A study earlier in the June of 2011 showed that the Phoenix Real Estate market has had an increase of sales by 1.5% from the data of the previous year’s June, with an 8.3% increase from the month
prior to this year’s statistics being collected. Now, 1.5% may not be something to break that bottle of champagne that you’ve been saving since your first marriage, however – before you go back to thinking that we as a real estate market are still in the middle of our across the board flat line, hear this: 1.5% is
still progress, and even more so when you consider that 2010’s number was largely saturated by federal tax credits, which were nothing to be scoffed upon nor even around.
Another few snippets of hope are also to be deduced from data gathered this year: Foreclosure homes are the majority population of today’s market, though this is not fantastic news for construction
companies as new home builds have slowed down considerably, the valley’s rate of foreclosure has fallen which IS fantastic news for a lot of people and businesses – this means more people are able
to maintain their homes, thus pointing towards a stabilizing economy all around. Also, some Phoenix brokers have stated that nearly half of their clients are investors, which is a great sign – this shows us that not only is data showing us that our market’s luck has started to change, but professional investors also believe that we’re at the tail end of this economic phase, as they are capitalizing on the ‘low as you can go’ prices we’re seeing. Physical proof being can be witnessed by the selling of three bedroom properties in the mid $200,000 range. One could say that 2011’s market image is beginning to look a lot like 2006’s – especially in comparison to the other four years we’ve got behind us.
So Phoenix, knowing that a rebound is bound to happen, and that prices and rates are at historic lows, does this make you more likely to jump into the housing hunt? If so, call me!