Eye On Arizona
Arizona Housing, Travel, Golf, Real Estate
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Phoenix – Mesa – Scottsdale Home Sales on the Rise
The Arizona cities of Phoenix, Mesa and Scottsdale, experienced an increase in single-family detached home sales in March over the months of February and January. The Phoenix home sales increased 28%, up 538 closings from February to a total of 1,951 closings in March. Homes Sales in Mesa increased by 25%, while sales in Scottsdale increased by 21%. Buyers are taking advantage of the lower interest rates and the higher degree of home affordability and scooping up bargain priced homes.
Areas like Phoenix are seeing multiple offers on affordable homes. The table below presents an overview of the single-family detached home statistics in the Phoenix, Mesa, and Scottsdale market. It also reveals the numerous amounts of bank owned, short sale, and auction properties.
Market Snapshot: Single Family-Detached Home Statistics for Phoenix-Mesa-Scottsdale
Phoenix
Mesa
Scottsdale
Total Homes Available on the Arizona Flex MLS
8,365
6,757
3,935
Active Short Sales
1940
743
499
Active REO, Bank Owned
2,916
663
264
Auction Properties
(owner occupied)*
5,000*
3,465*
1,707*
Total Homes Closed
March 2009
1,951
506
243
February 2009
1,413
379
192
January 2009
1,283
325
170
Average S-F Detached Home Price
$279,223
$ 293,498
$ 1,186,146
Average Days on Market
143
146
211
With lower interest rates on buyer’s sides, it is a good time to purchase. Once the economy begins to turn around, renowned economist, Dr. Joel L. Naroff, President of Naroff Economic Advisors, predicts that the Fed may raise interest rates sharply. He states that the Federal Funds rate could rise from 0.5 or 1% to as high as 4.5% within a six-month period at the first signs of an economic recovery. Overall, Naroff expects the second half of 2009 to have a stronger fourth quarter than other economic models currently predict.
Sources:
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*Data gathered through ARMLS. Owner Occupied Residential. http://armls.imapp.com/ilinks/search, many of the auction properties are not listed on the MLS and include all owner-occupied properties; therefore the number of homes available in the table does not reflect this number.
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FlexMLS. 31 March 2009.
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Knowledge @ W.P. Carey. The Economic Forecast? Cloudy with a Chance of Shower, at Least until 2010. 18 November 2008.
Information deemed reliable, but not guaranteed.
Top Five Reasons to Purchase Real Estate in the Red Rock State of Arizona
By: Ann Belfield
The top five reasons to purchase real estate in the red rock State of Arizona and the Phoenix area: climate, beauty, activities, range of housing types and, yes, economics. Below is an overview of the reason why many choose to purchase a home in Arizona and the greater Phoenix area.
1: Climate of Blue Skies full of Sunshine
The number one reason many people choose to move here is due to Arizona’s geographical location. With over 300 days of sunshine a year, there is no other state, possibly country, that can compare to our beautiful, dry, sunny climate.2: Beauty & Majesty of Arizona
Not only is Arizona a state people migrate to for the warmth, it is full of majestic beauty that makes the state a dynamic place to live. From the snow capped mountains of Flagstaff to the saguaro crested mountains of the McDowell’s, from the majestic red rock formations of Sedona, Red Mountain, Papago Park, the Grand Canyon, to the barren mesas of the higher desert, to the tropical style resorts of Scottsdale to the rugged western style atmosphere of ghost towns like Jerome, Arizona offers so much dynamic beauty that captures people’s interests.3: Activities in Arizona
In addition to the wonderful climate and beauty of Arizona, the Phoenix area offers sporting events, like spring training with the Cactus League, Phoenix Suns Basketball games, wonderful western style culture in Old Towne Scottsdale, sophisticated shopping boutiques in Scottsdale and Phoenix, miles of hiking and mountain biking trails through the Tonto National Forest, McDowell Mountains, Estrella Mountains, White Tank Mountains and the San Tan Mountains, and boating and water skiing at Lake Pleasant, Apache, Roosevelt and Saguaro Lakes, and tubing down the Salt River.4: Range of Housing Types in the Phoenix Area
Real Estate for Your Lifestyle… From the luxury dream home nestled amongst the mountains in the desert, to city lofts and condos, to gorgeous golf course frontage homes, to master planned communities, Arizona offers something for everyone. Whether you are in search of a dream home, condo, townhome, loft, commercial space, you can find it in Phoenix, Arizona.
5: Economics of Arizona’s Housing Market
With historically low interest rates, many housing types to choose from, a buyer’s market, now is a great time to purchase real estate in the red rock state of Arizona. Housing is now much more affordable in the Phoenix market than it was three years ago and buyers are now in the driver’s seat.To move forward on your house search explore this site, or feel free to contact me with specific details on your property search.
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