Experts: Value of Arizona Homes For Sale Showing Signs of Recovery
So I was walking through my office today and came across a group of gitty agents. And what were they gitty about? Well it turns out that several economists are predicting signs of recovery in the Phoenix market for 2011.
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.” Meaning that the value of Arizona homes for sale is showing signs of recovery! In fact, I’ve heard the same thoughts from other notable ASU economists, and even Elliott Pollack, a leader in forecasting the Phoenix housing market.
So what data are they looking at? Well, among other signs, it turns out that in December the median home price in Paradise Valley had remained stable for a twelfth consecutive month. It is also being reported that the median price for townhomes and condominiums has also stabilized over the last several months.
So even though there could be some declines in the short run, the overall consensus is that the value of Arizona Homes for sale should show signs of recovery beginning in the third quarter. But for those calling for declines in the short run, I point them to the number of homes on the market… I just checked and saw that 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.
Wondering what is happening in your neighborhood? Then sign up for my exclusive "Market Snapshot". Visit my website: http://www.myphoenixmls.com/what-is-my-phoenix-home-worth/
Experts: Value of Arizona Homes For Sale Showing Signs of Recovery
Experts: Value of Arizona Homes For Sale Showing Signs of Recovery
So I was walking through my office today and came across a group of gitty agents. And what were they gitty about? Well it turns out that several economists are predicting signs of recovery in the Phoenix market for 2011.
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.” Meaning that the value of Arizona homes for sale is showing signs of recovery! In fact, I’ve heard the same thoughts from other notable ASU economists, and even Elliott Pollack, a leader in forecasting the Phoenix housing market.
So what data are they looking at? Well, among other signs, it turns out that in December the median home price in Paradise Valley had remained stable for a twelfth consecutive month. It is also being reported that the median price for townhomes and condominiums has also stabilized over the last several months.
So even though there could be some declines in the short run, the overall consensus is that the value of Arizona Homes for sale should show signs of recovery beginning in the third quarter. But for those calling for declines in the short run, I point them to the number of homes on the market… I just checked and saw that 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.
Wondering what is happening in your neighborhood? Then sign up for my exclusive "Market Snapshot". Visit my website: http://www.myphoenixmls.com/what-is-my-phoenix-home-worth/
Comments(0)