Courtesy of Barb Savoy-Pacella, ABR, CHMS
Director of Business Development ~ Keller Williams Arizona Realty
I've always been a Carly Simon fan, but today, she might just be my hero. Several economists are predicting signs of recovery in the Phoenix market for 2011 and I just can't help hearing Carly Simon singing "Anticipation," every time I think about it.
The Phoenix Business Journal is reporting that Karl Gunterman, Professor of Real Estate Finance at ASU is predicting that "the Phoenix area housing market will improve in 2011." We have heard the same sentiments from other notable ASU economists, and also from a leader in forecasting the Phoenix housing market, Elliott Pollack.
It was reported in December that the median home price in Paradise Valley had remained stable for a full twelve month period. It is now being reported that the median price for townhomes and condominiums has also stabilized over the last several months.
The consensus among all reports seems to predict that we will continue to see moderate declines through the first and second quarter, and should expect signs of recovery beginning in the third quarter. The anticipation is causing me to feel like a child on Christmas Eve!
Current Conditions in the Phoenix Market:
• There are 30,588 single family detached listings currently in MLS. That is a decrease of 376 listings from last week, which is interesting since we normally see a swell in January.
• There are 37,445 total listings currently active in MLS, which includes condos, townhomes, patio homes and lofts.
For specific information regarding Phoenix real estate, contact us at www.PacellaGroup.com
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