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Phoenix Area Market Snapshot As Of March 1, 2011

Mar 02

filed under: Buying A Home, Market Conditions, Real Estate

Market-Down-PhotoThe table below provides a concise statistical summary of today’s residential resale market in the Phoenix metropolitan area. Although prices have come down in the past few months, we are seeing great activity in the under $200,000 price range by investors, 2nd home buyers and 1st time home buyers that are taking advantage of the low prices and the low interest rates. Many now believe that we are now trolling the “bottom” as far as prices are concerned, but that of course remains to be seen based on the amount of foreclosure inventory that is still in the pipeline.

The figures shown are for the entire Arizona Regional area as defined by ARMLS. All residential resale transactions recorded by ARMLS are included. Geographically, this includes Maricopa county, the majority of Pinal county and a small part of Yavapai county. In addition, “out of area” listings recorded in ARMLS are included, although these constitute a very small percentage (typically less than 1%) of total sales and have very little effect on the statistics.

All dwelling types are included. For-sale-by-owner, auctions and other non-MLS transactions are not included. Land, commercial units, and multiple dwelling units are also excluded.

If you have further questions about the Phoenix or Fountain Hills market please contact TJ. We feel it is important that you are informed and feel confident, if and when, you have plans to purchase a property in the Phoenix area.

Written by Howard Harris