Our real estate market contiunes to improve even after the harsh winter frost

Spring is definitely here in Phoenix.  We have already hit 90 degrees.  Luckily it appears that all the trees that were hit by the heavy frost earlier this year have started growing again – in some cases a fair amount of trimming will be needed.  Home prices are also growing, luckily our real estate market did not experience much issue with the frost.

Total sales in February rose by 14.4% over January to 6,622.  What is interesting is that this February sales are​ down 8.6% over February 2012.  We have experienced sales declines every month for the past twelve month compared with the same month from the year before.

New inventory of homes fell by 10.7% compared with January.  Total inventory of homes currently listed for sale also dropped but not by much (1.7%) to 21,718.  February active listings is 8.5% below the year over year figure for 2012.  Our inventory of resale homes has been relatively stable in the 19,000 to 23,000 for the past twelve months.  Of the 21,718 properties listed for sale at the end of February, 17,145 were truly Active Sales, 4,573 had a contract but were accepting back up offers.

Median sales price was $160,000(up 3.3% in February compared with January)​ and rose 23.17% compared with February 2012.  Increases in the median sales price have continued since May 2011.

Clearly our real estate market continues to improve.  The greatest challenge facing those of us currently working in this robust market is finding quality homes for sale for our clients.  With our low inventory of homes coupled with intense demand, some homes are on the market less than 24 hours.

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