Free Phoenix Real Estate Market Information
According to the National Association of Realtors report for the 4th quarter of 2010:
- The market is evenly balanced between a buyer's and a seller's market at present
- The unemployment rate in Maricopa county fell 5%
- Approximately 8,000 new jobs were created
- This should increase buyer confidence and fuel home purchases
- Mortgage rates near 5% should also help to stimulate home purchases
- The average home price fell to $171,700, down about 3%
- Home prices are projected to remain constant thru next quarter
- There are currently 40,788 homes for sale, down over 10% from last quarter
- 15,935 homes were sold, down 2% from last quarter
- Home sales are projected to remain constant thru next quarter
- New homes built were 578, down about 50% over last quarter
- New homes built are expected to increase next quarter
- The average sale price of homes increased most in zip codes 85034, 85264, and 85390
As you can see from these data, home prices continue to be decreased, and should remain so. There are good prognostic signs in that unemployment is down and buyer confidence should improve over time. Since there is a large inventory of unsold homes presently, and home sales are expected to continue unchanged, this creates an ideal market for the real estate investor.
Let us help you take advantage of the abundant opportunity that the Phoenix real estate market offers!
For a FREE portfolio consultation, call us at 602-944-RENT, or click on Contact Us above.
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