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Phoenix Real Estate Home Sales Growing Quickly May 2015
Analysts have been predicting an uptick in the Phoenix Housing Market in 2015, but the latest data is showing we are exceeding the expectations. Home buyers are out and proving to be very active in the market. The newest update is that we are suddenly seeing multiple offer situations throughout Greater Phoenix and the Scottsdale areas once again. This data is not just limited to Home Buyers looking at resale, but new construction homes and land developers are seeing a serious increase in activity as well.
Take a look at this chart from The Cromford Report, the most reputable real estate statistical analysts in The Valley (metro Phoenix). This shows a large jump in sales (closed transactions) we saw in March and April 2015 in Maricopa County (metro Phoenix). Note that March and April had more closed sales or homes sold than any month since mid-2013:
Buyers and Sellers in the Phoenix and Scottsdale areas are seeing the opposite of 2014, when there were enough homes listed for sale and not enough Buyers. Without the demand we saw in previous years, 2014 was a very slow year for both Phoenix home Sellers and Buyers. The market didn't really go up or down, although home values went up slightly over the 12 month period. However, the latest statistics are showing us that this has been reversed now and there are not enough homes for sale and demand has increased greatly. First Time Home Buyers and Millennial Home Buyers have started to jump into the market, which is increasing activity to go along with the "Boomerang Buyers" (those that foreclosed or short sold several years ago and are able to obtain a home loan again). These 3 classifications of home buyers have sparked the demand and unless more homes come on the market for sale we may run into a situation similar to 2012 where values jumped quickly and aggressively. It's nothing more than supply and demand, and demand is up. Certain indicators are also showing that the "Move-Up Buyer" is also back in the market, which could accelerate things even more.
RL Brown Housing Reports is another leader among housing statistics here in Metro Phoenix. According to RL Brown Reports, new construction permits pulled in just March totaled 1,373 new housing permits. This is the highest since July of 2008 and up 37% from March of 2014. Signs of life are showing in the new build and new housing construction sector of Phoenix, which is much needed. The metro area of Phoenix has been growing faster than the pace of Phoenix's new home construction for several years now, and as more renters turn to Buyers we need more housing to support the growing population. New home sales in March were also up 11.5 percent from March of last year, showing that there is a high interest in new home purchases by current Buyers. If you are interested in seeing 2015 new construction and newly built homes for sale in Scottsdale you can view all of them HERE.
Existing home sales are always the best indicator of the market and as of March 2015 sales were up 28.9%. This is a huge bump to a much needed demand and shows just how much the Phoenix and Scottsdale areas really need more homes for sale on the market. If you are thinking of Selling your home this year (anywhere in Greater Phoenix) you can get an instant estimate of your home HERE, which may help you decide if Selling your Phoenix Home in 2015 is the right time for you. Home values have already been rising, with the current median price of a Maricopa County (Metro Phoenix) Home at $194,000. Here is another chart from The Cromford Report showing how much pricing has changed and where it continues to be heading... UP!
As always, the Phoenix real estate market is cyclical. It looks as though we are experiencing an upswing in both demand and what our homes are worth. The potential is endless until we have more Phoenix/Scottsdale homeowners who decide it is the right time to sell their house. In real estate, when there are more Buyers than Sellers, home values appreciate. Which is good for everyone... Unless you haven't purchased your next home yet! If you are considering buying in the next year or so you may want to start looking for your perfect home sooner than later. Rates cannot stay this low forever and home buyer demand (and prices) are on the rise.
Take a minute to browse some listings by clicking our logo below, which will take you to our advanced desktop and mobile home search. Below our logo are a few of our most popular cities that we serve for our clients, each link will take you to a page with further statistics and info for that neighborhood. If you are considering selling this year, go to our "Sell" page for a free estimate of your homes value or simply call us to set up an appointment with one of our top agents. Dwellings Realty Group is always here to answers your questions as either a Buyer or Seller and we guarantee top level service that you've never experienced with an agent before!
We look forward to hearing from you!
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With a degree in Integrated Systems Engineering from The Ohio State University, Eric Tont has been able to apply an analytical mindset towards his real estate career. His ability to review neighborho....
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