Phoenix Real Estate Improving

I have been talking about the recovery for a while now and how when it happens it will happen fast.  Well all indications are pointing to an improving Phoenix Real Estate market.  In fact just in the past 30 days, average sales prices are up around 4% from $169K to over $176K.  For the past 6 month period, average sales prices were hovering around $162K here in the valley as well.  That is a nearly $15K improvement from where we were just this past fall.  In the greater Phoenix metro area there have been over 17,000 sales for all of 2012.  With mortgage rates as low as they are right now, you would think that buyers would be knocking down REALTORS doors like Target the day after Thanksgiving.  In some cases that is true but believe it or not there are still buyers out there sitting on the sidelines hoping for a great low priced deal.  Banks have some of the lowest shadow inventory right here in our own state of Arizona, 6 months or less according to most sources.  What does this mean for buyers?  Less inventory than we have seen in a while and less selection… just over 15,000 active homes for sale in the greater Phoenix area to be exact.  There are also just over 12,000 homes that are pending close of escrow as well.  In a nutshell, with such small inventory numbers, we have moved into a sellers market.  Yes buyers still have some options, but buyers need to act fast if they are wanting the home that they have been looking for.

In another sign of an improving market, builders have started once again construction on new neighborhoods.  When we see builders having confidence to shell out capital to start new neighborhoods, we know the market is improving.  Recently there was a great article posted naming Phoenix the #2 market for a rebounding market in 2012.  We are seeing signs of this already early in 2012.

If you or someone you know are looking to buy or sell real estate here in the amazing Phoenix metro area/Valley of the Sun, let me know today so we can get started.  My team has a proven track record of success for our clients.  My awards include among others the Double Gold medals for production with Keller Williams Realty in 2011 and 2010.  If you are a seller, let me show you how my proven marketing strategy will sell your home in less days on the market and get you the most money on your sale.  If you are a buyer, I will be your #1 advocate during your home purchase, ensuring that the biggest purchase you make will be seamless.

* Market Stats provided by ARMLS and are for informational purposes only.  For a more comprehensive market analysis of your home or neighborhood, contact me directly.

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