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Wednesday, May 10, 2006

The Phoenix, AZ Residential Resale Market

The metro Phoenix housing market is returning to normal after an extraordinary year that allowed housing prices to rise much more rapidly than at any time in history, and effectively reflected the basic economic tenant of supply-demand imbalance-generated price pressures and market excesses.   This imbalance was exploited by land owners, developers, builders, subcontractors, suppliers, municipalities and others.  The effect was a surplus of listings on the market.  There was a 394% inventory increase in 10 months.  Inventory increased from 7,904 listings on July 1, 2005 to 39,027 on May 8, 2006.  See the graph below:

2006 Phoenix, AZ Residential Real Estate Resale Market Trends

The market is still active, but prices were required to be realistically positioned by Sellers.  No bursting bubble.

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Aaron Freeman of Realty Executives Scottsdale Ranch  Contributed By: Aaron Freeman
Realty Executives Scottsdale Ranch
10301 N. 92nd Street, Suite 101
Scottsdale, AZ  85258
Mobile: (480) 323-8152
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Please call or e-mail me if you or someone you know is thinking of buying or selling a home, or if you would like to know the range of value of your property, I’d be happy to service your real estate needs.

Posted by Aaron Freeman on May 10, 2006 | Permalink


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