Phoenix Area Housing Market – UPDATE OCTOBER, 2012

Normal (traditional homeowner) sales continue to rise to 56.1% of sales. This demonstrates that “sidelined Sellers” are finally re-entering the market as prices are beginning to allow traditional Sellers to sell once again. This number will continue to improve as the distress sales drop. If you are considering selling your home, now is the time to do so!

The supply of available homes is increasing which is traditional for this time of year (when our winter visitors return) – but we are seeing more significant increases particularly in Queen Creek and Maricopa – the very epicenter of the “price crash”. The luxury market is seeing steady supply with some small areas decreasing in supply. The luxury market is always weaker in the summer so Sellers in that market should see some movement now that our cooler weather has arrived.

It will be interesting to see if builders respond quickly to the lowered supply of resale homes and begin adding to the supply through increased building. Their challenges remain finding vacant lots at competitive prices and qualified workers who vacated our crashing job market.

What does this mean to the homeowner? The increased values should encourage Sellers to begin to monitor values to see if they now can enter the marketplace again. A supply/demand analysis for your neighborhood gives thebest accuracy in a marketplace that is shifting, and as always, I am available to help you. Be wary of using county assessor valuations or online website estimates for determining value (i.e., Zillow); much of this data is extrapolated from unreliable and outdated sources. The Phoenix Metro real estate market has changed significantly in the last several months and old data – even as recent as 3-4 months ago – is stale and no longer valid in determining value.

I am always available and a trusted source to answer your questions – whether you are thinking of buying, selling, or leasing a home. Please call (480-239-3023) or email (john.groves@azmoves.com) me at anytime or visit my website: www.arizonfamilyrealestate.com.

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