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...]
Scottsdale Homes For Sale Update
October 17, 2012 by Leave a Comment
Scottsdale continues to be a destination for both tourism and residency. The city offers Western character as well as world class high end shopping and nightlife. Scottsdale real estate encompasses both North Scottsdale with communities such as DC Ranch, Grayhawk, and Desert Ridge Lower Scottsdale with communities such as McCormick Ranch, Kierland, and Old Town. As a result, the real estate in Scottsdale continues to improve as our current market transitions from a distressed level into healthier territory. Some of … [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...]
Morgan Stanley Predicts 7 to 9 Percent Growth in Housing
October 4, 2012 by Leave a Comment
Investment firm Morgan Stanley has high hopes for the housing market’s recovery this year and next. "We expect to see 2012 end with an increase of 7 to 9 percent for the year in aggregate home prices after considering seasonality effects for the remainder of the year, with the possibility of a 10 to 12 percent increase on the bullish side and a 4 to 6 percent increase as the bear case," according to Morgan Stanley analysts in its latest Housing Markets Insight report. "We view the bear case outcome to be … [Read more...]
Low Inventory Creating Buyer Frustration
October 2, 2012 by Leave a Comment
Low inventories of homes for-sale are becoming troubling to home buyers, Inman News reports. Almost every major market in the U.S. has posted double-digit decreases in for-sale listings. "The buyers tend to become a little frustrated as they are seeing homes that they want to 'think about' and before they can even get home to discuss it there are already multiple offers on the property," Sheri Moritz, a real estate broker with Keller Williams' Wake Home Team in Raleigh, N.C., told Inman News. In Raleigh, … [Read more...]
Phoenix Home Prices Are On The Rise
October 2, 2012 by Leave a Comment
More metro Phoenix homeowners may soon be able to sell for a profit, albeit a small one, as home prices in the region continue to rise. Arizona State University's latest real-estate report shows the median home price in the Phoenix area climbed again in April to $140,000 -- 25 percent higher than the year before. Helping push up prices is a limited supply of homes for sale and a growing pool of buyers. If those trends hold, the outlook is for home prices to keep rising, which could be good news for many … [Read more...]
