Who could have predicted such a crazy six months as we’ve seen in the first half of 2020. COVID-19 has made everyone sit back and wonder if there is any normalcy left in the world. The pandemic and the associated events have left many wondering how the real estate market has fared. That’s what we’re going to look at in this Phoenix real estate market update for the 1st half of the year. If you are curious, click to find out.
We’re now entering a new decade and putting behind us another year. Every year there are predictions about what is happening in the Phoenix real estate market. Continuing price increases, inventory trends, cash investors displacing first time home buyers, foreclosures creeping up again. These are just some of the topics that everyone with an interest in understanding Phoenix real estate trends would like to know about. If you fall into this camp, keep reading.
Real Estate Market Update for First Half of 2019
If you are wondering how things in the real estate market have started in 2019, I’d like to share some information with you. Are short sales and bank owned properties coming back? How often do sellers contribute toward buyer closing costs? And what has been happening to residential rental lease rates?
Check out the video below to have these and other questions answered.
Was there something that I missed or didn’t get answered? Please let me know and it may be the subject of my next video,.
Is the real estate market changing?
For 6 years the Phoenix market has been a declining market with some property values declining by more than 50 – 60% from their peak. At last, many of the fundamentals strongly indicate that home prices bottomed out in 2011, and 2012 will reward homeowners with long awaited appreciation, a word that hasn’t been spoken since 2005. The graph to the right shows sales price/square foot for homes sold in Gilbert. Instead of the typical year end slump, 2011 finished with a positive upward trend that has continued in 2012. In fact, the average price per square foot for Gilbert homes for 2012 is higher than in 2011. The following fundamentals show that 2012 will be a transition year with significant changes compared to previous years.