Is Phoenix entering a HOT market?

hot-in-azThe temperature’s rising in the Valley of the Sun…but it’s not just the sun that’s hot.  What began as a “feeling” I had 3 months ago is now a reality that the “experts” are reporting on.  Yes, the Phoenix metro real estate market is showing signs of life again! 

For the first time since July of 2005, the local resale housing market sales have jumped by 15% over this time last year.  April 2008 posted 5,585 recorded sales compared to 4,855 sales in April 2007 (and increased significantly in just one month…4,335 in March 2008).

Prices have made owning a home affordable for many today who were squeezed out of the market during the peak of our sales boom in 2005.

Foreclosures have played a large part in the price reductions and now make up 44% of all houses selling under $200,000.  Last year, foreclosures made up only 16% of the market.

Bottom line….the “Bottom” just may be here.  So if you’ve been fence sitting…don’t wait too long. That great deal you’ve been watching may be gone tomorrow and you’ll be singing the “ShouldaWouldaCoulda” song again.

Check for complete weekly market updates on Phoenix East Valley Real Estate.

Amy Jones RealtorAmy Jones specializes in residential, vacation homes & cabins, as well as retirement communities in the communities of Ahwatukee, Chandler, Fountain Hills, Gilbert, Maricopa, Mesa, Paradise Valley, Queen Creek, Scottsdale, Sun Lakes, Tempe and the White Mountains communities of Pinetop/Lakes & Show Low.