Home Sales Statistics In Phoenix
According to the Cromford Report the City of Phoenix real estate market hit rock bottom in the month of January 2008 with a whopping 424 sales for the month. While it is normal for January to be the slowest month of the year in nearly all Real Estate markets, for a city the size of Phoenix this is dismal at best. Less than half of what a normal real estate market for Phoenix might produce.
The good news.
Since that low point in Jan 08, monthly sales have climbed steadily month after month. As of the month of June 2008 we have a track record for the last 14 months straight where each month has out sold the same month in the year before. In most cases not by just a few sales, we are talking leaps and bounds above the previous year. One of the largest deficits, for example, is the month of May 09 out selling the previous year by 1458 homes with a total sales volume of 2308 for the month, nearly tripling the sales from that month a year earlier. It's also interesting to note that that particular month was the highest month of sales on record since 2001, possibly longer, but I didn't look past 2001 for this blog post.
I could go on and on quoting statistics, but I think you get the picture. Most important to note is the market is recovering. It may be due to circumstances that we have not experienced before, but the fact still stands it is improving.
In my opinion, the main driving force to all these sales is price. Homes are selling for approximately the same cost as they were in the year 2000. We are talking buying a house at prices lower then they were 9 years ago!!!!
Homes have become affordable again!!!! For all of those people who were priced out of the market just before the boom, now is the time to get what you've worked for.
Yes, there are more foreclosures and short sales on the horizon, but people have become immune to these terms. All anyone cares about right now is price. What this means to me is the opportunists will be coming out of the woodwork to get there piece of the pie which will ultimately start to drive the prices up. This is already evident as we are seeing bidding wars on many foreclosures and short sales and these homes are selling in days, not months. I believe this will continue, so if you are thinking about it don't think to long, I believe now is the time to take action.
If you need any assistance please visit my website at www.HomesofScottsdaleAZ.com or call me at 623-340-3139.
Until next time.
Team Cuellar of Tyler Properties