There is no doubt in anyone’s mind that the last few years have been rough for real estate in the United States, and especially Arizona.
Since the end of 2005, home sales have been steadily declining, but there is a light at the end of the tunnel. This year is on pace to be the third best year in terms of units sold since 2000. Through Sept. 10, the number of sales has already outpaced the number of sales for the years 2000, 2001, 2002, 2007 and 2008.
Furthermore, the inventory is at near record lows. Since the beginning of the year, the inventory for single-family homes that are active in the MLS has been hovering around 10,000 to 11,000 units. The law of supply and demand is starting to take effect.
Here is a graph, which shows the number of residential sales per year, according to the Arizona Multiple Listing Service, Inc.
I am in the trenches of the real estate world every day, and, at certain price points, we are seeing the same intensity of activity we saw in 2005. Homes priced aggressively are getting multiple offers, and the banks are motivated to sell what little inventory of homes they have left on their books. Home values have been steadily increasing this year, and many homeowners who, at one point, had underwater mortgages, are now starting to see hints of equity.
As the cooler weather starts rolling in, so does our prime time for selling real estate in the Valley of the Sun. If you are curious about your home’s value, please don’t hesitate to give me a call. It might be worth more than you think.
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. He was voted the No. 2 Residential Real Estate Agent in Arizona by Ranking Arizona, the Best of Arizona Business. 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.