Gary and I attended our John Hall & Associates 2009 Kickoff meeting here in Phoenix today. Our broker Jim Sexton presented some interesting 2008 Real Estate Statistics.
Don’t believe all the doom and gloom printed by the media. The greater Phoenix metro area has, like all real estate markets across the country, has had a larger than normal inventory, foreclosures & short sale properties and a reduction in equity but it is location, location, location. Phoenix remains a desired destination and has a bright future. The MLS stats are showing a slow by steady increase in the number of properties sold.
After a dismal 32 months of sales decline beginning in Quarter 4 of 2005, the last 7 months (since June 2008) has seen a steady increase in the number of properties sold. In February to July of 2008, monthly sales volume increased compared to the previous month. The last time we had that many monthly increases was 2003. The MLS statistics show that 60,205 properties sold in 2008 which is an increase from the 54,823 properties that sold in 2007. Another interesting observation presented is that from 2005 to 2007 the number of home sales in the second half of the year was lower than the first half of the year. However in 2008, 26,936 properties sold in the first 6 months while the number of properties that sold in the second half of the year increased to 33,269 properties. The market has not fully recovered but the future looks bright as the number of sales continue to increase and both buyers and sellers are becoming optimistic again.
Now is a great time to buy and sell Arziona Real Estate!
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