Have you ever been on the Space Mountain ride at Disneyland? Disneyland describes the ride this way: “Fast, dark, and goes around curves with lots of force. Anyone prone to motion sickness should take precautions.” The Phoenix housing market has been like that, but lately, just as the ride at Disneyland, it also has some light at the end of the tunnel.
In our 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. For a frame of reference on this month’s numbers, you may want to take a quick look at Joshua Hill’s post last month, “Phoenix Area Real Estate Update – January 31, 2012.”
Highlights from the market snapshot
- Active Listings: 24,152 this month vs. 40,763 in February 2011, a decline of 40%.
- Closed Sales: 6,396 in January 2012 vs. 6,523 in January 2011, a decline of only 2%.
- The percentage of available foreclosures in the market has decreased in 2011 and 2012.
- Sellers are receiving multiple offers on their homes, when priced properly.
And now, we’re not the only ones spotting this trend either.
According to an article, “Rising Sales Point to a Stronger Year for Housing,” written in the Arizona Republic, “The housing market is flashing signs of health ahead of the Spring-buying season.”
Highlights from the article
- Sales of previously occupied homes are at their highest level since May 2010.
- The supply of homes fell last month to its lowest point in nearly seven years, which could push home prices higher.
- More first-time buyers are making purchases.
- Sales have now risen nearly 13% over the past six months.
- Single-family home sales rose 3.8%.
- Mortgage rates have never been lower.
- The unemployment rate fell to 8.3%, the lowest level in nearly three years.
All of these are excellent signs of a recovering Phoenix housing market. If you’re thinking about selling your property, now is an excellent time to do so. With historically low interest rates and low prices, home buyers are in the market and looking to make a purchase this year before their buying power is diminished.
Call us today for a no cost, no obligation, consultation!
**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, give us a call the old fashioned way! We would love to hear from you.**
Source: The Cromford Report