In an ongoing effort to post consistent and timely real estate market updates, here below is a Concise Market Snapshot from The Cromford Report, and my own short commentary afterward. This snapshot has been re-posted with permission from The Cromford Report.
What will this spring housing market be like?
If the last two months are any indication of what the 2011 spring real estate market will be like, it’s going to be bullish here in Phoenix. Looking back at last month’s real estate update, we see that several market indicators, including the number of pending home sales, have increased since January. Others, like the average home sale price per square foot, have continued to slide. However, with the inventory has high as it still is, I am not surprised by these conflicting reports. Sales have strengthened significantly since 2009 – when approximately 61,000 homes sold – but the high market share of REO property is having an exaggerated effect on sales prices.
Do you know how many homes sold in the Phoenix Metropolitan Area in 2010?
Vigorous market ahead.
Who doesn’t love having options? With 40,000+ homes currently on the market, and an improving Arizona economy, the time is right for first time home buyers, repeat buyers, and investors alike. Don’t take it from me, though. Take it from the 10,565 pending home sales. We haven’t seen a number that high in that category since early 2010, when the market was being artificially stimulated by federal home buyer tax credits.
If you are a home seller right now, you should have started to notice an increase in showing activity, too. If you haven’t, I recommend you speak with your agent about why not. On Sunday, we received two offers on a listing we took only four days prior!
**If you would like a chart, similar to the one above, prepared for your own city or zip code within the Greater Phoenix Area, just post a comment below, send us an email, or, gasp, give us a call! Either way, we would love to hear from you.**