What You Need to Know about the Current Phoenix Real Estate Market

Phoenix Real Estate Video Blog with Curtis Johnson

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A lot of clients have been asking if we're in a buyer's market or a seller's market. The truth is that we're in a balanced market.

Home sales in Phoenix actually declined by 10% in 2014 from 2013. However, when we look at the stats from a few years ago, you'll notice that sales are down quite a bit. The thing to remember though is that these sales were mainly foreclosures, which we're no longer seeing a lot of.

One thing to note is that the price per sq. foot has risen from $81.66 in 2011 to $128.11 in 2014. That's a pretty dramatic increase, but the appreciation dropped off from 2013 to 2014.

The same pattern occurred here with median home prices. In 2011 the median price was $110,000 and now in 2014 it is $192,000.

This goes to show that things have stabilized considerably in Phoenix. Right now we're waiting on some new loan programs that should increase affordability as well as the demand from qualified buyers. New products from Fannie Mae and Freddie Mac should help our market heat up in the spring.

As always, if you have any questions or concerns about the real estate market here in Phoenix, please get in touch with us and we would be happy to help you out.