This past week U S News and Investopedia featured the Phoenix area a one of the top cities in the country to purchase affortable housing.
Phoenix
This city has one of the strongest economies in the country right now, according to our experts.
"Good universities in the area have provided a skilled and educated workforce, which has positioned Phoenix as a competitive force in business," says Bill Humphrey, senior vice president and managing director of XONEX Relocation, which provides global relocation services for transferring employees.
"Phoenix is projected to see more growth, especially since the technology, green energy and healthcare/life sciences industries have started to put down roots in the area." Humphrey says houses that were selling for $500,000 before the recession are now in the $300,000 range.
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April 2010 home sales Vs. April 2009 home sales (according to FlexMLS) Single Family Detached |
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Apr-09 |
Apr-10 |
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Total Sales (Single Family Detached Homes) |
7,601 |
7,841 |
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Between the price range of $1 to $199,999 |
5,807 (76%) |
5,718 (73%) |
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Between the price range of $200,000 to $399,999 |
1,370 (18%) |
1,596 (20%) |
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Between the price range of $400,000 and above |
423 (6%) |
527 (7%) |
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REO sales and percentage of total sales |
5,115 (68%) |
2,963 (38%) |
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Short Sales and Percentage of total sales |
733 (9%) |
1,678 (21%) |
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Normal Sales (NOT Lender, Short Sale or Pre-Foreclosure) |
1,775 (23%) |
3,215 (41%) |
These numbers reflect my experience in our market. Properties in the under $200,000 price range still reflect the majority of homes sold across the Phoenix metro area. Prices have remained stable and/or increased in areas where the inventories have created a Sellers market vs the Buyers market in the past months. The most interesting statistics in this overview is the drop in the percentage of REO (foreclosure) sales in the past month vs a year ago. A drop of 30% and an increase in the number of Normal (not foreclosure or pre-foreclosure ‘Short Sale' properties). As we enter the spring home purchase season with families ready to make the move to get in their new homes by the start of the school year the coming months offer an opportunity for home buyers and sellers alike in our area.
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