Maricopa AZ real estate market recovery - a 7 year comparison

MARICOPA COUNTY REAL ESTATE RECOVERY

For those of us who have lived and worked in Maricopa County real estate longer than 7 years, we all remember the craziness of the 2005 real estate market - most homes were receiving multiple first day offers and values were sky rocketing. Today, I am comparing the first 2.5 months of 2005 to the first 2.5 months of 2012 in our Maricopa County real estate. Notice anything similar in the chart below?

In addition to the above numbers taken from ARMLS®, it should be noted that the average DOM (days on market) for 2005 was 84 days while 2012 is only 81 days.

What does this mean to you, the Maricopa County homeowner? It means that now may be a great time to sell your home. The inventory is very low offering limited competition for your home sale. Prices are rising slightly, not at the crazy rates of 2005 but at a sustainable 3.8% on average with some areas seeing even higher increases.

If you're looking to buy a home in Maricopa County, you will need to be prepared to make an offer the first day a home comes on the market. Your offer must have full loan approval or proof of cash for it to be considered over other multiple offers which may come in AND you may need to be prepared to pay more than the list price.

Will prices continue to increase? My crystal ball isn't working today. I do know that our Maricopa County real estate market is low on inventory, the demand is very high, prices are seeing some improvement and the interest rates are still at historic lows.

If you're interested in selling your home in Scottsdale, Cave Creek or north Phoenix, AZ, call me for your free market analysis.

Juli Vosmik

480-710-0739