Phoenix and Scottsdale Housing Market Update: Homes for Sale Prices Increase 34%

It’s now possible for every type of player to get back in the Phoenix and Scottsdale real-estate game.

Over the past year, as a massive amount of distressed properties were grabbed by investors, a more solid market grew. Now, with a stronger economy, there is a better mix of players in the real estate market.  New and first-time home buyers are able to sell for profit.

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This growing group assisted the increase of more than 34% in home sale prices. The increase in the Arizona home sales market has encouraged homeowners to place their homes up for sale.

And home prices are expected to continue to climb this year. Why? A small amount of homes put on the market for sale as well as a high demand of buyers.

It appears that the big time investors, no longer finding rock-bottom prices, are moving onto other regions. Metro Phoenix is now more accessible to traditional home buyers.

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It may seem that this increase in home values make it difficult for prospective home buyers  – not so! Compared to the boom, homes are still affordable!

New home sales are also increasing because buyers are tired of the previous competition in established areas. This is further good news for those wishing to sell their home: homeowners can sell for profit again.

Phoenix homeowners feel more flush with soaring homes sales. This is definitely true for west Phoenix where prices shot up %, Mesa at 40%, North Glendale % and Queen Creek almost 40%. Overall, median home sales have increased 34%.

More good news? Foreclosures have dropped a whopping 46%. Hence, the supply of inexpensive homes being sold by investors that scooped up deals in 2012 are dwindling.

The supply of homes for sale are tight. Homeowners may sit on the fence waiting longer for prices to increase, but growing signs of a stable market are very evident: regular homes sales climbed a staggering 50% since the year before.

The prediction? Analyst predict this housing market in Phoenix to continue to increase.  This expansion would be due based on the continuation of more homes being listed for sale and construction of new homes.

New homes built in Phoenix has climbed 71% in the last year, up 41% from 2011.

Summing it up:

In 2013 housing prices are going to continue to increase more rapidly than normal.

I’ts important not to make the mistake of not pricing your home correctly! You must make your first choice in choosing the BEST REALTOR in Phoenix your RIGHT CHOICE.  Jen Wehner is a Top 1% Producing Phoenix and Scottsdale Real Estate Agent.  

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Jennifer would be thrilled to give you a free CMA: Competitive Market Analysis.  This is a free report to establish your home value and worth to make the most of your investment.

Best Scottsdale Real Estate Agent

Best Scottsdale Real Estate Agent