Are Prices Back to the 2005-06 prices?

Phoenix real estate market continues to be a seller's market. Things are heating up in the desert.

To back up Gary's comment #14, there are several markets here in Silicon Valley (south of SF and near San Jose) that have gone back to their 2005-2006 levels and surpassed them.  Good examples are Palo alto and Los Altos - both routinely on the nations most expensive town lists.

Great post and very informational map. A wonderful resource to print out and share with clients. Thank you for this!

Very interesting map.  Where did you get that?  Are prices are not there yet, but that makes sense, since we should never been at that level in the first place.

I am watching ours rise pretty quickly. All those people who were trying to wait out the market might find themselves out priced.

Some neighborhoods in my market have passed the peak prices of 2006 and some houses are only on the market for a few days and get multiple offers over asking price

The market certainly is improving but still lots of factors. The question is will it continue?

Joey,

It will be a while for prices to get back to the golden era of 05-06 in Southwest VA and east TN... great visual!!

have a great night

Rob

Keep in mind that it is the government offering low rates and the banks shadow inventory strategy that is producing an AFFECT from their cause. Will it hold when they let go? Will it stabilize? I am skeptical but hopeful. Meanwhile, I remain cautious too

I think it will take several more years to get to the 2005-06 prices again.

Great infograph.  It certainly feels like pricing is on its way back to those levels.  But, and that is a big BUT, the lack of inventory of recent is really what is continuing to drive prices up along with the buyer panic that they are missing the boat.  I do not believe that this type of these qualities have staying power to push prices to 05-06 levels very soon.  It will eventually get there though.

Some areas of Dallas are back and others are still climbing.  Every area is its own micro market.

It is nice to see the recovery in Phoenix area.  We fell so hard.  Now we have a sellers market and prices increasing monthly. 

Joey - While our prices are not back to 2005, they have climbed significantly in the last two years. Reading Larry Brewer's market reports on AR for Nashville TN I think the area might have exceeded the 2005 prices.

We are getting close in many areas but not in all.  Still short sales but far fewer than a few years ago.

Joey - nope not here either - and notice I didn't say 'not yet' - I'm probably going to get blasted but the reason that we had such a difficult time clawing our way back is because of those ridiculous run-ups of prices! I vote for a slow but steady increase without the bumps - call me boring but it's so much nicer for all concerned. Remember what goes up must go down :-)

We're no place near that here and not even getting close yet.  I'm with Susan, slow and steady is my preferance.  It maked for a healthier more stable market.

Curious as well as to the origin of this map.

You had better be careful about your optimistic outlook as to what is really happening.  While you are still allowing your  government to keep printing all the money, which is a form of borrowing, the payback has to come and come soon. We are a reckless society being governed by people who could care less about us. They know that if they lie and spend a lot of money they will be elected or reelected. THAT IS OUR FAULT.

Intersting.. I am not quite sure where we are in New Hampshire.  I'll ahve to check out our stats. Things certainly are improving, but not sure where we are in comparison to 2005-2006.  I hope the market doesn't overheat, however.  I don't think we want a "do-over" of this recession!

Joey, what is the source of your data (NAR?) and what are the effective dates of "the last 12 months"?  As Gary (#14) and Bryan (#19) mentioned, the prices in many cities in Silicon Valley have exceeded their previous peak during the boom.  I guess they're not large enough to be included in "major cities".