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Old 04-07-2015, 10:38 PM
 
2,634 posts, read 2,537,421 times
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I know I sound like a broken clock but IMO this shapes up to be a good and better than expected spring selling season for our RE market. Inventory is down and sales are up... a good recipe for price increases. From the trusty Calculated Risk blog: March 2015 sales up 17.5% and inventory down 11.7% (y-o-y). Not too shabby. There is a house for sale in our cul-de-sac, that's going to be interesting what it sells for. Tells me a lot about where we are. Also not looking too shabby.

Calculated Risk: Phoenix Real Estate in March: Sales Up 17.5%, Inventory DOWN 12% Year-over-year
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Old 04-07-2015, 10:54 PM
 
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Good news. Thanks
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Old 04-07-2015, 11:21 PM
 
Location: Arizona
2 posts, read 2,218 times
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Quote:
Originally Posted by Potential_Landlord View Post
I know I sound like a broken clock but IMO this shapes up to be a good and better than expected spring selling season for our RE market. Inventory is down and sales are up... a good recipe for price increases. From the trusty Calculated Risk blog: March 2015 sales up 17.5% and inventory down 11.7% (y-o-y). Not too shabby. There is a house for sale in our cul-de-sac, that's going to be interesting what it sells for. Tells me a lot about where we are. Also not looking too shabby.

Calculated Risk: Phoenix Real Estate in March: Sales Up 17.5%, Inventory DOWN 12% Year-over-year
You are right, Potential Landlord. We are rapidly going into a Seller's Market, with fewer homes on the market, We are seeing multiple offers on properties and less concessions to Buyers. We Realtors are encouraging Buyer's to write "smart" offers and not make unnecessary requests...there will be competition to their offers!
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Old 04-08-2015, 01:06 AM
 
Location: Casa Grande, AZ (May 08)
1,662 posts, read 3,746,227 times
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ARMLS statistics came out today also (www.armls.com) and bear out that things are heating up.


Sorry - hadn't read the link yet and didn't realize it was citing these ARMLS stats.
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Old 04-08-2015, 12:32 PM
 
2,634 posts, read 2,537,421 times
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Originally Posted by LovingAZLiving View Post
You are right, Potential Landlord. We are rapidly going into a Seller's Market, with fewer homes on the market, We are seeing multiple offers on properties and less concessions to Buyers. We Realtors are encouraging Buyer's to write "smart" offers and not make unnecessary requests...there will be competition to their offers!
One of my younger coworkers is finally pulling the ripcord and intends to buy. I bet his monthly payments will not be higher, if not lower than his current rent. They are very risk-averse but finally... so I take this as a sign that the Millennials are coming out of the woodwork and join the first-time homebuyer ranks.
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Old 04-08-2015, 02:16 PM
 
784 posts, read 1,773,855 times
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I still think its based on location and price points...My immediate area (roughly 5sq miles) Hasn't really seen any change in home values. I bought almost 1 year ago. Prices started going back up in my area roughly 2.5 years ago. From last year I haven't seen any increase. If anything, homes are selling for slightly less money than when I was actively looking to buy.

Houses aren't sitting on the market for extended times except for those sellers who are priced 20 grand higher than comparibles in the neighborhood, but I haven't seen any uptick in price.
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Old 04-08-2015, 02:47 PM
 
Location: Texas
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current listings in the valley, doesn't look down to me

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Old 04-08-2015, 03:05 PM
 
Location: Phoenix AZ
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Originally Posted by BestintheWest View Post
current listings in the valley, doesn't look down to me

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26,000 listings with 7,800 sales is a heck of a lot different than 60,000 listings with 4,000 sales - which is where we were just a few years ago. You can argue about the underlying reasons for sales like that, but the bottom line is prices can't realistically fall in the short term. I don't think I've seen a number below 20,000 listings for the msa even back to 15 years ago - and there are more people in the valley now than there were at that time.
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Old 04-08-2015, 05:38 PM
 
3,791 posts, read 10,747,538 times
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Originally Posted by BestintheWest View Post
current listings in the valley, doesn't look down to me

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That sounds like total Active and UCB (under contract accepting backup offers) which shouldn't even be counted in my opinion. Active only is quite a bit less I believe.
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Old 04-08-2015, 06:55 PM
 
1,619 posts, read 2,208,843 times
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Hmm, my millenial coworkers are still renting and homes on my block that have been vacant for over a month still have for sale signs....

2006 is not coming back, folks. I don't know what it will take for people to realize this. Yes, there will be growth in the suburbs, but pre-recession levels are over with.
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