Arizona on the rebound?

By
Managing Real Estate Broker with Arizona Real Estate Options

Arizona

New statistics just out report that Phoenix, Arizona area home sales in MARCH hit 9926. That is a 66 month record and a 38% increase from Februaury closings.  Might one of the worst hit areas in the housing crisis finally be recovering?

I sure feel it. I took several buyers out in February and March and was disappointed at being outbid on properties (sometimes by 5-8 other offers). And my auction flip listings are receiving multiple offers as well. It seems the "good" houses are hard to come by. Buyers seem to be getting fed up with pursuing long drawn out short sales and those "TLC needed" bank owned homes. Our fixed up like new homes are a refreshing alternative.

1908 of those March sales were short sales and 4257 were banked owned. That leaves only 3761 regular sales. We are still far from a "normal or healthy" market.

Although I am cautious to determine one really great month of record sales numbers is a sign of total recovery I will say........ at the very least we are having a great Spring run.


Comments (3)

Bryan Robertson
Los Altos, CA

It would be great if arizona really had a strong bounce back.  All we need is the media to cover the story of one of the hardest hit markets coming back and we could put this whole crisis behind us.

Apr 10, 2011 05:15 PM
Anita Clark
Coldwell Banker Access Realty ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

That's an encouraging trend Laura.  Hopefully you are seeing more of the same so far this month too.

Apr 11, 2011 01:41 PM
Art Welch
Superstars Realty - Buckeye, AZ
Broker

I am very impressed by our numbers, I hope it does'nt slow down too much in the summer.

Apr 15, 2011 03:15 AM