Trends in Arizona Housing
November 27, 2013
The housing market, for many parts of Arizona, has been in a recovery for 2 years. Here are 2 important trends to be aware of when thinking of buying or selling real estate today.
A Shortage of Properties for Sale
Buyer demand has increased at a faster pace than new properties coming on the market for sale. This has resulted in a "seller's market" at many price points, and in many areas. In a seller’s market, buyers can face increased competition from other interested buyers, and may even encounter multiple bid situations.
Here are the current market conditions for Tucson and Phoenix areas.
Increases in Sales Prices
With a reduced amount of supply (inventory available to buyers) and a higher rate of demand, (home sales) it is totally understandable that prices are on the rise. A rise in home values does help to stabilize the market and in some cases help homeowners get back to a positive equity position in their property.
Here are the trends in median prices for Tucson and Phoenix during the housing recovery. If current market conditions continue, we can expect sales prices to continue to climb.
Market conditions can vary by local area and by price point so make sure you contact your favorite Long Realty agent who can help you understand what is happening in your neighborhood.
These statistics are based on information obtained from the TARMLS and ARMLS on 11/05/2013. Information is believed to be reliable, but not guaranteed