October Will Be An Exciting Month

I always enjoy the month of October, it marks the end of summer and the start of fall.  Evenings are very comfortable with daytime temperatures in the high 80s.  This year, October will probably be even more exciting  because our son Jeff and his wife Stephanie are expecting their first child, a little girl.  Because we are a family staffed business, there may be a day or two when we will not be available.  We will be celebrating the birth of our first grandchild.

September was a productive rental month for us.  By the end of the month we had one vacant home left.  Our more expensive rental homes were clearly in demand – they went quickly.

Sales of residential properties in the Phoenix Metro area slid even farther in August.  Sales were down 14.1% from July and 6.9% compared with August of last year.  MLS reported that 7,055 residential properties closed escrow in August

Listings of new inventory climbed 7.2% from July to 9,807 residential properties.  As a result, total inventory is up 6.6% with 21,382 listings currently offered for sale.  Homes that are classified as “Under Contract but Accepting Back-Up Offers” make up 15% of the active inventory.  This block of properties as a percentage of total new inventory has been slowly declining.  In August 2012 we had 30.3%; last month we were at 16.8%.  Because of the reduced amount of sales in August, Months Supply of Inventory in August dramatically increased to 3.03 months.https://mail.google.com/mail/u/0/images/cleardot.gif

Since August 2011, the Phoenix Housing Market has shown steady improvement with home prices in August continuing that trend.  Homes currently listed for sale are up 23.7% year over year on average and sale prices are up 21.4% year over year on average.  Foreclosures are down as well; 58% from a year ago, 4.3% from a month ago.

The synopsis many potential home buyers are making is that now is great time to buy a home because next year home prices will probably be higher.  The struggle for today’s home buyer is that the homes currently on the market for sale are not great properties.  The really good listings sell very quickly leaving homes that are less desirable on the market.  When you decide it is time to buy another home please let me know and we can get started.  Be prepared to make a decision quickly.

“Now is a great time to own real estate in Phoenix!”