The Phoenix real estate market has heated up to a pitch we haven't seen in four years. I can tell you first hand, we are no longer in a buyer's market. At least not in the low end price range (less than $200k). Anecdotally, most agents in the valley have said the same. So the other day I checked our MLS to see if the numbers corroborated what I've been seeing and hearing. The numbers surprised me:
Active Listings: 32,943 (The lowest we've seen in over three years)
Pending Sales: 13,433 (The most we've seen since the peak of the market in 2005)
Closed Sales Last 30 days: 9,334 (Again, approaching 2005 levels)
We've also seen the average sale price of homes in our area increase for three consecutive months. The first time we've seen that in over three years as well.
Folks, it comes down to this. If you are interested in purchasing a home in the Phoenix/Scottsdale area, you need to do it now. Because the next step in this trend is price increases.
We have had a perfect storm of low interest rates and dramatically reduced home prices over the past year here in the Phoenix area. This has created a feeding frenzy down at the bottom end of the market. The investors have come back in to the market full force and they are scooping up all the deals/steals very quickly.
For more information on the Phoenix/Scottsdale real estate market click here.
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