The Market has Changed, Again!
During the last two weeks, and especially the last week, it's become apparent that the investors have really ramped up their spending. The showings I'm scheduling are for "newer" townhomes and condos in Scottsdale and North Phoenix. It's amazing that all of sudden, more multiple offers are being submitted and quickly.
Last year, our cash sales in Maricopa County were 47% of the total sold properties. And because of our foreclosure experiences, most anyone coming here is expecting a bargain price. Low prices, yes; low rates, yes; but inventory - not so much. We're seeing record lows in inventory.
For a city with a population of 3.8 million, the 4th Largest County in the US, and over 400 square miles, we have 14,529 single family homes for sale!! And if I include every type of property from manufactured housing to townhomes and condos, the grand total is 18,542! That's as of this very second.
So if you are an investor coming to Arizona to purchase a "fantastic property," put your track shoes on, because I work fast!