I love Tom Ruff’s take on the current state of the Phoenix real estate market. Set aside the fact that August in Phoenix can be pretty miserable, weatherwise. Throw a “boring” real estate market on top of that and well…… “uninspiring but consistent” is pretty darn good. In a recent commentary in the ARMLS Stat monthly newsletter, he starts with:
For the last year I’ve been faced with the challenge of seeking new ways to describe a real estate market that has been uninspiring but consistent. As we report data for July 2014, I’m faced with the same challenge, how to repackage boring.
And, then heads into:
Real estate is a cyclical business, and our current phase just turned one year old this past week. A cycle by its very definition is a repeated sequence of events. The characteristics of our present phase include flat prices, tepid demand, and typical supply.
And climaxes with:
Our current housing market is not perfect by any means, but I do believe we’re continuing faithfully down the long path of recovery, showing subtle and consistent improvement each month. …Time and time again in STAT we’ve described 2014 as being a transitional year, a year in which we move closer to a normal, robust and sustainable housing market.”
His commentary is spot on. If you go back and look at many of the articles written in 2010-2011 time frame, when everyone was hoping for a speedy recovery, the magic year of 2014 often came up. Phoenix real estate has been a “crazy mess” for about 10 years, and now that we have a year of sanity, it can seem pretty boring.
But really, we are just one step closer to a healthy and vibrant real estate market in Phoenix. And isn’t that what we are all looking forward to?
To read the full report: ARMLS Stat Report July 2014