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More on the Phoenix Real Estate Market

More on the Phoenix Real Estate Market

This from the Arizona Republic:

Market experts say now is still too early to declare the beginning of a recovery for the region’s battered home values. But the number of successful home sales is at near-record levels, the number of homes for sale is dropping, future foreclosures are in decline and home prices, although low, are holding steady. [Emphasis mine]

Where did I read something like this recently … oh yes, right here on the blog:

More generally, I am looking out through the pollen to a Phoenix real estate market with less than 20,000 single family detached homes for sale (at the peak of the burst bubble we were at closer to 44,000). Toss out the short sales and there are just over 14,000 detached homes for sale in Maricopa County, an area larger than the state of New Jersey.

With more than 6,800 sales over the past 30 days, there is less than three months inventory of homes available at the current pace.

Say what you want about the “next wave of foreclosures”, a refrain we have heard here since March 2009 – two years ago, for those keeping score – but the market here is moving fairly briskly.

And the best part, at least if you’re a buyer, is the declines have slowed in many areas and prices haven’t been obeying the laws of supply of demand quite yet.

Though now that the Republic is agreeing with me, I’m a little nervous.

Comments

  • Jonathan Dalton says:

    Not that I’ve seen, Jeff … as I wrote in the first article over the weekend, we’ve been waiting for a second wave to hit for two years and it hasn’t happened … been more of a constant trickle. I don’t think we’re seeing bank owned homes going away, though, not for a while longer.

  • Another Investor says:

    I’m putting my wallet away for awhile. Every listing I was following is AWC or pending. You see “multiple offers submitted” in the remarks on most well priced new REO’s a few days after they are listed. There are going to be a lot of available rentals after the current buying rush.

    The owner occupant buyers are growing more frustrated. Some are throwing money at the bank amd hoping the appraisal comes through. Should be an interesting market through the Fall.

  • Jonathan Dalton says:

    Not often I disagree with you, AI, but I have to on this one … I’ve yet to have a buyer go over list price to purchase a house so far this year. We’re nowhere near the days where people are just throwing numbers out and hoping for an appraisal. At least, no client I’m working with is using that strategy. And if others are, they ought to find a different agent with better advice.