2011 ended with a bang in the real estate market. New construction has increased slightly, our supply is down, our sales are steady, and demand is starting to build!
The question of the day is still, "How's the real estate market." This data compiled by our MLS board will answer your questions.
There are fewer new listings, down almost 20% since last year.
There is a 3 month supply of homes to sell, which is a very low level. Consider that if nothing new came on the market, all of the existing properties listed for sale as residential would sell in 3 months
Sales prices ticked upward to make December, 2011 the 3rd highest sales volume since 2001.
List prices dropped from $200.2 per sq ft 12/10 to $129.9 per sq ft for 12/11.
Foreclosures have declined by 60% since November, 2009. Lenders may be more willing to work out a short sale vs. a foreclosure to save more money.
Distressed sales still account for almost 60% of our sales.
And the largest volume of sales by price is between $50,000 - $150,000. Competition is fierce and multiple offers are common in this price range.
Arizona is now considered one of the top 10 growth states, but we need job growth.
The Phoenix Business Journal includes more sales data with this article.
So, I can easily say that this is a great time to buy. But be prepared to act quickly!
New legislation that just began at the start of this year concerns pool pumps. Did you know that the 2nd largest user of energy in your home is a pool pump?! Your air conditioner uses the most energy, followed by your pool pump. Read this article for some eye popping information. Also make sure to read the entire article for information about rebates from the utility companies. And as always, make sure to check the national site, then click on Arizona for any and all rebates, http://www.dsireusa.org!