2012 was a good year for real estate in Phoenix, and the question going into 2013 is “Can prices continue to go up like they did in 2012?” Price appreciation in 2012 in many cities resulted in appreciation over 20%, and sellers eagerly want prices to climb back to 2005 – 2006 levels after enduring 4 brutal years leading up to the market bottom in 2011. Buyers are also asking what has happened to distressed properties in 2013? Are foreclosures/short sales coming back? Is the end to the recent price increase right around the corner? Now that we’re more than half way into 2013, the answer to these questions is becoming evident.
Mention the word “monsoon” to a Phoenix resident, and memories of heavy localized rain, wind gusts, power outages, flash floods and dust storms quickly come to mind. While most residents primarily think of a thunder storm, the monsoon season is more tied to wind shift rather than precipitation. The term “monsoon” comes from the Arabic “mausim” which means “season” or “wind shift.” During the summer wind shift which brings increased moisture and low pressure in the valley, you have essential ingredients of the monsoon season.