It always is my pleasure to give you the real estate report from my in the trenches point of view.
For months, I have sensed the market change, and, at long last, the media is acknowledging Arizona’s turnaround. The Arizona real estate market is finally on the upswing, with a variety of indicators pointing toward the positive.
“A credit-tracking firm predicts mortgage delinquencies will fall more sharply in Arizona next year than in any other state.” Arizona Republic, Dec. 8, 2011
“Home loans that were delinquent or in foreclosure fell … 25 percent in Arizona in the year through Nov. 30.” Bloomberg BusinessWeek, Jan. 9, 2012
“The Sun Belt is poised for a recovery, according to the most recent economic and demographic data. Even such hard-hit states as Arizona appear to be making an unexpected, and largely unheralded, recovery.” Forbes, Dec. 22, 2011
“The number of home sales in 2011 climbed to their highest level since the housing market’s peak in 2006. Foreclosures fell to their lowest level since 2008. And the number of Phoenix-area homes listed for sale has dropped to a figure not seen since 2005, indicating demand is finally exceeding supply. This is a complete turnaround from 2007, when the housing crash started, and cheap foreclosure homes flooded the market, while buyers were few.” AZCentral.com, Jan. 6, 2012
As I write this article on Jan. 15, we have only 18,000 active listings in the MLS, once again down from 19,000 in December 2011 and 23,000 in June 2011. The lowest monthly sales price per square foot was recorded on Sept.15, 2011. The averages have been higher ever since.
If you have been waiting to move, this is it! If you read my article last month, hopefully, you have started getting your home ready to list. Give me a call, and I will be happy to give you a free market evaluation of your home. The spring is always the best time to get action on homes in beautiful Arizona. So, think about it…
John Karadsheh is a licensed REALTOR® with Coldwell Banker Trails And Paths Premier Properties. He also is an Associate Broker, Accredited Buyers Representative and a Certified Residential Specialist. You can contact John with any of your real estate questions. Call him at (602) 615-0843, or go to his Web site at www.BuyAndSellAZ.com.