Corelogic reported that February home prices rose 10.2% from year ago levels, making it the strongest annual price rebound since 2006, the year that the housing market crasg began to occur. They went on to say that this increase was fueled bythe rapid appreciation in a number of Western markets, namel California, Phoenix and Las Vegas.
Without a doubt, we have also experienced the largest appreciation in quite some time in the homes for sale market of Maricopa Arizona. Inventory of homes for sale reached a low of 134 homes, which is the lowest total of active listings that we have experienced in almost 10 years. Since then, inventory has bounced back up to over 400 homes but values are still remaining at high levels.
Since this time of year is typically our strongest for buyers due to the influx of seasonal buyers, it remains to be seen what will happen with inventory and values after these buyers leave over the next 30 - 45 days. The exodus has already begun! If you would like more information on the Maricopa housing market, you can read my weekly Maricopa Housing Market blog at http://wizardsofwaz.com/blog Having been a Maricopa resident for over 10 years, i watch this market very closely and ONLY deal with real estate in the Maricopa AZ area.