The Phoenix Metro housing market showed signs of improvement last month, and if the current trends continue, home prices could very well start to climb again by the end of this year!
Market experts say it is too early to be able to formally declare the beginning of a recovery, but the number of home sales is at a near-record level, the amount of homes available for sale is dropping, there are less homes in the pipeline for future foreclosures, and home prices are holding steady.
We are seeing a lot of activity in the Phoenix metro housing market, such as a larger number of pending homes for sale, and many home buyers are frustrated as the home they want to buy has multiple offers on it with strong offers as well.
The number of homes for sale has been dropping steadily during the past four months, signaling the supply of homes for sale is down while the demand is up. Both investors and homeowners are starting to be more aggressive in purchasing homes. Buyers paying cash are dominating the market. This is one reason some homes cannot be purchased by an investor for the first 15 days the home is on the market, giving a person buying for themselves a chance to get a home.
The numbers really improved in March and if an upward turn truly materializes, it would mark the end of the worst housing market the Phoenix Metro areas has ever experienced. A upturn we are all ready for! Existing home sales in the metro Phoenix market climbed to their highest level since October 2005 which was during the boom!
The Phoenix Metro Housing lost more than half their value since the peak in 2006, making this a great time to buy! More and more people are back into the market and investors are picking up a lot of homes in great anticipation! One of the real estate analysts said that almost all the key market indicators that turned negative during the summer of 2010 and led to the second dip in home prices, have now turned positive, stating that it is a good possibility that home prices could climb during the next six to nine months.
If you are ready to find you home in the Metro Phoenix area give us a call! We would love to help you!
Ron & Brenda Cunningham
WEST USA REALTY
1640 S Stapley #124
Mesa, AZ 85204
*Recognized in the Phoenix Business Journal as One of The Top 50 Realtors in the Valley