According to Realtor.com, homes sold faster this February than any other February since 2007. This should be very familiar to Phoenicians who have sold or bought a home in the last year within the valley. Homes in Phoenix, Arcadia, Scottsdale and most cities within Maricopa County have seen days on market numbers plunge and within certain price ranges, seen multiple offers the day a property is listed. Investors have definitely exacerbated the situation as they have come into the market with cash offers making … [Read more...]
5 Cities Where Houses Are Still Cheap
March 12, 2013 by Leave a Comment
Buyers have been rushing into Phoenix in search of big deals. Short-sale purchases increased 43% during the fourth quarter of 2012 compared with a year prior, according to RealtyTrac. It’s not just investors who are behind the trend. Owner occupants are also competing for these properties. Given the competition, experts say, buyers looking to pick up a short sale will have a better shot if they come to the table with an all-cash offer. But real-estate agents warn that the window of opportunity to snatch up … [Read more...]
Phoenix Area Real Estate Prices Soar
February 8, 2013 by Leave a Comment
It's no surprise that the Phoenix real estate market has been leading the charge over the past year as real estate home values have bounced back quite strongly in many cities around the country. What is surprising though, is how much they have come back here. A recent study conducted by a Phoenix real estate specialist, Mike Orr found that Phoenix median home prices rose 34 percent in 2012 and foreclosures were down by 51 percent. To read the rest of the article, please click here. … [Read more...]
Phoenix home values soar at the end of 2012 to lead nation
January 23, 2013 by Leave a Comment
According to Kristena Hansen, a reporter with Phoenix Business Journal, January 22, 2013 - The metro Phoenix housing market has long been known for its volatility, so it should be no surprise that it lived up to its reputation through the end of last year, posting the largest — by far — home-value gains in the nation. The latest figures released Tuesday by Zillow Inc. show Phoenix home values soared by 22.5 percent year-over-year during the last three months of 2012. That’s significantly better than the … [Read more...]
Six Reasons Housing Inventory Keeps Declining
January 23, 2013 by Leave a Comment
Source: Wall Street Journal, by Nick Timiraos - 1/22/13 Home sales in December dropped by 1% from November, the National Association of Realtors reported on Tuesday, but still stood nearly 13% above the levels of one year ago. That means home sales have risen from the year-ago month for 18 straight months. For 2012 as a whole, sales were up 9% to 4.65 million units, the highest annual total since 2007. Prices, meanwhile, are picking up because the number of homes for sale continues to drop despite the … [Read more...]
U.S. Housing Prices
November 27, 2012 by Leave a Comment
The Phoenix real estate market is still red hot according to the latest data released by the S&P/Case-Shiller 20-city composite. The Phoenix real estate market was hit extremely hard when the housing bubble burst but we are now in the midst of an extraordinary comeback. Phoenix home prices have increased by 20.4% from the prior year, more than any other city in the nation. Click here to read the full article from MarketWatch. … [Read more...]
Top Turnaround Towns
October 29, 2012 by Leave a Comment
New housing and economic data for Q3 of 2012 was recently released by Realtor.com and once again, Phoenix has made the list of the 'Top Turnaround Towns' in the United States. These numbers reflect the overall Phoenix market but if you look at individual neighborhoods and cities like Scottsdale, Paradise Valley and Arcadia, you will find very similar results. Through the first 3 quarters of 2012, Phoenix has come surging back as pricing has gone up, inventory has been reduced and unemployment has also decreased. … [Read more...]
Rental Market’s Big Buyers
October 29, 2012 by Leave a Comment
Wall Street Journal, October 4, 2012 by: Craig Karmin, Robbie Whelan, Jeannette Neumann - Blackstone Group LP BX +0.07% has become the biggest U.S. investor in single-family rental homes by spending more than $1 billion since the start of 2012 to acquire more than 6,500 foreclosed houses in eight metropolitan areas, according to people briefed by Blackstone. The firm also is finalizing a loan for at least $300 million from Deutsche Bank to support this business, these people said. Numerous private-equity … [Read more...]
Highlights From The Greater Phoenix Housing Report
October 12, 2012 by Leave a Comment
Mike Orr, who is Arizona State University's Director of Real Estate Theory & Practice at W.P. Carey School of Business, recently released his monthly report and there are some interesting & positive trends from his report. Here are some highlights that we thought were worth noting: The median sales price of single family homes is up 33.7% from $112,500 to $150,000 comparing August 2011 to August 2012 The average price per square foot on single family homes is up 24.6% from $77.53 to $96.02 comparing … [Read more...]
