We just had a very interesting Market Data & Trends Report come out and the good news is that the Real Estate Market has Shifted.
Here's what leads us to the conclusion that the Phoenix Real Estate Market has Shifted; we have increased the number of active, available single family homes on the market by 2,300 in the past 60 days putting us at 15,702 homes for sale. Keep in mind, our balanced, healthy market should be around 30,000 homes. These 15,702 homes are comprised of 83% traditional equity sales or flips with 17% distressed properties. This is MAJOR. We have recovered from a market where over 60% of the sales were distressed in 2011.
There is a shrinking gap between pricing of distressed properties and non distressed properties as our market continues to recover. We are seeing investors backing out as the prices continue to rise and the deals available in short sales and bank owned properties aren't as prevalent and are not priced at such a reduced rate compared to market value.
We are still dealing with short sales and REOs but not to the extent that we were. We are still seeing distressed properties mainly in Tempe, Chandler, Gilbert where they hold 21% of the market. Some parts of the valley are unbelievably close to being a healthy market. Scottsdale for example - 85258, 85259 only show a 6.5% distressed rate with only 20 properties actively available as a short sale or REO. We are predicting the trend to continue to a fully recovered marketplace by October 2013.
The time to buy and sell is now. The Phoenix Real Estate Market Has Shifted.
Contact a Real Estate Consultant Today to discuss the market in more detail.
602-748-6136
Here's what leads us to the conclusion that the Phoenix Real Estate Market has Shifted; we have increased the number of active, available single family homes on the market by 2,300 in the past 60 days putting us at 15,702 homes for sale. Keep in mind, our balanced, healthy market should be around 30,000 homes. These 15,702 homes are comprised of 83% traditional equity sales or flips with 17% distressed properties. This is MAJOR. We have recovered from a market where over 60% of the sales were distressed in 2011.
There is a shrinking gap between pricing of distressed properties and non distressed properties as our market continues to recover. We are seeing investors backing out as the prices continue to rise and the deals available in short sales and bank owned properties aren't as prevalent and are not priced at such a reduced rate compared to market value.
We are still dealing with short sales and REOs but not to the extent that we were. We are still seeing distressed properties mainly in Tempe, Chandler, Gilbert where they hold 21% of the market. Some parts of the valley are unbelievably close to being a healthy market. Scottsdale for example - 85258, 85259 only show a 6.5% distressed rate with only 20 properties actively available as a short sale or REO. We are predicting the trend to continue to a fully recovered marketplace by October 2013.
The time to buy and sell is now. The Phoenix Real Estate Market Has Shifted.
Contact a Real Estate Consultant Today to discuss the market in more detail.
602-748-6136
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