Dust Storm covers Phoenix metro area

By
Real Estate Agent with Cactus Mountain Properties, LLC

Boy, oh, boy, I am here to tell you that Phoenix real estate is on the way up out of the 6 month crashed out low in the housing market, especially in homes priced under $118,950. I just put multiple condos for sale in Tempe, AZ and had a contract in less than 12 hours 10% over list price.  With an ideal location, condos and homes near ASU are attracting Buyers.  We have been caught in a dust storm bigger than ever before seen in Arizona, so to speak.  A real estate storm that has kept our market under the weather until now.

Phoenix Dust StormAfter a stormy past few years that has taken it's toll on the Arizona real estate landscape, the dust is beginning to settle.  Resale and new homes in Maricopa County rose to a near record of 9,450 in June.  Foreclosures are on the decline.  There are 2,000 fewer active foreclosure filings in June than May.  We are gradually digging out as only 1,300 homes were sold at foreclosure auctions by lenders in June.

 

Sunny skies are in the forecast.    The total amount of Active listings are down causing a gradual increase in home prices.  With demand remaining strong and conditions just right with historically low prices and equally low interest rates, the sun will continue to shine in Phoenix, AZ as home sales prices rise out of the dust.

Barb Merrill Works 4 U!

 

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Barb Merrill Works 4 U!

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Tammie White, Broker
Franklin Homes Realty LLC - Franklin, TN
Franklin TN Homes for Sale

That is one scary dust storm but happy to hear that the housing dust is starting to settle.

Jul 13, 2011 04:58 PM #1
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Janna Scharf
Keller Williams Realty Coeur d'Alene - Coeur d'Alene, ID
Coeur d'Alene Idaho Real Estate Expert

Wow, that photo sure caught my eye!  I have never personally witnessed a dust storm like that, and never hope to!  Thanks for stopping by my blog the other day.

Jul 14, 2011 03:04 PM #2
Rainmaker
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Diane McDermott
Realtor®, GRI, Landis e2 Real Estate, LLC - Charlotte, NC
Charlotte NC Real Estate Market

Very nice analogy Barb!  Steady demand and lower amounts of supply will do wonders

Jul 19, 2011 09:05 AM #3
Rainmaker
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Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Barb, I agree with Diane(comments above) -- a great analogy just like the mythical Phoenix, the housing market seems to be returning.   

Jul 25, 2011 05:54 PM #4
Rainer
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Barb Merrill
Cactus Mountain Properties, LLC - Tempe, AZ
GRI, Associate Broker

There is alot of positive ground being made in the increase of home values in the Phoenix metro area.  Phoenix provides a good economic climate with a lower cost of living than our neighbors to the west and expanding industry to increase jobs.

Jul 26, 2011 09:27 AM #5
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Barb, this is great news, it sure would be nice if the rest of the country started to see the same results.

Aug 01, 2011 01:51 PM #6
Rainer
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EC, JF, Double R and Zoey the Cool Cat
Russel Ray Photos - San Diego, CA

Since this is your most recent post, I'm presuming that you're really busy. At least, I hope so!

Aug 21, 2011 02:10 PM #7
Rainmaker
1,343,790
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Barb - It's awesome things are picking up in your market and the "dust" is starting to settle.

Dec 09, 2011 10:58 AM #8
Rainmaker
1,082,280
Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

Barb, you must be so busy you have no time to write :) The Arizona market along with the rest of the country, certainly has seen many indications of recovery.

Sharon

Sep 19, 2012 12:06 PM #9
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Barb Merrill

GRI, Associate Broker
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