Phoenix East Valley Real Estate Market UPDATE - September 2012
Phoenix East Valley September 2012 real estate summary can be described as: 1) declining inventory, 2) lower number of sales and 3) higher sales prices due to high buyer demand.
Inventory of active listings is declining because there are fewer distressed properties for sale accounting for 40% of sales in September 2012. It wasn't that long ago distressed sales were 55-60% of closed sales.
Homeowners may want to sell, but prices have to come up signficantly for those who have bought since 2004 to have the equity in their home to cover the cost of sale, cost of purchase and their down payment for their new home. That's going to take some time. Our September 2012 median sales price just reached $150,000. But this is well below our highest median sales price of $264,800 reached in June 2006. It is going to take time for the sales price to ratchet up to a point where the average seller can sell their home with enough money left over to afford to buy another.
Fortunately our job market has been out-performing many states. As wages increase, we should be able to accelerate having more strong buyers to qualify for low down loans after paying for the cost of sale and purchase.
Check out Arizona Market Analysis for the region, Chandler real estate, Gilbert homes AZ, Mesa homes for sale AZ, Phoenix investment real estate, Scottsdale homes for sale AZ and Tempe homes for sale.
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