Phoenix Arizona Real Estate Market Changing….For the Better?
The Arizona real estate market is showing signs of improvement, at least according to recent MLS stats. Statistically, June 2009 was actually the best month we’ve had in over two years. For the first time in 2 years we have less than 40,000 active listings on the market and are seeing just over a 4 month supply of homes. Compared to last year at this time where we had about 57,000 active listings and a supply of over 10 months.”
Does this mean the Arizona market has hit rock bottom? No, probably not. Although it’s showing signs of improvement we still have a ways to go. There are a lot of sellers right now that would love to sell but can’t and are trying to wait it out. Plus a lot of the banks are sitting on foreclosed inventory that they don’t want to put out into the open market just yet. Depending on what the banks decide to do with their excessive inventory I think that we’ll continue to see a 4-5 month supply over the next few months or so. It’s still a good buying market and there are some great properties out there but as they get sold other sellers will add to the inventory keeping it balanced.
Considering the high amount of appreciation the Phoenix real estate market saw a few years ago, pricing has come down quite a bit and it’s becoming an affordable destination once again. As people realize what a great area it is to live and now its affordable as well we should see an influx of new residents and new money pumped into the local economy. Phoenix has always been a great place to live, work, and raise a family but affordability became an issue. I know over the next few years people will realize that by moving here they can have their cake and still afford to eat it to!
Phoenix Arizona – The real estate market continues to change but the wonderful residents remain the same!
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