Phoenix Real Estate Recovery: Second Quarter 2012
After years of declining values from all the foreclosures, short sales, bankruptcies and among other things, there are signs of recovery in the Phoenix Valley Metro. At least, according to the statistical analysis conducted by Realtor.com. Here in the valley, the demand has been high with multiple offers on short sales and even regular sales, which prices have driven up. Most of these offers are by investors. One said median prices have driven up 30% over the past year, according to statistical findings by Catherine Reagor at from The Arizona Republic.
Catherine apparently is right. According to Realtor.com, Phoenix was ranked #1 in the country for the highest increase in sales price at 29.73% if you were to round up. As I said before, the offers are taken over by the investors. Right now, the foreclosure rates for every home in Maricopa County is 1 in 284 according to the source, considering the improvement. The underwater rate is significantly falling throughout Phoenix, Mesa, and Glendale areas.
We are seeing the light here in the Phoenix Valley Metro with the higher prices, the improving economy with many businesses coming in, and real estate activity really will pick up.
If you are planning to buy, move to the valley, or move close to your employment, I am your Realtor who you can trust. With the increase of home prices, you may want to consider buying today! If you plan to sell, my team and I will work together with you in selling your home! Please contact me as your real estate concierge in the valley at (480) 788-9212.