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.
After 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!