Sales up, Prices up, values up, home starts up…. what does this mean???

With home prices rising, home values are up and builders are bringing on more new home construction starts as well.  On the flip side, foreclosures and short sales are making up less of the total percentage of home closings as well.  What does this mean to you?  All of these have driven consumer confidence higher and consequently demand for housing is going up.  Check out this cool video…. (notice that PHOENIX is leading the nation currently)

Housing Market Update

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Is Phoenix headed for another Real Estate run-up or is this the sign of a healthy recovery?

Phoenix has seen it’s share of highs and lows in the real estate market over the past decade.  Price jumps of 50%+ in 2005 and 2006 were quickly negated by drops in values of over 60% on average.  Recently, homeowners have seen many positive indicators that the real estate market here is not only on the mend but is posturing itself for a healthy recovery.  Decreased demand in the past 3-6 months has created an increase in pricing here in the valley.  This has enabled many homeowners that saw values drop dramatically over the past few years, get back on track and recover some of that loss.  In fact some listings that have started out as short sales have in fact ended up as traditional sales due to the increased sales prices and values we are seeing.  For more on the story, check out

 

Phoenix Housing Market Sees Signs of Health

 

And, if you or someone you know are looking to buy or sell property here in the Phoenix area, let me know so that I can share this information with them as well.

Zillow Ranks Top Buyers’ and Sellers’ Markets

Phoenix was recently named by Zillow as the 5th best Sellers Market out of 50 of the Nations top metro areas.  Using data such as sale to list price ratios, days on the market, and percentage of homes that are on the market with a price reduction, Phoenix is ranking very strong against other markets in the country, a good sign that the real estate market in the Valley of the Sun is rebounding fast.  If you or someone you know are looking to buy or sell a home in Phoenix, let me know today so I can help them as well.  For more on the story and to find out how other cities rank, CLICK HERE.

This Month in Real Estate- July 2012