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!