Our office has a meeting of the minds once a month and the first topic was about the activity level the office has been experiencing. When asked, "How many of you have noticed more activity the past couple weeks?" everyone in the room raised their hand.
It is too early to translate that into homes be bought and sold, but there is definitely a different vibe lately.
Some of the higher producing Realtors that invest in a lot of property are talking like they are thinking about getting back into the market again. None of them seemed to be real anxious but they are getting close. Showings seem to be up, calls seem to be up, even leads coming in through lead router are coming more frequently.
There is still an over supply of homes on the market, but there are a few zip codes that are not declining.
I don't think we have hit the bottom yet because there are still too many foreclosures, but maybe the Peoria Arizona real estate market is getting ready for a bit of a turn around.
One of the Realtors had a great point. Arizona is not going to have a long term problem. Too many people mover here and they are continuing to move here. When someone is ready to move from their home state in search of a new life, a new beginning somewhere else, they choose Arizona. They don't choose Detroit. When kids graduate from high school they want to attend ASU, UofA, USC, UCLA. They aren't looking to go out of state to western Michigan.
My point is that even though we are in a declining market, its not all doom and gloom and it won't last long. Prices shot up too fast and now they are correcting. Arizona is still a great place to buy.
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