Loading ...Courtesy of Barb Savoy-Pacella, ABR, CNRS, CHMS Director of Business & Career Development ~ Keller Williams Arizona Realty ~ www.PacellaGroup.com
The Market Optimism May be Contagious!
As reported by Peter Corbett in the Arizona Republic on April 15th, according to a University of Arizona forecast, the Valley’s new-home market is on its way to recovery.
The UofA Economic & Business Research Center report predicts that new-home permits in metro phoenix will jump 54% over last year and that permits will more than double next year.
Also on the plus side is affordable housing. Data shows that six out of ten homes sold in the fourth quarter of 2009 were affordable for families earning the Valley’s median income.
Valley-wide, residential re-sale appreciation is hovering at 9.4%, up from -41.7% at this time last year.
Valley-wide active inventory:
17% are foreclosures
43% are short sales
40% are equity sellers
Valley-wide monthly sold inventory:
51% are foreclosures
17% are short sales
31% are equity sellers
Scottsdale active inventory:
7% are foreclosures
24% are short sales
69% are equity sellers
Scottsdale monthly sold inventory:
24% are foreclosures
16% are short sales
60% are equity sellers
Current Conditions in the Phoenix Market:
There are 26,973 single family detached homes actively on the market in MLS. That is a decrease of 374 listings for the week.
There are 33,940 active listings in MLS, which includes patio homes, town homes, condos and loft properties.
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