Year-over-year Median List Price Appreciation: 15.38%
Year-over-year Median Age of Inventory: -27.47%
Year-over-year Inventory: -48.10%
Unemployment Rate (November): 7.7%
Search/Listing Ratio Rank: 7
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The other area on this list that’s not in Florida is the Phoenix-Mesa area in Arizona. It used to reside at the number four spot, but jumped ahead two notches between the third and fourth quarters of 2011. This area experienced more than its fair share of foreclosures, and one in every 317 homes still goes into foreclosure. However, the foreclosed homes on the market are being sold at bargain prices, which has caused a 27.47 percent decrease in the median age of inventory.
The city’s unemployment rate in November was 7.7 percent, better than the national average, which can only help boost the local economy. Real estate broker Christy Walker has an optimistic forecast. “The Phoenix market has experienced a positive change in the past year and is poised to continue rebounding throughout 2012,” she says. “Employment is up, foreclosures have dropped significantly, investor sales are substantial and our inventory is hovering around a three-month supply with increasing demand.”
If you ask any Buyer shopping for homes today, they will tell you it’s a dog eat dog world beating the pavements trying to find a “good” home at a “good” deal. We are seeing multiple offer bidding wars; offers being placed on homes “site unseen” to try to beat the masses.
There is a Supply shortage out there with only 16,592 homes showing active in our local ARMLS as of this morning, when a year ago the number was more than double that!?! We love our Investors who are coming from Canada, Hawaii, Australia and other parts of the world buying up everything they can at our rock bottom price HOWEVER it’s been very challenging for the local families trying to break back into the market again after a Short Sale or Foreclosure as a result since most investors are offering cash and quick closes.
OUR ADVICE?: Work with a knowledgeable Real Estate Company with experience and HAVE PATIENCE! Start searching for homes HERE and please let us know if you or someone you know needs help navigating through our ever changing Real Estate Market!