How’s the Phoenix real estate market?

Boring Phoenix Real Estate Market
Photo by stefg74

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

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