Phoenix Real Estate up in January

Phoenix Real Estate in January: Sales up 9%, Inventory down 6%

This is a key distressed market to follow since Phoenix saw a large bubble / bust followed by strong investor buying.

For the fourteenth consecutive month, inventory was down year-over-year in Phoenix.

The Arizona Regional Multiple Listing Service (ARMLS) reports (table below):

1) Overall sales in January were up 8.7% year-over-year.

2) Cash Sales (frequently investors) were down to 27.4% of total sales.

3) Active inventory is now down 5.5% year-over-year.

More inventory (a theme in 2014) – and less investor buying – suggested price increases would slow sharply in 2014. And prices increases did slow in 2014, only increasing 2.4% according to Case-Shiller.

With falling inventory, prices increased a little faster in 2015 (something to watch in 2016 if inventory continues to decline). Prices are already up 5.3% through November according the Case-Shiller (more than double the increase in 2014).

Reference Bill McBride

Jonathan Burdick

Arizona Lending

Nmls # 1045837

BK # 10123-Suburban Mortgage Co.

Jburdick@ArizonaLending.net

602-212-1234

Equal Housing Opportunity Lender

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s