The State of the Phoenix Real Estate Market

This morning opens with 21,878 single-family detached homes for sale in Maricopa County. Just over 3,600 of these are bank owned properties – the numbers are increasing slightly as we go – and 6,000 are listed short sales.

Which means more than half of the homes on the market are not distressed sales.

And that’s not the whole story. Often ignored, particularly here since the numbers aren’t readily available, are new builds and spec homes. Yes, there still are some builders out there who slowly but surely are filling in the projects started after the boom ended when they were too far in to stop.

Yesterday, one of my buyers purchased a spec home in one such subdivision, the Reserves at Mountainside in Surprise. When all is said and done, they’re getting more than $75,000 off the sticker price plus another 4% toward their closing costs for a 2,800 square foot home that’s going to be ready to move in more or less as soon as the loan is done.

Opportunities remain here in the Phoenix real estate market, it’s only a matter of knowing where to look.

[tags]Phoenix real estate[/tags]

About Jonathan

Jonathan Dalton is a 30-plus-year resident of the Valley and has been helping folks buy and sell homes since 2004. He can be reached at 602-502-9693 or info at allphoenixrealestate.com.

  • It is refreshing to read an article that is not gloom and doom. i am a Realtor in the SE valley myself see the positive signs in the field on a daily basis. Thanks for the article