Upbeat Data for Phoenix RE Market... again (Scottsdale, Chandler: sales, new home)

[JTW2013]

Originally Posted by ShampooBanana

On top of it, land is getting harder to find because a) Phoenix is beginning to run out of it in many places (especially the SE Valley) and b) landowners seem to still think we're in the midst of the "rise" part of the cycle. Well, in a way they're partly right because they are helping to create pent-up demand since builders can't make deals pencil. Still, appreciation is beginning to flatten out and some are predicting negative for 2016. I think they're wrong and prices will still rise, especially since job growth is still outpacing population growth in Phoenix.

This is anecdotal but it seems like many of the new developments in south Chandler have tiny yards. DH and were just discussing it and we wondered if it's because land is getting scarce here.

[asufan]

Originally Posted by JTW2013

This is anecdotal but it seems like many of the new developments in south Chandler have tiny yards. DH and were just discussing it and we wondered if it's because land is getting scarce here.

There are some developments with larger yards. Maracay at Layton Lakes, Standard Pacific at Calabria, Ashton Woods on Riggs, a new development near Chandler Heights and Cooper by Maracay as well. By larger I mean 10,800-12,500 SF type lots. There's also a new subdivision within Layton Lakes with acre homesites going in (across from the under construction Sprout's).

Problem is, the cost of the land is so high these houses on the 1/4 are selling for well over $500k with options before even putting in a pool, and builders are more price point conscious, so there's more of the sub-8,400 SF lots available to have a price point that appeals to the masses. So there are larger lots available, you just have to open the checkbook

[Paige65]

I think it really depends upon where you live. The area where I am looking has over 24 months of inventory. Look at this information from the Cromford Daily Report on Thursday. It's a buyers market in many areas. I think sellers should expect to see modest to no increases in real estate, unless they are living in very specific areas and specific price points. I'm not saying doom and gloom at all, but people should have realistic expectations that there won't be significant (or any) increases year after year.

Cromford Report Daily

[locolife]

Originally Posted by Paige65

I think it really depends upon where you live. The area where I am looking has over 24 months of inventory. Look at this information from the Cromford Daily Report on Thursday. It's a buyers market in many areas. I think sellers should expect to see modest to no increases in real estate, unless they are living in very specific areas and specific price points. I'm not saying doom and gloom at all, but people should have realistic expectations that there won't be significant (or any) increases year after year.

Cromford Report Daily

It would be interesting to slice this data a little differently. I'd like to see urban and nearby zip codes versus strictly suburban bedroom city type of zip codes. The appreciation in and around downtown Phoenix for example seems to have vastly outpaced nearly all suburban areas. But I have not seen facts that prove that out, just observations on selling prices, demand, news articles etc...

[Paige65]

Originally Posted by locolife

It would be interesting to slice this data a little differently. I'd like to see urban and nearby zip codes versus strictly suburban bedroom city type of zip codes. The appreciation in and around downtown Phoenix for example seems to have vastly outpaced nearly all suburban areas. But I have not seen facts that prove that out, just observations on selling prices, demand, news articles etc...

Scroll down to February 17th on the link above and you will see that you are right about certain zips in Phoenix.

[DougStark]

Thanks for this encouraging news re: our Phoenix RE market. Like I've always said, the crazier home prices in Southern CA get, the more desirable Phoenix becomes IMO. The Phoenix residential market is a bargain in my opinion, excluding many parts of the south which are also good values (Texas, example)

Young families with kids can't make it in So. Cal- houses cost 1/2 million! Our biggest negative is extreme heat for 4 months.

[GeneR]

Originally Posted by DougStark

Thanks for this encouraging news re: our Phoenix RE market. Like I've always said, the crazier home prices in Southern CA get, the more desirable Phoenix becomes IMO. The Phoenix residential market is a bargain in my opinion, excluding many parts of the south which are also good values (Texas, example)

Young families with kids can't make it in So. Cal- houses cost 1/2 million! Our biggest negative is extreme heat for 4 months.

Evidence shows 22,000 Californians moved to AZ last year.

[DougStark]

[quote=GeneR;43080467]Evidence shows 22,000 Californians moved to AZ last year.[/quote

I don't doubt it. I was one of those thousands who left in 2012. Sad thing is, it was once such a nice place. Like the the Eagles song said, "You call someplace paradise, kiss it goodbye."

[JTW2013]

It's interesting when it's broken out by zip code and not what I would have expected. In particular, I'm looking at South Chandler which supposedly has lower than average appreciation. Perhaps it has lower than average appreciation because housing prices are higher than average in that area? I've read that the hottest market now is in the sub $250K range and there's hardly anything below $250k in South Chandler.

[jdahunt]

Originally Posted by KurtAZ

I received a form letter from a local RE Agent on my door asking if I was thinking of selling...apparently he has 3 families looking for homes in our area. Pretty sure it is just a scam to get you to list with him but I pulled the MLS for our zip and there are not that many for sale. Active listings...unfiltered for AZ looks like 22,857? Not sure if this service is ALL of AZ or no cause some listings do come up for non Maricopa addresses.

Spent last week at our place in Peoria, north of Bell Rd, was very surprised at how many houses have come onto the market since the month before.....haven't seen that many properties for sale in this area since 2011-2012.....most are over 300K.


Just ran a check on Redfin......last 30 days....there are a lot of new listings.....most alerts I've been getting are also showing a reduction in price.


Historically doesn't the prices start moving up at this time of the year?