Phoenix Cities December 2008 Home Sales Volume Up Dramatically
January 03, 2009
Sales of homes in certain parts of the valley increased over the same time last year as homes prices became more affordable.
Some parts of the valley saw a dramatic increase in sales. This is "loose your breath" type of sales increase, something akin to going up on a roller coaster. This seems to be a good analogy considering the steep quick ride down the market just had.
Showing the most dramatic increases in single family detached home sales from December 2007 to December 2008 are the following cities:
El Mirage up 531%
Litchfield Park up 247%
Buckeye up 163%
Avondale up 144%
Apache Junction up 137%
Phoenix up 135%
Tolleson up 131%
Queen Creek up 101%
Laveen up 100%
Phoenix itself grew 490 to 1328 sales according to the Cromford Report. Sales in phoenix increased so much because of the increase in supply of low priced homes. This has been the trend these last two quarters: successively lower prices have perked up the interest of buyers who were for a very long time priced out of the market.
We have seen an phenomenal drop in prices for certain homes in
Phoenix. The drop has been mostly in the starter homes segment not the
move up nor luxury segment.
Look at our report for homes priced $100,000 or less. Many tenant residents are now considering buying and some already have. That is why rental rates have flattened and vacancies increased.
We'll have a full market review in a few days followed by special more detailed reports through out the month and of course the obligatory look at 2008.
 |
|
 | Phoenix Real Estate Market Trends Overview | Housing Market |
| Current and Historic graphs of the real estate market in Greater Phoenix |
| item/180051 |
|
|
| Phoenix Bank Owned Homes | Greater Phoenix Foreclosures For Sale | Phoenix REO MLS Search |
| Search REO, Foreclosure, Pre-Foreclosure, Short Sale Properties in Phoenix by map, by zip code, city, community, school and styles. |
| item/217850 |
