Affordable Housing in Phoenix, July, 2019

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Real Estate Agent with Value Added Service, 602-620-2699 SA5376460000
https://activerain.com/droplet/5k68

Affordable Housing has become an issue due to the lack thereof.  As prices rise, homes under $250,000 are becoming more scarce.  As you can see from the chart below, homes priced under $250,000 are on a steady decline and are at their lowest rate in 4 years (863 homes.) 

 

Active Listings up to $250,000  Phoenix July 2019

Homes under $250,000 are selling in 45 days according to this chart.  The shortest amount of time to sell a home under $250,000 since 2012 was July, 2018 (38 days.) 

Affordable Housing Phoenix Cumulative Days on Market July 2019

Sales for July, 2019 have dropped due to low inventory.  Short sales and foreclosures are less than 1% of sales for homes up to $250,000.  June, 2007 mirrored that same number of sales.  The current number of sales has not reached the height of sales under $250,000, March 2005, totalling 21,845 sales.  

 

Affordable Housing Phoenix Sales July 2019

Since inventory is low, prices are rising with low interest rates, these don't make very good investment flips.  There isn't enough spread to show a profit between purchase, remodel and sale price.   

 

Housing Statistics provided by subscription of the Cromford Report.

 

If you're looking to buy or sell a home in the Phoenix Metro area, give me a call!

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Rainmaker
3,308,274
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Jan - "affordable" is a word/term that definitely needs local definition.  Its popularity for real estate buyers makes your up-to-date Phoenix affordable housing information particularly valuable. 

Jul 19, 2019 09:09 AM #1
Rainmaker
977,560
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Thank ytou Michael Jacobs .  As they always say, all real estate is local. Reading national headlines can be confusing for those that don't look at their own local data.  Thanks for commenting and have a great weekend!

Jul 20, 2019 02:13 PM #2
Rainmaker
1,899,970
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Jan Green - even in area where sales are slowing the lower price homes are not staying.

Jul 23, 2019 06:32 AM #3
Rainmaker
977,560
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

So true Grant Schneider .  Affordable housing is a national issue.  Another reason homeownership has dipped.  Too bad!

Jul 23, 2019 09:21 PM #4
Rainmaker
2,005,731
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

The best agents are those that tell the truth and know their local market better than what's being advertised by National Statistics. Jan Green is the Agent of choice and I highly recommend her for prospective buyers and sellers. 

Jul 24, 2019 10:56 AM #5
Rainmaker
977,560
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Thank you Patricia Feager, MBA, CRS, GRI,MRP !  You're a gem :)

Jul 24, 2019 01:13 PM #6
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Rainmaker
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Jan Green

HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN
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