Phoenix now ranked the 5th largest city in the United States. We are seeing what looks like a bottom to the market. Home sales are flat in most areas and rising in others. Commercial Real Estate is seeing a much needed boost due to the influx of investors turning away from residential. Condos and townhomes in Tempe are still a hot commodity but for the rest of the valley sales are down.
June home resales decreased over the May totals, and the median house price stood at $255,350. Total real estate closings for June were down significantly year over year with 1034 MLS closings for June 2007. This identified June with one of the largest percentage drops at 37% decrease in MLS sales. May's numbers were down nearly as much as June's numbers with a decrease of 30% in MLS closed sales. Since we deal with a lot of REO and preforeclosed properties, we are seeing builders competing with lender owned properties and these are the properties that are selling. They too are the properties that are calling the bottom of the market. All this may seem like doom and gloom but in reality it is the cyclical sign we are at the bottom of the down trend. We experience this cycle every 20-25 years and the larger volume drops in year over year sales usually identifies a bottom.
With our fast paced real estate market a new proposition was approved to improve the current freeway system and add new light rail to the valley. The federal government has also granted new funds to Phoenix's light rail system. To see more information on the freeway system go to http://www.azdot.gov/Highways/
Where to buy is a very important factor when coming to the Phoenix metro area. Job location, schools and style of living are all a big factor.
If you are considering selling or buying in the Phoenix area, please visit my website to learn more about Phoenix and the surrounding areas.
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Location Characteristics: Phoenix is a city located in a valley bordered by small mountains. The city is setup as a grid and is easy to find your way around. With many upscale areas, historical features, and nightlife to satisfy most unique tastes, Phoenix offers year round conditions for any type of life style. Phoenix border cities are Scottsdale, Paradise Valley, Mesa and Tempe to the East; Cave Creek, Carefree, Desert Hills and New River to the North; Sun City, Surprise, Peoria, Glendale, Litchfield Park to the West; and Avondale, Tolleson, Laveen and Ahwatukee to the South.
About Christian Broadwell, GRI (480) 206-1258:
Designated Broker, Realtor, GRI and Engineer I work in Arizona Real Estate from Land to Luxury Homes, New Homes and Commercial Property Specializing in South Mountain Living. Ahwatukee, Baseline Corridor, Chandler, Paradise Valley, Scottsdale, Gilbert, South Mountain Village, Laveen, Goodyear, Avondale, Tolleson and Estrella Mountain Ranch
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
