IDW Update – Single Family Homes July 2014

Every year, 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.  Here are the slides that were shared with the instructors:

You will notice that I did write a few notes along the way during his presentation.  Some of the highlights I took away: July 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 sale 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!

Comments

  1. Great report Nick and sounds like such wonderful news for everyone! Thanks for sharing with us!!

  2. Thanks Linda! Hope all is well!

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