Over 21% of Phoenix residents moved during 2011. Wow – stop and think about that for a moment. One in 5 people in Phoenix are living in a different home in 2012 than they were in 2011. Phoenix has among the lowest residential stability rates among major cities in the US. Only Austin and Las Vegas had a lower rate of residential stability. The majority of the moves were within the state (16.9%). Only 3.5% moved from another state.
What do you think about that? Clearly the crash of the market has got a lot of people moving. Some are taking advantage of the crash of prices and “moving up” to larger homes while the prices are still low. Another group of people “overbought” during the bubble and maybe downsizing. Others are clearly displaced by foreclosures or short sales.
Visit our recent real estate trends page for more information on the local market.
Carmen Brodeur JD
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260