Well the Phoenix housing market outpaced all other US cities in 2015 according to a Chief Economist for Realtor.com as reported by ABC 15 in Phoenix.
Phoenix was a textbook case in the housing market crash in the not-so-distant-past, but things have certainly turned around.
“Your market is actually growing faster than almost any market in the country, and the most interesting thing about that growth is it’s across all age segments,” Jonathan Smoke, Chief Economist for Realtor.com, said. Read the rest here…
It seems that the 55 and older crowd has chosen the Phoenix area as a cost effective and great place to live out their retirement.
Home building in Phoenix all but completely died back in 2007 when our real estate market crashed and was rated as the 2nd worst only behind Las Vegas.
Phoenix’s economy has always been construction driven plus with minimal red tape and flat land, it is very easy to develop lots in Phoenix and surrounding areas.
Even Mike Orr at the ASU Real Estate Research center is saying that th real estate market in Phoenix has stabilized and agents all over the valley of the sun are seeing prices increases for single family homes.
Orr said that housing prices in the area are neutral now, with higher demand for dwellings in the $200,000 range in the central Phoenix area and less demand for more luxurious homes on the fringes of the Valley. Condo prices have also increased more than single-family dwellings over the past year.
Orr said that the Phoenix housing market is stable, but he worries that the global plummeting price of oil, iron ore and commodities such as beef could create job losses, which might affect Arizona. If that happens, and it disturbs housing prices, he’ll see it.
For an interesting background story about Mike Orr, Read more here…
KPHO TV in Phoenix is also reporting that central Phoenix properties are seeing home process creep up which is a good sign for the overall economy in Phoenix.
Investors, now is the time to buy up as much Phoenix real estate as you can. The rental market is strong. Prices are increasing, and the competition is not very large right now.
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