Phoenix Will Be One of The Top Housing Markets in 2019

Trulia just announced that based on their research Phoenix will be one of the top housing markets to watch in 2019. The study examined several metrics, including job growth over the past year, housing vacancy rates, starter home affordability, and the percentage of the population under the age of 35, and Phoenix ranked seventh. Phoenix has a ratio of 1.3 of inbound vs outbound searches on Trulia’s website which translates to more people are interested in moving to our market than those searching to move away.

In the Metropolitan Phoenix Area, the number of real estate sales are up 4.1% from September and down 1.2% compared with October 2017. New inventory is up 8.7% from September and has decreased 1.3% from one year earlier. Total inventory of homes for sale is up 7.6% from the month prior, while year-over-year reflects a decrease of 5.8%. Supply of inventory increased from 2.93 to 3.03 months. The year-over-year median list price was up 7.1%. The average sales price increased 9.6% and the median sales price rose by 6.9%. Pending foreclosures increased 0.2% from September but were down 12.3% from one year ago. Average Days on Market was down 2 day compared with the month prior.

Please give me a call if you are interested in purchasing another investment home. We currently have one home being advertised For Rent. If you remember from last month I thought we had one home left for rent for the year.  That home rented to an individual who makes nine times the monthly rent in gross income with a 16 year history with the same employer; a very strong tenant. Immediately after he moved in, a tenant in another home let us know that he had to move to Texas. He will be covering the rent until we find a new tenant which based on the phone calls in the past few days that home will have a tenant before the end of the month.  We continue to need more inventory to rent. There are good values for sale currently (this past weekend I just successfully negotiated a great price on an investment home for a client) which will translate into strong, long term investment properties.