A Look At The Phoenix Real Estate Market

We recently received a real estate report about the Phoenix area from local realtors Chuck and Charlie O’Malley who market Mirabel, Desert Mountain, Terravita and other golf communities and there is positive news.Prices

“No matter what you hear in the local or national media, Phoenix area home prices are not still falling. There is clear and irrefutable evidence that as a whole, we hit bottom back in mid-September. We believe the notion that prices are still falling and will continue to fall in 2012 is a myth.

Prices have been on a clear upward trend for 3 full months now, and any suggestion to the contrary is based on a misunderstanding or misreading of the data.

So we will keep an eye on this and revisit it next spring. But buyers who are sitting around waiting for prices to keep falling will be disappointed when they head out to the market.”

Inventory

Two significant pieces of data have emerged from our analysis this week:

When comparing the period from November 15 to December 15, 2011 to the same period in 2010 and we find that the total number of new listings added to the ARMLS this year is down nearly 20% and notices of trustee sales are down 11%.

Those numbers and the surge of investor buying in our market right now are pointing to the lowest levels of housing inventory that we have seen in recent memory.

Prediction: Once the primary buying period begins in February 2012, shortage of supply will be a dominant factor in the market.