November Housing Market In The Valley Held Steady

For buyers that have been playing the "wait and see" game, these articles are perfect to get them off the fence. After all, what have they been waiting for? The answer in this market is "to see if prices will drop even lower." These articles show that the recovery is beginning, and price points are beginning to reflect that recovery. Is it possible that we've hit the bottom? Who knows? But if we have, then buyers may kick themselves in a couple of months for not having made their move right now. So if buyers are Bargain-Hunters, acting right now, before we see an even greater increase in the median price points, may pay off down the road.

Many buyers out there are concerned about values. They see the ever-increasing inventory, the slashed home prices, and the negative articles in the newspapers, and figure they are not wise to invest in real estate right now. But as we know, real estate is cyclical. And it is true that right now is a risky time to Fix-and-Flip. However, if one intends on holding the property they will purchase for a longer period of time, either as a primary residence or a rental property, than there is no BETTER time than right now.......maybe

Nov. housing market in the Valley held steady from the Arizona Republic,
reports that Metropolitan Phoenix's housing market continues to show a steady pulse, with prices for existing homes edging up less than 1 percent in November to $259,000. 5,040 homes sold in November, up from the 4,985 sales recorded in October 2006, according to the latest housing report from the Arizona Real Estate Center at ASU. Last year, nearly 7,200 homes sold in November. "Instead of being overactive, or no pulse, it's running at a normal pulse," said Jay Butler, who heads the Real Estate Center. "It's a good, strong pulse. It's just not the pulse people like." Butler added that sales and prices are much more sustainable than those recorded in 2005. Sellers have been able to get about the same price for their homes for the past several months. Prices varied throughout the Valley, with Scottsdale showing a median resale price increase of 5.9 percent from November 2005 to November 2006, while Goodyear saw prices drop 11.9 percent over last year.

SE Valley resale home prices generally flat from the Arizona Republic,
reports that homes remained tough to sell in November in the Southeast Valley, while prices were about the same or slightly less than a year ago. The median price fell 7 percent in Ahwatukee Foothills and 5 percent in Gilbert compared with a year earlier. But the median price remained virtually unchanged in Chandler, Tempe and Mesa, according to the Arizona Real Estate Center at ASU. "The market peaked in June 2006, and it's been stable since then. Some areas are doing better and some worse," said Jay Butler. The article gives the sales and median prices for Ahwatukee Foothills, Chandler, Mesa, Gilbert and Tempe.

Resale home price tag jumps 15% from the Arizona Republic,
reports that Scottsdale's resale home market surged 15 percent from October to November to a median price of $630,000, according to the Arizona Real Estate Center at ASU. Prices were up 6 percent from a year earlier. November's median price was the highest for Scottsdale since June when it peaked at $640,000. North Scottsdale's median price was up 12.6 percent from October to November, and South Scottsdale's prices were up 10 percent month-over-month. Paradise Valley's median price of $1.69 million, highest in the metro area, is down 2.7 percent from October.

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