Phoenix Arizona Real Estate Market Report Analysis

The real estate market in Phoenix, Arizona, while being alive and active, has been hit hard by the sub-prime home loan crisis and subsequent recession. At the present moment, however, the market seems to have hit its lowest and is on its way back to a recovery. However, if you are expecting to see the high values that the Phoenix market held just about a year back, you will be disappointed.

The most important statistic, which is the best indicator of the present market conditions in the Phoenix area, is the average price of homes sold in the area. The price today is hovering around $135,000 as opposed to this time last year when it was about $207,000. This extremely sharp drop in prices is the impact of a receding market. Present prices are almost the cheapest real estate prices the area has experienced in quite a long time. Houses for sale in Phoenix AZ are therefore a great deal for interested buyers at their present value. This reflects in the fact that there were about 1,750 completed house sales in the phoenix region last month itself. This is a significant jump in numbers. However, the inventory has reduced substantially from what it was last year at the same time, meaning that there are only about 8,700 current listings in the Phoenix Arizona real estate market as opposed to over 14,000 a year ago.

The average number of days on the market for a property in Phoenix today is 62 days. While this is not too low, it is not too high either. In fact, the figure is much lower than most other locations hit hard by the recession. As a result, even though the prices have bottomed out, a flip sale is still possible in the market and there is some activity on the seller's part in the market. However, make no mistake, with the present prices Phoenix, Arizona is still very much a buyer's market.

The prices and market activity in Phoenix has largely been governed by another factor as well. This is the fact that there have been a significant number of properties in the area, which have been foreclosed or short sold due to lack of means to repay a housing loan. These properties are often sold at a bargain price and have resulted in a lot of buyer activity in the recent past.

About the Ron Bodell:

Ron Bodell is a very experienced Real Estate Broker in Chandler, Arizona. He has been in the business for more than 25 years and is a licensed Real Estate Professional. He will provide you with references from his client databases and is a huge source of help for both prospective buyers and people who are looking forward to sell their properties.