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Interactive Phoenix Map

We’ve created an interactive map that might be very helpful if you are not very familiar to the Phoenix area. Here is a link to the map

Inside This Newsletter...

Market Trends

Market Report

Did You Know...
 

One of the questions that we are most often asked is this: “When will the market in Phoenix bounce back?” Well, as you might suspect, there’s no easy answer for that, and each of our market segments is different than another. For example, it might surprise you to learn that the average house in our outlying suburbs of Surprise and Queen Creek has actually increased in value over the past year. In other areas, prices are stable. In the luxury home market, prices are still falling. There are almost 30 cities that comprise the metro Phoenix area, and each has its own, unique sub-market.

None of that is meant to avoid answering a complex question. When we meet a new client, we spend a great deal of time looking at a large aerial map of the Phoenix metro area, and looking at each of the areas that the client might have an interest in. We take the time to explain the transportation, employment, growth and housing trends in each area. Its also very important to understand what areas have the greatest growth opportunities, rental demand, and any other factors that might influence a decision to own a home in a specific location. This is always a vital part of the discussion- right along with their preferences in location, activities, amenities, etc.

Here's what is not in question: the Phoenix/Scottsdale metro market is an amazing value. At the peak of the housing boom in 2006, the affordability index in Phoenix was 75, which means that a household earning the median income had only 75 percent of the income needed to buy a median-priced house. In the third quarter of this year, the affordability index in Phoenix had climbed to 126, which means that a family with a median income now has 126 percent of the income needed to buy a median priced home.

While affordability is obviously positive for buyers, it also is good news for the market generally because it can lead to more sales and stronger prices. Simply stated, our home prices have been rolled back to 1999 prices, and that has created an amazing opportunity for our Canadian clients.

The time to own in Arizona is now!

This month, we have compiled some very interesting and detailed statistics of the housing market here in the Phoenix/Scottsdale area. Good, reliable data is very important. I know that this data is correct, because I manually compiled it myself. So many of our clients have asked us about market trends, foreclosure rates, loan resets and such that we thought it might be helpful to gather some real-time data that indicates what our housing market is doing.

Recently, one of our clients commented that they had heard that nearly 6 million properties were going to be foreclosed on in June. Six million? Where they went wrong was assuming that national numbers could be applied locally, and sometimes its very difficult to filter national news and make a local application. There are approximately 6m loans that are scheduled to reset starting in June. These are adjustable rate loans, mostly payment-option ARM’s that are viewed as potentially a powder keg for future foreclosures. Many of these loans, though, have already been refinanced, and many others will result in reduced payments, loan modifications, and yes- some will result in foreclosure. But there’s nothing that we can see locally that indicates a tsunami of foreclosures will result from these loans.

We have compiled the latest sales data for the metro Phoenix area. This sales data shows a fairly sharp upward trend in sales velocity, and  sharp decrease in the number of available bank foreclosure (REO) properties:

In the condo market, we see a slightly slower pace of sales. Bank-owned condos are selling very rapidly though.

Condos Only - all cities

We have compiled some additional reports that take a snapshot of several sub-markets from Lat February 2009 vs. February 2010. If you have an interest in seeing these reports, click here to view the PDF.

If you are studying the Arizona real estate market and want more detailed information, we can prepare market research on any area, sub-market or type of housing in a custom format. We can customize your report within 72 hours, in most cases. Just ask us, and we'll deliver.
 

Did You Know?

No other real estate agent or company can deliver all of the services that we offer- and most are absolutely free!! If you have already spoken with one or more agents from other companies, ask them if they offer any of these features, and then decide which agent that you should trust to assist you in purchasing in Phoenix:

Services	The Dean Selvey Group	Other Agents
Full Valley-wide service
Second-home specialists
Investment property specialists
Exclusive Caretaker Service
Resources for tax advice
Property management and leasing
Resources for legal advice
Income property analysis
Local financing resources
24 hr availability
Coordinate Furnishings and accessories
Oversee renovations and repairs
On staff decorator
Emergency Repair Resource