The Phoenix real estate market has shown the largest increase in home prices out of 20 metropolitan areas in the past year according to the Case-Shiller Index. As of February, prices of homes in Phoenix have risen 23% from February of last year. The rate from January to February was 1.1%, the second-largest monthly increase recorded in the Case-Shiller report.
The Case-Shiller Index includes a 10-city and 20-city index and is one of the most closely watched reports of its kind.
One reason behind these gains is inventory reduction. As the number of homes for sale in Scottsdale and Phoenix shrinks, demand and prices rise. The amount of Phoenix real estate for sale has dropped considerably in the past year. However, a leveling off seems to be occurring as far as inventory reduction goes. This means that while the prices of homes will continue to climb, they will do so at a much slower rate.
The Phoenix real estate market is very competitive since inventory is so limited. This is a great time for prospective buyers to purchase their homes before Phoenix real estate prices soar any higher. Call me at (602) 791-0536 to schedule a showing of any Scottsdale homes.
See more information on our Current Market Trends page.
Carmen Brodeur JD
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260
Cell (602) 791-0536