The State of Arizona Real Estate

Phoenix, Arizona real estate has seen some positive trends over the last year. Homes priced under $350,000 are selling much quicker than the rest of the market, says real estate analyst Jim Sexton. Currently, the housing supply is said to be around seven months, which is back down at a reasonably healthy level. With the down payment assistance programs and first-time homebuyer incentives extended until the summer, it’s likely more and more Arizona real estate offerings will be snapped up in the coming months. There is currently a 17-month housing supply for homes priced over $350,000, however.

The Information market says that 35% of Arizona real estate sold over the summer were bank-owned foreclosures selling for about $160,000. Many buyers received excellent deals on properties that were $40,000 cheaper than the median price of the Phoenix Valley’s other homes. Pre-foreclosures have been dropping steadily since July, which is a good indication that this supply of foreclosures won’t be around much longer. “The drop in pre-foreclosure could be a sign the foreclosure market is about to peak,” explains the Information Market’s Tom Ruff.

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