Will prices drop anymore in west Phoenix estates?

Asked by Pam, West Phoenix Estates, Buckeye, AZ Sun Apr 1, 2012

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Jason Fleming, Agent, Goodyear, AZ
Sun Apr 1, 2012
March of 2009 there were 55,000 listing in the Phoenix area
March of 2010 there were 35,000 listings int he Phoenix area
March of 2011 there were 30,000 listings in the Phoenxi area
Today there are just over 11,000 units.

The median price has risen 1% per month for tha last 8 months.

Forclosures represented more than half the available units on the market in 2009 or more than 28,000 homes. Today they represent just over 22% of the available units for just 2450 homes. Look for the market to continue to climb until pricing rises to a level that new home permits are around 20,000 units per year. Then a more traditional rise in the market will occur.

Homes are in good shape and priced correctly are receiving multiple contracts for more than full price.
0 votes
Steven Larson, Agent, Buckeye, AZ
Sun Apr 1, 2012
The prices will not decrease, actually the prices have increased and will continue to do so. The inventory is much less than a year ago.
0 votes
Frank Martin…, , 85338
Sun Apr 1, 2012
Pam, its always possible but with the limited amount of properties currently on the market it is not likely to happen.
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