Market Reports

[caption id="attachment_10938" align="alignright" width="143"] Elise Fay, REALTOR®[/caption] Our last update in December 2015 talked about the strength of the market and we predicted that we would see approximately a 7.5% price appreciation, year over year. So what has happened during this quarter of 2016? So far we...

Home Prices and the effect of Mortgage Rates Will the recent rise in mortgage interest rates have an effect on the housing market? Well the answer may surprise you. No. There is NO inverse correlation between interest rates and home prices. Historically housing prices have gone up when...

Distressed Home Sales-Phoenix Real EstateDistressed Home Sales - Phoenix Real Estate

  The stats are out and just as we have said the market is recovering but really how much? Here is the real story. Distressed Home Sales - Phoenix Real Estate dominated the landscapae of our market in recent years. Prior to 2011, lender owned (bank owned) home sales outpaced the short sale market.  By 2011 that trend was reversed and short sales became the primary component of Distressed Home Sales in Phoenix Real Estate Market. By the end of 2012 short sales outnumbered lender owned sales by 2:1.

What really happened to the housing market this year?  Well let’s look at the stats.August 2011 saw the lowest price/SF and from that point on we have seen some terrific gains and movement in the marketplace. This is shown by the chart on the right. Here we can see significant and steady increases in sales prices, a whopping  28% increase in price/SF!

It’s Sept. in Arizona, the kids are settled into school and even though the weather is still a bit more hot and humid than I would like, I can’t help but get a sense that “Fall is in the Air”. With cooler weather just around the corner my thoughts turn to my home and all the projects that I would like to do around the house as we get ready to really enjoy the great outdoors in Arizona.