Growth expected to continue in Phoenix
Hello -
There is a great article on www.azcentral.com today; it's sort of a 'state of the market address', for lack of better description.
Two interesting quotes, as they relate to the real estate market:
"Jobs and residential real estate growth have roughly returned to normal. Still, it can feel like a slump because last year was so unusually frenzied."
And regarding housing, in general:
'"I thought we would have seen the housing market stabilize by now," said Valley housing analyst RL Brown. "Now home builders have a surplus and no lines at their sales offices. Reality set in for them a month ago."
• The typical price of a new Valley home climbed from $225,000 to $300,000 last year.
• Single-family housing permits were down 45 percent in August compared with a year ago.
• For the first eight months of 2006, home permits are down 23 percent from 2005's record pace.
• There are 47,000 homes for sale Valley-wide, more than double the listings from a year ago."
So, as we have said before, the Phoenix housing market is returning to normal. It will take longer to sell a home than it did last year, but the market remains strong. This is a GREAT time to buy a home, as you are not seeing the bidding wars of last year, and there are more homes to choose from. Builders are offering generous incentives, as well.
To read the full report, click HERE.
HAVE A GREAT WEEKEND!
Sharon Kotula, ABR
Adam Tarr, e-PRO
Kotula-Tarr PC
Your Phoenix Area Real Estate Source
RE/MAX Excalibur
Scottsdale, AZ
480-483-3333