The wave of activity in the Phoenix housing market is showing no signs of slowing down, and experts agree that an increase in Phoenix home prices is all but certain throughout fall. This is a particularly positive sign since most markets are slow during the fall and winter months, and then gain traction toward the end of spring and summer. The director of the Center for Real Estate Theory and Practice at Arizona State University reported that metro Phoenix home prices and sales both increased in August. The director is hopeful that the upward trend will continue throughout the rest of 2012.
As it stands, there are approximately 10,000 single-family homes for sale in Phoenix that are not already contracted by a buyer, and the increase in real estate inventory has increased by 3%. This may offset the scarcity of real estate that's causing prices to skyrocket. Nonetheless, the inventory of Phoenix homes for sale is still lower than the average for the past decade, and developers are eager to reverse that trend by adding new developments to the mix of real estate on the market.
New homes will also boost interest in Phoenix-area homes since builders are reporting that new developments are gaining a flurry of attention from buyers and investors alike. Sales are steady on the rise, and bidding wars indicate that prices still have not increased enough to dissuade average home buyers from staking a claim on Phoenix real estate. According to a recent report issued by the W.P. Carey School of Business, the median price of an existing Phoenix home recently reached $150,000, which is a slight increase from the $149,000 median price this July.
If you would like to learn more about why now is the perfect time to invest in Phoenix real estate, please give me a call so that we can discuss the best way for you to make your dream of Phoenix home ownership a reality. I'd love to use my extensive experience to help you with every step of the process of purchasing your Phoenix home.