Is the Arizona real estate market improving?
PROs
• Home-building permits increased suggesting builders are more optimistic [or perhaps Arizona home builders continue to be delusional].
• The median price climbed $4,000 from December 2006 to January to reach $260,000.
• There were almost 16,000 new listings for Valley homes in January, down a couple of hundred from December 2006.
CONs
• The number of spec homes is still quadruple the number from a few years ago. Cancellation rates in some subdivisions are as high as 60 percent.
2 responses so far ↓
1 Ken44 // Mar 5, 2007 at 12:31 am
Although I certainly could be wrong but it looks as if the Phx metro inventory may be leveling off.
2 John L. Wake - Realtor // Mar 5, 2007 at 8:03 am
The inventory increased between January 15 and February 15.
I expected inventory to increase from December 15 to January 15 but instead it fell. Nevertheless, it did some catching up the next month.
The March 15 inventory will be a key number for me. I expect that inventory will fall. If it doesn’t, I’ll have to reevaluate my expectations for 2007.
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