Single Family home sales price is also up!
In spite of the end to the First Time and Long Time home buyers Tax Credit, buyer demand remains strong with the number of sales exceeding sales during May 2010 – keeping the available inventory of homes for sale low.
Mortgage rates are under 5% and prices are 50% below where they were at the peak in 2006. Fence sitters are going to miss out on a terrific home buying opportunity if they continue to wait. The Phoenix real estate market bottomed out last spring. High buyer demand and low inventory levels are going to push prices higher than they are now. Don’t miss out!
For all the details about the real estate market in your favorite area, go to Phoenix real estate market conditions.
Sam Elam, Associate Broker, ABR, CRS, GRI, e-PRO, SFR, Prudential Arizona Properties (480) 213-1799
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.
3 Comments to Metro Phoenix Real Estate Market Is Looking Up!
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Excuse my french but, This post makes my mind spin at the speed of dark.
Every real estate market is complex and has to be evaluated by location and price range. Phoenix real estate encompasses a huge area and is very diverse. Every Phoenix home buyer can find a residence in a neighborhood that they will love to call home. The low end of our market under $200,000 has been in high demand and has dominated our market numbers. But, as you would expect, eventually higher prices ranges are going to going to rise and we are seeing that now. It is a slight improvement and we have a long way to go to back to our historical price appreciation curve. And that will happen when more jobs are created. We have no problem with demand… Our challenge is the ability to buy Phoenix homes. Thanks for your comment. Hope this helps. Stay tuned. July Phoenix real estate numbers are coming soon and will be posted at http://www.SamElam.com
i love it