Some amazing statistics are starting to appear supporting a rebound in Phoenix real estate.
Single family home sales in Phoenix for February were strong at 4,901 homes. It was the best February for number of homes sold since 2006.
Single family homes sales in metro Phoenix were very strong for January, 4,285 homes a 52% increase over February of 2008.
The number of single family detached homes listed for sale actually FELL 4% in a 30 day comparison ending March 15th 2009. Last year, the inventory increased 1% in March. The February 2009 metro Phoenix inventory of homes listed for sale was equivalent to a 9 months supply of homes. That is still a buyers market to be sure but it is also a significantly smaller supply of homes than February 2008 when we had over 16 months of inventory.
Greater Phoenix home sales usually start to rebound in February. January is typically the slowest month of the year for home sales in Phoenix. Home sales in Phoenix usually take off in March.
The buyer psychology is changing as pricing seems to have bottomed out. The median home price fell just $3,000 compared to $13,000 over the same period last year.
Demand for real estate is returning to the Phoenix real estate market. This demand seems to be coming from several sources, investors returning to the market because they sense the bottom is here, first time home buyers who are buying homes and getting a $8,000.00 tax credit along with the normal flow of real estate transactions you normally expect in a metropolitan area like phoenix with a population in excess of 3.6 million.
The decline in the downward momentum in Phoenix home prices suggests the market as a whole may be approaching a bottom. Overall the median single family home price of homes sold via the MLS fell to $127,900 in February 2009. The median home price in Phoenix, Arizona hasn’t been that low since January 2001.
FHA loan limits have also been increased. For example, in Phoenix the previous limit was $271,050 but the new limit is $346,250.
Although there are significant variations within the area, the residential real estate market for Phoenix as a whole continues to correct and improve. We expect a continued sharp lowering of the inventory of homes on the market. Inventory will likely reach the normal range before late summer.
Phoenix Median Home Price – Non-Foreclosures
February 2009: $133,000
February 2008: $230,000
Richard Bonn is a Professional Real Estate Marketer.
More information is available at http://www.Phoenix-AZ-RealEstate.com along with a great way to find the best deals in Phoenix AZ Real Estate.
[tags]phoenix az real estate, phoenix real estate,[/tags]
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