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The Greater Phoenix Real Estate Market 2008
Written by Gary And Claudia Scott | October 29, 2008 4:53 PM Market Conditions in PhoenixNo comments | 129 viewsThe2008 real estate market has been a roller coaster as the challenging economic times have affected the country. A multitude of factors contributed to this pendulum swing - the hyper activity of buyers jumping in to the market; bad mortgage lending to borrowers at all levels eventually leading to a flood of short sales and foreclosures.Consumer debt, the unstable economy; and the upcoming presidential-election are also important factors.Like the rest of the country, the greater Phoenix metro area has transitioned from the sharp increase in value during the market boom of 2004/2005 to declining equity shaped by the market correction of 2006/2008. Statistics indicate that the overall the decrease inequity August 2007 to August 2008 was -30.7%. However, the equity increase from 2001/2007 was roughly +90% for single family homes and+70% for property prior/condos. Homeowners who purchased their the city to 2004, still have a favorable equity position. The of this annual increase in equity ranges from 3-6% depending on the city/area.The good news is that 2008 sales/closing are increasing monthly. Valley wide the total number of closed sales closed sales in September was6,168, greater than any month this year by over 200 sales. This is an81% increase over September of 2007 and a 115% increase over January of this year.local market Inventory - All dwelling types Valley Wide
When will the market finally hit bottom and start bouncing back? A plethora of 'experts' differ on the their opinions of this enigma. If only we had a magict formula or crystal ball to provide us the answers. The local market has seen a gradual increase in sales throughout 2008 which points to the reestablishment of a stable housing market. One thing is for sure, once the media announces we have 'hit bottom' it will be too late.This is still a buyers market and an excellent time for first time home buyers and investors as there are some great bargains available in Scottsdale and the greater Phoenix metro area allowing buyers the ability now afford to purchase in some of the exclusive areas. The favorable interest rates and lower prices provide a greater opportunity to gain better appreciation over time.Search the Scottsdale MLS
Search the Greater Phoenix MLSWhen looking to buy and/or sell, or know of anyone that is, feel free to contact us.
Gary and Claudia Scott, REALTOR, GRI
Call Toll Free at 866-464-2140
or e-mail - garyandclaudia@cox.net
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