2015 good for metro Phoenix housing; why 2016 could be better.
After 9 percent growth last year, this year could be one of the best for the Valley in the past decade, expert says.
The Arizona Republic recently ran a story about the long, slow recovery of the Metro Phoenix Housing Market. They found that last year, home prices, sales and new construction rebounded from 2014’s disappointing results. And, foreclosures continue to shrink. This is really good news!
Among the positive signs:
- Resales were up 10 percent in 2015, according to ARMLS’ new STAT report.
- The region’s existing home price climbed 9 percent.
- New home construction jumped 46 percent, according to RL Brown Housing Reports.
- And pending foreclosures are down 26 percent to the lowest level since 2006.
What does this mean for current homeowners or future buyers? It means that if you are sitting back waiting to make a home purchase, now is the time to get busy. Prices across the Valley have increased in general, by 9%. Remember, that is an average, so prices have risen by more than that in many areas. With prices going up, now is the time to get in the game. Did I mention that now is the time to buy?
As a seller, this is great news becasue your home is worth more today than it was a year ago. Who can complain about that?
The story goes on to say that more Millennials deciding to buy homes, and boomerang buyers who lost houses to foreclosure qualifying for mortgages again, have given Phoenix’s housing market a much needed boost.
The only caveat to this is in the luxury market. The first half of 2015 was strong for sales of houses priced above $800,000. But in December, these pricier deals dropped 30 percent.
Declines in the stock market are mostly to blame for a slowdown in high-end home sales, say analysts.
What is the big lesson for buyers?
Get off the sidelines! With home prices increasing in the South East Valley, the longer you wait, the less house your money will buy.
Wondering how much house you can afford? Let me help you get an answer!
What does all this mean if you are thinking about selling?
It's a great time to be a seller. Home values are up and we are heading into the Spring Selling Season.
Yes, inventory levels are down slightly giving you less competition so it's a good time in the real estate market in Gilbert, Chandler and Queen Creek no matter where you sit.....unless it's on the sidelines!
Curious about the current market value of your home? Click here to find out!
John Ferrin, Realtor
HomeSmart Gilbert
480-458-7399
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