The Phoenix Real Estate Market is UP! But Up is a Relative Term
Yes, the media has gone gaga, and not just locally, but also nationally about how much the Metro Phoenix (including Scottsdale) market is up year over year. Up is a relative term though. Yes, it's up 25% roughly at the median and mean price points, but it was also down around 60% so now that we are at 40% of the former 100%, up 25% from 40% gets us halfway ...
Percentage of “Regular” Sales Increase as Foreclosures Decrease
Normal resales of homes, that are not short sales or foreclosures, currently represent 57% of the market. That is the highest percentage for "Normal Sales" in five years! Foreclosures were dominating the Scottsdale real estate market for many years during the crash. That has completely changed. The number of foreclosures on the market has plummeted to the lowest rate in 5 years and the number of normal sales has correspondingly ...
Phoenix and Scottsdale Real Estate Market Update – June 2012
New data from the Cromford Report in Arizona has been released. Data clearly shows a decreasing supply of homes for sale, corresponding with increasing home values. Demand for homes has also increased dramatically with the Demand Index almost double the Supply Index. The Demand Index is listed at 112.7 and the Supply Index is 62.5, indicating that almost twice as many homes are desired as compared to what is currently ...
Case Shiller Reports Phoenix Home Prices Rising Fastest in Nation
Case Shiller is reporting that the prices of Phoenix homes are rising at the fastest rate of all cities in the US. The average price of a home in Phoenix increased by 2.2% between February and March. That is the largest increase of all 20 cities that Case Shiller monitors. Seattle was second with 1.7% increase during the same time frame. Home prices are still significantly under the 2006 highs ...
What to do in a Multiple Offer Situation
As the Scottsdale real estate market has surged in the past several months, we are seeing more and more multiple offer situations. While no buyer is ever happy about being involved in a bidding war, it is becoming common in Scottsdale. Unfortunate for buyers (and fortunate for Sellers) it is often the only way to buy the home you want. It is like the prettiest girl at the dance; the ...
Phoenix Home Values Up 25% In Past 12 Months
The Phoenix Business Journal is today reporting that a new report from Arizona State University shows that the average Phoenix home is up in value 25% in the past 12 months. The Phoenix and Scottsdale real estate markets have seen a huge surge in the past year, but home prices are still at a huge discount from 2005-2006 prices. The real estate markets are starting their comeback, but have a ...