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
Scottsdale single family home median sales prices ended on a high note in 2013. With only one month’s worth of data for 2014, it’s still too early to tell what will happen to home prices over the next several months as we move into our busiest home selling time of the year.
At the same time, it’s encouraging to see the steady growth that home sales prices have made in Scottsdale over the past two years. And, it would probably be safe to say that single family home prices will continue to hold steady and even increase a bit more throughout 2014.
Scottsdale home prices continue to increase. While monthly averages have fluctuated over the past year, ranging between $170 and $210 per square foot, the overall trend in definitely positive. Looking at the annual average, this more tempered measurement shows an average price of $165/SF one year ago, with a steady increase to $190/SF this month.
Comparing April 2013 average sale price per square foot with April 2012, Scottsdale home prices have appreciated 13.7%. An extremely healthy improvement.
And getting back into the $200/SF price point puts the Scottsdale housing market back into home price ranges that haven’t been seen since 2005.
If you have any questions about the Scottsdale real estate market, please let me know.
Have a house to sell that you’ll list for less than $500K? In today’s market, you have a property that’s in demand. Over the past two years, the Phoenix real estate market has changed dramatically!
Back in August 2010, the Sellers’ Market consisted of homes priced $75,000 and under.
Almost a year later, in June 2011, the Sellers’ Market had surged up to the $350,000 and under price range.
Wondering what a Seller’s market is? It’s when there is less that a 5 month supply of homes on the market. A balanced market is a 5-7 months supply, and a Buyer’s market is anything over a 7 months supply.
So, if you’re thinking about selling, please let me do a market analysis for your property, so you can get a good sense of what your home is worth and about how long it might take to sell.
Here are a few video tips, just for home sellers, that will give you an idea of who I am and how I can help you in today’s market.
Treat the kids or grandkids, and help out the community.
During the month of August, you can bring a non-perishable food item to McCormick-Stillman Railroad Park, and you’ll get two rides for the price of one on the train or carousel.
Donations benefit the food bank at Vista del Camino which is in dire need of food and supplies. Food bank inventory can run low in the summer when kids are home from school and other household expenses are higher. In fact, the need for emergency food jumps three-fold this time of year.
The food bank needs these items:
- Peanut butter
- Boxed items: prepared meals (MacNCheese, Hamburger Helper) and cereal
- Canned items: meat (tuna, chicken), prepared meals (chili, ravioli), beans and fruit
The Railroad Park is at 7301 E. Indian Bend Road. Hours are from 9 a.m. to 1 p.m. and 4 to 9 p.m. weekdays, and 9 a.m. to 9 p.m. weekends.
Donations also can be dropped off between 8 a.m. and 5 p.m. Monday through Friday, at Vista del Camino, 7700 E. Roosevelt St. Monetary donations can be made to Concerned Citizens for Community Health (CCCH) and mailed to Vista’s address or made online at www.concernedcitizensscottsdale.org. Donations to CCCH are tax deductible.
For more information, contact Vista del Camino Manager Kathy Breen at 480-312-2793.
I just discovered this fantastic new iPad and iPhone app, called Houzz, while attending Inman Agent Reboot in Phoenix last week. You can also access the 500,000+ photos of home design ideas, which are categorized by style and room.
It’s a fabulous tool to stimulate some ideas when you are thinking about remodeling or even redecorating?
What’s your style? Asian, Contemporary, Traditional?
What part of your house are you considering remodeling? Dining room, kitchen, bath, garage?
You have all these choices and more. Houzz is a great tool for expanding your vision and helping you to come up with some fabulous design ideas.
Let me know what you think!