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IDW Update – Single Family Homes July 2014

August 11, 2014 by Nick Miner, CCIM   2 Comments   Filed Under: Commentary, Research

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!

Reader Interactions

Comments

  1. Linda Day Harrison says

    August 11, 2014 at 3:21 pm

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

  2. Nick Miner, CCIM says

    August 14, 2014 at 7:58 am

    Thanks Linda! Hope all is well!

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Nick Miner, CCIM

ORION Investment Real Estate
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Scottsdale, AZ 85251

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