Whether you’re buying or selling, the Valley housing market is in the midst of a renaissance. With Metro Phoenix home sales in March soaring 39% over February, Jim Belfiore of Belfiore Real Estate Consulting asserts that the last two months have shown more significant improvement than any time since 2005. Is this a fluke, or a welcome trend that’s here to stay? Here are some numbers from The Arizona Republic’s recently released Valley Home Values special report:
- March 2015 home sales were 17% above 2014.
- Homebuilding numbers are at their highest since 2008.
- 5% fewer homes were for sale at the end of March than in 2014.
- Home sales are projected to continue increasing, 20-30% over 2014.
- Average sales prices rose from $210,000 in February, to $211,320 in March of this year.
A Change in Market to Come?
The data is conclusive: fewer houses on the market and increased demand promise to accelerate a rise in prices. This means the climate may very well shift to a market that favors sellers before the end of the year, as a huge wave of first-time and post-foreclosure “boomerang” buyers try to make the leap to ownership before prices get too high. All this means the time to buy (and sell) is NOW!
The Urban Boom
Valley residents have watched their Downtown grow into a revitalized city center, full of destination restaurants, hip bars, and lively entertainment venues. Also home to some of the best schools in the state, Central Phoenix has become the hottest area for homebuyers today. In fact, median prices in Madison School District nearly doubled in recent years, a statistic that’s driven condo sales above single-family homes for the first time ever.
Where to Buy & Sell
Central Phoenix sellers in the 85007 zip code enjoyed a 38% price increase in 2014, followed closely by 85020 at 37%. If you’re selling in Anthem or Desert Ridge, things are looking up as well. As for buyers, lucrative bargains can still be found near Downtown at a $130,000 median in 85006, with other great deals in Ahwatukee, Surprise, and South Phoenix.