January AZ Real Estate Market Report 2012

January AZ Real Estate Market Report 2012

January AZ Real Estate Market Report 2012 – What 2011 looked like and where do we go from here

 

December went our with a bang for 2 big reasons.  We record a seasonally very high number of 7849 closings, which is the third highest december ever for the area covered by the AZMLS (all of Maricopa and some of Pinal counties). This is likely because lenders were trying to get as much distressed inventory in the 2011 count.   Secondly, We finished the year mark APPRECIATION for the first time in 5 years.

Summation:  2011 will be know as the year the market turned for Phoenix Scottsdale Homes for Sale prices, as we saw prices

very strong in the fourth quarter due to low inventory(just for the record no economist, media talking head or newspaper reporting predicted this).  The year finished with a flourish of low priced short sales moderating the gain to just under 1% for the year.  The year felt like a another dissapointing one most because the media is still reporting declines not recognizing the recent uptick in prices recorded from the end of the third corner on.  Today the AZ republic decided to start to just on the band wagon.  I expect the rest of the media to catch on by the end of the first quarter as the market looks so strong they can’t keep denying it.

 

The biggest reason for the turn in the market, is the lack of supply of distressed and regular homes.  Valley wide we listed about 27,000 less Phoenix Scottsdale homes for Sale than we did the previous 2 years and whopping 52,000 less homes than in 2006, which will be market as the top of the market.  Experts predicted a flood of inventory, fortunately the opposite of what the masses predicted happened.  Media states banks are holding back on more inventory still, but in AZ it is more of a recovery story and we are simply running out of homes headed for Phoenix Scottsdale foreclosure.

So what does the market look like for 2012 many ask?  Well here is what the numbers are:

Inventory  18,523   – 2.2 months

AWC/Pending 16,215   – seasonally low but inline with last year

Closed in Dec 7,813   – 3rd Best December ever

These numbers are very similar to what 2004 finished.  The following year we had 28% price appreciation based on average price(2005). I am not predicting 28% appreciation but do expect prices to climb valley wide by at lease 10% with definite upside.  For those doubters, remember in 2004 we had loose lending standard but today we have 30% lower prices.

Exact matches only
Search in title
Search in content
Search in posts
Search in pages

Ready to talk? Call us today.

480-500-1738
  • #1 AZ Real Estate Team

  • Best REALTOR® In The Valley 2017

    - Nominee

    Finalists will be announced in October 2016

  • Top Ranked Real Estate Team

    - Phoenix Business Journal

    2015, 2016

  • Top 10 Buyer’s Agent

    - by Sales Volume

    Homes & Land Magazine 2015, 2016

  • Top 10 Producing Agent

    - by Sales Volume

    Homes & Land Magazine 2011, 2012, 2013, 2014, 2015

  • Top 1% of REALTORS®

    - in Maricopa County by Sales Volume

    Arizona Regional MLS 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016

  • Real Estate Agent of the Year

    - Finalist

    AZ Business Magazine – 2014

  • #1 Real Estate Team

    - in Arizona

    Ranking Arizona – 2014

  • #1 Agent by Sales Volume

    - in Arizona

    Realty One Group, North Scottsdale Office -2015, 2016 Realty One Group, Scottsdale Office - 2011, 2012, 2013, 2014 Realty One Group, National - April 2014

  • Gold Zone Award

    - in Arizona

    Realty One Group, National - 2014, 2015, 2016

  • Real Trends

    (National REALTOR® Rankings)

    Best Real Estate Agents in America 2014

See More
  • Date: 09/12/2018

    Source: Zillow

    First, what a lovely human being! I was very lucky to have found Janet before I left the east coast. We were in touch constantly - Read More

  • Date: 09/12/2018

    Source: Zillow

    Gina was on it from the minute I talked to her about what we were looking for. We were from out of town so she - Read More

  • Date: 09/12/2018

    Source: Zillow

    Alex is extremely knowledgeable, attentive, and a pleasure to work with! He is personable yet professional and puts your needs above his own. As an - Read More

  • Date: 09/07/2018

    Source: Zillow

    Gina was there for us from viewing different types of homes (condos, townhomes, and houses), writing our offer, and all the way through the final - Read More

  • Date: 09/05/2018

    Source: Zillow

    We had a nice experience working with Vicki and would highly recommend her. She provided excellent advice during our purchase of our home in Scottsdale. - Read More

See More