Phoenix Real Estate Market Trends July 2015 Report
Welcome to the July 2015 report regarding the Phoenix real estate market. In a nutshell, things are looking good.
Back in December 2014, Realtor.com predicted Phoenix as one of the hot markets for 2015… they were right. People are out looking at homes for a long time, now they are buying them too. The number of homes (inventory) is down a bit so we are seeing more multiple offers and urgency.
The result of higher demand and lower inventory levels is a nice, sustainable rise in home prices. We expect the final numbers for 2015 to be in the 4-5% rise range.
Below are some graphs that will give you a good visual of some of what we are seeing from a demand standpoint:
Wondering what may have sparked the change in the Phoenix Real Estate Market?
- Consumer confidence is rising. According to a recent consumer confidence survey, people are feeling better about the future. This is probably the most important change with regard to home buying.
- More and more Millennials are buying homes. According to Bloomberg, many have crunched the numbers and finding it is cheaper to own than rent.
- The job market in Maricopa County is among the best in the nation. According to WalletHub, 3 of our cities rank in the top 10 for job market strength. Jobs are just a tad bit important to the health of a real estate market.
- The Phoenix area real estate market historically does well between February and early July.
Naturally, we expect the market to get relatively quite between July and late September; This is normal. The heat wave in June may cause the final numbers in July to be less than hoped… something about looking at homes when it’s 114 degrees. Even a dry heat has its limits.
If you have real estate questions, need to see what your place is worth or help finding the perfect place… know we are here for you.
Best to you,
The Urban Team at Realty Executives