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Phoenix Real Estate Market Update – June 4

Phoenix Real Estate Market Update – June 4

If you’ve read the articles on this website for any length of time, you know I’m fond of pointing out that Maricopa County is roughly the same size of New Jersey, or even Macedonia. Driving back from Los Angeles last week, however, I thought I’d come clean and show you what portions of the county look like.

This is the view through the far western portions of Maricopa County as you approach Tonopah, Wintersburg Road and the Palo Verde Nuclear Generating Station. The southwest portion of the county, down south of Gila Bend, is much of the same.

Of course, that’s only the west and the southwest. As for the rest, well, it’s a little more typical of what you’d expect to see in a metro area that stretches 80 miles from one end to the other. And in that populated portion, we’re down to 7,561 single-family detached homes still for sale. Even the active adult communities are getting into the act; a new listing in Arizona Traditions this week sold in less than 24 hours.

  • 80 detached homes are listed at $50,000 or under.
  • 249 detached homes are listed at $75,000 or under.
  • Of those 249, only 19 were built in 1990 or later.

There were 6,300 closed sales of detached homes in the month of May in the Phoenix real estate market, which means we currently have a whopping 36 days of inventory. Not weeks. 36 days.

For anyone who has considered selling – a short-term investment that became a long-term hold, a short sale decision long delayed or someone with equity wondering what it would be like to have a little more space – there has been no better time to get your property on the market in the past six years.

Call me today and we can talk some more about what will work for you.

 

 

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