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Signs That the Arizona Real Estate Market is Picking Up!
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Adam J. Morien
Adam J. Morien began OptiTrex LLC in Denver, Colorado back in 2003 to offer small businesses professional-caliber web presence. Morien holds degrees in Organizational Communication and Technical Management and all of his team members hold professional four-year degrees with at least five years of professional writing and marketing experience. Today OptiTrex LLC services real estate markets nationwide and offers both long and short term packages that can meet any budget or need. For more informa 
By Adam J. Morien
Published on 09/29/2008
 
the Arizona MLS and Phoenix MLS searches have been steady. "I've been seeing an increase in first-time buyers - people who have saved their money and ridden through the wave of escalating prices," said agent Dru Bloomfield. Another agent John Wake said his calls from interested Phoenix MLS buyers have doubled recently. Agent Don Matheson adds, "Anything that's priced right is definitely moving."
Signs That the Arizona Real Estate Market is Picking Up!

First of all, prices are dropping on Phoenix MLS. In fact, Phoenix experienced the third largest year-over-year drop in housing prices at 21% -- just trailing Las Vegas and Miami. "The markets that were the high-flyers during the recent real estate boom continue to be the ones that are leading the current decline," the S&P / Case-Schiller report said. Arizona MLS shows deep price reductions throughout Peoria, Surprise and Glendale – spanning both East and West Valley. The median housing price is expected to drop below the current median of $181,000 – which is 2003-2004 pricing. The Arizona MLS market has been slashing prices for 15 consecutive months now, leaving many people wondering if the bottom is just right around the corner.

Secondly, the Arizona MLS builders are leveling out and regrouping, reports a September Arizona Republic article. After a tremendous growth spurt in the earlier part of the millennium, some small builders left the scene and some moderate builders have foreclosed, leaving behind the strongest firms. "The Valley's new-home market is in transition, and we are probably only halfway through that transition," said real-estate analyst RL Brown. "Now, home builders are re-evaluating where and for what price range they can sell homes."  

Thirdly, Arizona MLS sales volume went up 11.2%. Inventory of single family homes in the Phoenix real estate market fell by roughly 600 homes. There were 4,434 sales in August 2008, according to the Arizona MLS, with Phoenix accounting for roughly a quarter of those sales. Mesa, Queen Creek, Chandler, Gilbert, Surprise, Glendale and Scottsdale also sold hundred of properties last month. Forecasters say it may take 10 months to a year for all the existing homes to be usurped, but the low-priced foreclosures are too enticing for buyers to pass up. "The number of homes sold continues to increase throughout the Valley – again demonstrating that home buyers are taking advantage of lower prices and existing inventory levels are falling," reports Arizona MLS housing analyst Bob Stahl.  "Once existing inventory levels (supply) meet the demand for housing (which is strong), the housing market in Greater Phoenix will begin to recover.”