Every year, the Arizona School of Real Estate & Business (www.ASREB.com) host an Instructor Development Workshop (IDW) for instructors to obtain updates on new laws that impact real estate in Arizona. Part of the update always includes a residential real estate market update.
This year, Fletcher Wilcox from Grand Canyon Title Agency provided the update and here are some of the highlights I took away:
Mid year 2014 – Existing Single Family Property Trends – The Wilcox Report
The Distressed Market is back down to 2003 levels
The homeowners that were foreclosed 3 years ago are back looking to buy
Biggest change in Active Single Family Listings was the under $100K—that inventory is gone which was largely driven by investors
Median Sales Price is now $220,000
It is hard to track the lease market on single family because the great dispersion of information
Some investors are starting to sell the rentals
December 2007 – Phoenix had almost 1.95M jobs —that dropped to just under 1.65M and now back to 1.82M (non-farm jobs)
Prediction of Job Growth – possible to get back to 4% growth. If that happens plus wage growth, the Phoenix Real Estate market will experience a significant growth pattern. All signs keep pointing to recovery. Let’s see what happens!