For single family homes, 53,559 listed and 4,027 sold, a 13 month supply with a median home price of $249k. Compared with Aug. 2006, 45,211 listed and 5,659 sold, an 8 month supply with a median home price of $262k...Median home price has dropped 5%.
What does that mean? Well, it is a GREAT time for buyers, with plenty of inventory to choose from, and sellers generally taking lower than list price offers while paying closing costs as well. And contrary to what the media has said, there are STILL great loan programs available, such as 100% financing on 30 yr fixed for FICOs as low as 600.
My prediction is that we are close to the bottom, with 2008 still being slow but returning to normalcy, and prices rising at a steady 3-5% in 2009. Phoenix has a solid job market and is a very attractive place for both employers and residents. Commercial real estate is still very strong, which will support a strong residential market after the current excess inventory dries up. We will continue to be one of the strongest real estate markets over the next decade.
For more info, www.danmullarkey.com
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