What’s going on with the Phoenix real estate market?
April 23rd, 2008 categories: Market Trends
That questions is loaded as is every answer to it! The only real answer is, is that it’s at best an educated guess, but there are some things that make things clearer. We’ll get to those later.
Take a look at the chart or homes sold in Phoenix for the last 3 years. Note that in the last 2 years, 2006 and 2007, sales of homes dropped or stayed pretty flat from January to February except in 2008 the sales from January to February increased followed by an increase in March. What does it mean?
It means that April will be a critical month for determining the what trend the current Phoenix market is following and where we may be in the real estate cycle. My take on it is that we are at or near the bottom especially if you take into consideration the price per square foot. It looks and feels, in the gut, like were at the bottom.
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