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market info

This posting somehow got posted as content on the main blog window a few days ago.  I am transfering it to the normal blog. Sorry for the oops.

 

Welcome to "it's a dry heat".  Well with temps running in the 110's this week it is fitting that we are discussing how hot the market is.  The temperatures have been significantly above normal, and so have home sales.  Everybody is talking about the housing bubble.  The problem is that NOBODY can tell you whether there is one or not. Most analysts feel that the Phoenix/Scottsdale market will not "burst" but eventually slow down to a more normal pace.  I think overall that makes everyone happy.

 I heard about a book today that I will have to pick up.  The author has related real estate trends to other past market trends and finds them to be on par. ( I'll get the book and author to you when I get it 100% correct).  The author says keep on investing, but sell by 2009, EXCEPT in ARIZONA and a few other places.  Hold onto property longer here!!  We are a vacation destination which will keep the market going longer.  Add to that the fact that the "baby boomers" have really only been buying their 2nd or vacation homes for a couple of years.  The boomers span about 20 years, so think about that potential.

Yesterday I mentioned SE Valley stats, today some west valley stats.  These were gleaned from ARMLS and Glendale-West Maricopa Board of Realtors.

West Valley single family homes listed for sale in May 2004 1,777.  May 2005 - 713.  The significant decrease at least partially (if not mostly ) due to the tremendous market that saw homes sold before hitting the market officially.

Average days on market: May 2004 47.6;   May 2005 - 24.6

Median sales price for the month May 2004 $135,000      May 2005 $210,000

                                    Over 50% gain!!!

 

Info to mull over.  Have a great day!


Adam & Sharon

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