Signs that Arizona’s Real Estate Market is Recovering

The upward price trend that started back in September of 2011 has continued and gained strength thru March 2012.

Believe it or not the overall supply is down 64% from 12 months ago.  Distressed or bank owned inventory is down by 82%. The lower end homes have been affected the most, with many of these homes recieving multiple offers. I have heard of 40+ offers on a  single home in less than a week. This is due to the tightening supply. Home buyers and investors are having a very difficult time aquiring properties.  In my opinion the Arizona Real Estate market hit bottom quite a few months ago and is now well on its way to recovering.

The good news is that mortgage rates are still very low around 3.8% ! Most homes on the market are still below replacement cost. There are also plenty of high end homes available. Now is still a great time to buy, you just need a good Realtor and patience.

Jennifer

www.jen4yourhome.com

 

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