Although Texas leads the way, Phoenix ranks sixth on the list of best U.S. real estate markets. The current median sales price is up by a 14.8 percent y-o-y increase. So, if you’re looking to make an investment, indicators suggest now is a good time.
According to Senior Real Estate Reporter, Catherine Reagor of The Arizona Republic the market has come bouncing back in Phoenix. However, price is still influenced by the buyer demand. Research completed by RealtyTrac reports that during second quarter of 2015 about 6.7 percent of the Valley’s home sales were flips i.e. houses bought and then sold again in a 12 month period, making metro Phoenix 13th nationally for the highest rate of home flips. According to Bankrate.com Arizona sits at the number five spot for the highest closing costs nationally.
There is currently a strong demand for more urban living spaces, and as a result, residential development in central Phoenix is really taking off. Almost 5,800 multifamily units have been developed, with another 1,100 are under construction, and plans are in the works for another 3,200. The ABI Multifamily report specifies that close to 1,300 are for sale.
“Phoenix has a strong outlook and relatively reasonable prices,” said Brain Velky, managing director of fiduciary and valuation services for Situs, a commercial real estate firm. June sales in metro Phoenix were exceptional, further pointing to a rebound of the housing market. Traditionally, summer is a slow time of year, due to the soaring temperatures, but according to reports from the W.P. Carey School of Business at Arizona State University sales climbed by nine percent in the June. Furthermore, home sales were up by 22 percent from June 2014. It appears that the demand for homes is finally returning.
If you are in the looking to trade-up or purchase your first home please contact our residential real estate team to help you through the closing process. With over 40 years’ experience they offer valuable knowledge and insight, and provide a personalized approach that includes solutions and options so that obstacles can be overcome. To learn more about Landmark Title’s residential title and escrow services contact Jonie Alden today.