Some information regarding the housing market in Phoenix?

joyfulguyApril 18, 2009

Greetings folks.

A friend has been asking about the state of the housing market in Phoenix.

We'd all heard that there were a large number for sale some months ago.

And that prices have dropped rather substantially. As many felt that that area was rather heavily inflated, earlier.

Thank you for what information that you may have.

ole joyful

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My brother lives in Surprise (Sun City Grand) which is very near Phoenix and he says that the RE market there is still in the doldrums.

What appear to be the best deals often aren't in my opinion. I would absolutely not buy in an incomplete or only partially sold development where amenities such as schools and shopping may not materialize for a very long time. You don't want to be surrounded by empty houses either.

I think the market has picked up a bit in Tucson. I follow it pretty closely because I have rental properties there.

    Bookmark   April 18, 2009 at 6:45PM
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This is rather late to be saying, "Thank you", devorah ... but "Thank you" for the info.

Anyone have some further information to offer?

ole joyful

    Bookmark   May 7, 2009 at 6:11PM
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Just talked to some snow birds who came back and besides the number of houses for sale, the smog is very bad and the crime is way up. That whole area is not good she says.

    Bookmark   May 8, 2009 at 10:37AM
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This was in the Tucson paper this morning:

Home sales in Arizona grew by 50 percent with most of those sales coming in the Maricopa County area. Phoenix is in Maricopa County

    Bookmark   May 12, 2009 at 11:05PM
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I looked on Phoenix/Tucson MLS site for more information. Apparently I can't do a cut and paste without making myself liable to a copyright suit, so I will paste the URL below and you can read it yourself. Obviously the Phoenix market is heating up again - though a different sector than before.

Here is a link that might be useful: Phoenix home sales data

    Bookmark   May 12, 2009 at 11:39PM
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This story was in the L.A. Times on May 18th.

"Phoenix's housing bust goes boom"

I have relatives who have moved and are trying to sell. Their house has been on the market since last summer. Hope the article is right about the boom.

A link that might be useful:

    Bookmark   May 26, 2009 at 7:15AM
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Prices have fallen so low there's apparently bidding wars starting up again between private investors and institutional investors. One Canadian consortium says they feel the AZ RE debacle is a great opportunity that they want to take advantage of because it's better than anything they're seeing in Canada.

That said, there's certain areas you want to stay out of, like any local market. Always do a lot of research, preferably in person!

    Bookmark   May 26, 2009 at 4:35PM
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Thank you for the information, folks.

I appreciate your help.

ole joyful

    Bookmark   May 28, 2009 at 12:55AM
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