Attention investors, first time home buyers, second/vacation home buyers. If you're not looking at the Phoenix market right now you're missing out big time.
The median home price in Maricopa county (Phoenix/Scottsdale area) has fallen from $268,000 in 2005 to $205,000 currently. A 30% decline off the peak.
In certain areas of the valley we've price declines of 50% or more from the peak. There are a tremendous amount of cash flow investment opportunities out there as well as some fantastic opportunities for first time home buyers who would pay less in mortgage than in a comparable rental.
However, time is running out (as the old T.V. pitch goes). Investors, both domestic and foreign, have begun to sweep into our market and grab up these opportunities. Right now our current supply of homes in Maricopa county stands at a 7 months supply. Historically a 5 month supply of homes marks a balanced market, whereby the market neither favors the seller or the buyer. This number has been steadily heading down over the past 6 months.
Please visit our website for more information and to search home in the Phoenix real estate market.
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