The Phoenix area real estate market improves

phoenix real estate marketThe media is finally reporting what I’ve been saying for months now.  The market is improving!  I wondered why it was so quite in media-land regarding this fantastic news.

Finally, the Phoenix Business Journal reports that June home sale hit the highest number in a decade stating

June home sales in the Phoenix metro area surged to 11,125 units sold, the highest number of transactions in a decade, according to a new report released by the Arizona Regional Multiple Listing Service Inc.bizWatch

The June number even eclipses the sales figures during the 2005 housing boom. June sales also were nearly 20 percent higher than June 2010.

The article also reports that inventory is down and foreclosures have dropped.

The Arizona Republic reported today much of the same information in their report “Phoenix Area Housing Market Gaining Ground

“Supply continues to drop while demand is extremely strong,” said real-estate analyst Mike Orr, who publishes the online daily “Cromford Report.”

He said there are still some market watchers who believe there is a large “shadow inventory” looming over Phoenix. These homes, which aren’t in foreclosure but could soon be taken back by lenders, could flood the market and drive prices down again. But his figures show Phoenix’s shadow inventory has been steadily falling since November 2010 and won’t impact prices.”

Interestingly, prices have not shown any recovery which is odd, since buyer activity is exceptional and inventory is down.  I have a theory as to why prices are not reflecting the current market which will be the subject of my next post.

Stay tuned!

About Amy Jones Group

Amy Jones is the owner of Amy Jones Group Keller Williams Integrity First. The Amy Jones group has been recognized as the #1 Real Estate Team in Chandler by the Phoenix Business Journal and voted Best of Our Valley for 4 years.

The Amy Jones Group specializes in real estate in Chandler, Sun Lakes, Gilbert, Mesa, Tempe, Ahwatukee, and Phoenix.