Articles and opinions about the current Phoenix real estate market with trends data and opinions about what is going in with the Phoenix housing market.
There are currently 72 blog entries related to this category.
Tuesday, March 27th, 2012 at 8:04am. 866 Views, 0 Comments.
On Monday of all days I got a call from a news reporter wanting to do an live on camera interview with me about the pending numbers, why they are down and what it means. Of course Monday is the busiest day of the week with all the pent up weekend listings and contracts needing escrows opened or replies: essentially 3 days of work need to be squeezed into one, so an interview was out of the questions, which was too bad for me.
I did tell him my opinion about the matter which I'd like to share with you since these numbers are confusing, though very symbolic.
First look at the active properties on the market. There are fewer properties: inventory is low. In addition look at new listings this year compared to previous years. Follow that with the…
Friday, March 16th, 2012 at 7:34pm. 1011 Views, 0 Comments.
Spring is almost here, but it already feels like summer. Spring is also the busy season for home sales. Every city in Greater Phoenix low on inventory, even Scottsdale, though inventory is higher then in other parts of the metro area, which is normal.
( Chart: The Cromford Report )
Scottsdale was not as hard hit by the Great Recession, partially due to the higher end market, but mostly due to the fact that the area is established with long time residents, many of whom have been there for a long time and have a low mortgage or no mortgage.
Thus long term apprecation has, for the most part, stayed in the black.
Right now there are some 2,081 homes on the market, which has been steady for the last few months. Sales have increased. The last…
Saturday, March 10th, 2012 at 10:02am. 667 Views, 0 Comments.
Ok, sales of traditionally sold homes or in other words not short sales nore bank owned homes are on the rise: in fact, 50% of all properties sold in the recent months are normal sales versus 43% last year and 44% two years ago; that's an improvement, but 50% is not where the market should be.
Since the market has seen an improvement, let's take a look at the 'normal' real estate market.
The best comparison is the look at the numbers against other segments of the market for a given period and the same segment in different periods of time.
Before now, the traditionally sold market was a drag on most of the median and average numbers, like months supply of inventory. While other segments were well into seller's market territory, normal sales…
Friday, March 9th, 2012 at 8:27am. 756 Views, 0 Comments.
With the improvements in the Phoenix real estate market, investors have increased their activity. The graph below charts sales to investors from 2001 to now.
The last year has seen about 25% of the properties go into investor's portfolios and the last recorded month that jumped to nearly 30%, that despite the number of properties sold dropping.
Keep in mind that the only reason the number of properties has dropped is lack of inventory.
Investors are coming from around the world to take part in Arizona's real estate recovery and the current path the wealth building.
Just to give you an example of our client base: China, Poland, Australia, New Zealand, Canada plus many investors from different states in the U.S.
Friday, March 2nd, 2012 at 8:08pm. 1063 Views, 0 Comments.
Anyone in the market right now as a buyer has their feet on the ground and in the trenches. These people know what the market is like. The newspaper writers don't. Despite the still somewhat gloomy national market new, the local market is buzzing with activity like a flock of bees to freshly opened flowers. In fact, a recent survey of buyers by Redfin indicated that one of the concerns buyers had when buying in the current market is a lack of inventory.
Almost all offers we put in are met with resistance from other competing offers, often pushing the price beyond what I think the market value is, but that's the prerogative buyers with cash have. They can choose to over pay a bit to gain control of a property that will make sense for the long term.…
Tuesday, February 21st, 2012 at 11:05am. 890 Views, 0 Comments.
We've just added two very cool graphs to the site in the market trends section.
The graphs are:
Active properties in Greater Phoenix, though this is an interactive map so you can select the city, property type, status on whim and get ver detailed information like bank owned condos in Scottsdale or single family homes that are normal sales in zip code 85012. I think that's pretty awesome and it puts a lot of information in front of your readers helping us get to our goal of keeping clients well informed with information to help make better decisions.
Notices of Trustee Sale is the second addition. This graph shows a monthly number of 'notices of trustee sale' These are notices that a home is pending a foreclosure. Many of these homes will go into…
Friday, February 10th, 2012 at 1:24pm. 957 Views, 0 Comments.
40% of single family and condo sales in Greater Phoenix in January 2012 were cash purchases.
It means people smart enough to accumulate that much cash have a lot of confidence in what they are doing, which bodes well for the market.
It does somewhat make it more difficult for people with a loan to buy a home, especially a loan that is weak and more prone to falling apart, but 60% of sales are with some type of financing so it's very do-able.
Saturday, February 4th, 2012 at 11:13am. 2248 Views, 0 Comments.
I'm a bit annoyed right now. It seems that Jan 1st was just a few days ago and it's already February 1st. I now cringe in disgust when I hear the cliche 'time flies' or 'time goes by faster as you get older.' It used to sound like BS to me, but now I see it's all true. Maybe it's because the world is so fast paced now. There are many more obligation, small bills nit picking at the pocket book for stuff that few could imagine decades ago and everyone is connected and on demand.
My uncle is a residential and commercial electrictrician, a really good one by the way. He is getting a batch of new business cards he wanted me to glance at. One line said, "service 24 hours a day". Does he really want someone calling him at 2 am? Probably not, but it's…
Tuesday, January 31st, 2012 at 2:35pm. 805 Views, 0 Comments.
Looking at stats is fun and often very enlightening. I use Clicky for tracking websites amongst others in case you're wondering about the display below.
One of the interesting things is where are visitors coming from. This is also indicative of where many buyers and investors are from. In this snapshot we're only focusing on U.S. and Canadian visitors over the last couple of months. All these are individual ip addresses so repeat visitors are, for the most part, not here, nor are my visits which I block.
Besides the obvious Arizona visitors, California takes second place as is expected. Californians buy a lot of property there. Next are Canadian visitors. 11.2% of visitors are from Canada. You can see where Canadians are buying in Greater Phoenix…
Monday, January 30th, 2012 at 5:48pm. 697 Views, 0 Comments.
Start by looking at the right end of the graph below in the present where it is clear by the graph and the activity in the market that prices have stabilized and many cases are on the rise without any foreign influence: by that I mean government incentives like the tax credits we had a few years ago, which did nothing, but artificially bump the market before it corrected itself after the incentives were removed.
Those are gone and prices are almost naturally coming back and improving. It's good to see this finally.