phoenix real estate market
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
Phoenix Homes Sales Soar in March 2010
PHOENIX HOMES SALES SOAR IN MARCH 2010
Arizona Regional MLS (ARMLS) data shows March 2010 Phoenix Homes Sales of 8969 properties is a 39% increase over February 2010 sales numbers and a 19% increase over sales a year ago during March 2009! We’re not “out of the woods” yet, but indicators point to an improving Phoenix real estate market.
OTHER GOOD NEWS
The number of Traditional (non-distressed) Sales of Phoenix homes matched the number of sales of REO or Foreclosed Phoenix homes with each representing 40% of March sales. Short sales lagged at 20% of Sales.
This indicates buyers are looking for homes that are a very good value and are salable – as the tax credit deadline of April 30, 2010 deadline to have the property in escrow rapidly approaches.
Phoenix Average and Median Home Sales Prices increased slightly and remain above where they were when the Phoenix real estate market bottomed out in the Spring of 2009.
Builders continue to build new homes since buyers are willing to pay a substantial premium to purchase a brand new home. As a result, the number of actively selling new home subdivisions reversed direction and have increased modestly and so have the number of Spec homes being built in anticipation of buyer purchases.
WHAT CAN WE EXPECT?
If the jobs market stabilizes and starts to improve, buyer demand for homes remains strong after the tax incentives expire this month, interest rates remain low since the government stopped buying mortgage backed securities in March, lenders don’t saturate our resale market with foreclosed REO properties, and Freddie Mac/Fannie Mae and responsible banks continue to rehab foreclosed homes before putting them up for sale, we should continue to see an improving Phoenix real estate market. That’s a lot of “ifs”. We’ll just have to wait and see what happens next month. Stay tuned!
Sam Elam, ABR, CRS, GRI, e-PRO, Associate Broker, Prudential Arizona Properties http://www.SamElam.com