Wednesday, September 5, 2012

Market Update

Market Update
With all the talk on the news and in the media about the changes in the housing industry, I thought I would take the opportunity to share some positive data and statistics with you this week.
As many of you may have read recently, Arizona was ranked number 4 in job growth this past year, up from July 2011, according to the ASU analysis of data from the U.S. Bureau of Labor Statistics. Additionally, the National Housing report provided by RE/MAX International also reported an increase in the number of sales and the overall prices of homes. July home sales were 10.3 percent higher than sales last year and year-over-year home sales have risen for thirteen consecutive months. The median home prices have also shown an increase for six months in a row, with an increase of 3.7 percent over July 2011.
But as many of you also know, the available inventory of properties for sale possesses a real challenge for those who are looking to purchase a home in Arizona. Today in Maricopa County, there are 11,086 homes on the market in the Arizona Regional Multiple Listing Service (ARMLS). That is a shocking number when you consider the inventory just a few years ago – there were nearly 60,000 homes for sale!

Since July 1st 2012 we have sold 7,011 single family homes in Maricopa County and today, there are 15,069 properties sale pending in ARMLS. These are all positive signs for a healthy return to the housing market here in Arizona – and a well-needed boost in the value of real estate. The median sales price for a single family home today is approximately $164,000. This time last year, the median sales price for a single family home was $124,000 – that is a $40,000 increase in property values in the last year!

I know the low inventory of homes may be discouraging, however, the effort is worth it when you consider that property values will continue to climb so long as consumer confidence is strong.  And if you have a home that you previously thought was underwater, now may be the time to consider selling – your home may be worth more than you realize. As a full-time REALTOR, I have the local experience to help you not only find the perfect property, but also negotiate the best terms and price, whether you are buying or selling. Please give me a call today – Luisa
Luisa Ramirez, RE/MAX Professionals
623-687-7827 direct
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