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Parts of Phoenix area Residential Real Estate Market Showing Improvement, according to David Lorti
(PRWEB) April 17, 2008 -- Ironically, some of the hardest hit housing markets around the Phoenix area have become the hottest buyer markets with Queen Creek and Maricopa leading the way.
Queen Creek, east of Gilbert in Pinal County, and Maricopa, southwest of Phoenix in Pinal County share many similarities. Both were quaint towns with small populations and extensive agriculture on the fringes of the Valley. But when the price of homes began to climb, both experienced hyper growth in housing with builders building homes as fast as they could sell them.
"I don't think many Valley residents even had heard of these towns before 2004. Once home prices began to soar, there was a tremendous buzz about these communities," says David Lorti, a Realtor with RE/MAX Elite in Tempe.
Both cities' early appeal was inexpensive housing that was priced at a fraction of the cost of homes in the more central Valley area. As prospective home buyers became concerned that rising home prices in the 2004-2005 timeframe might forever price them out of the market, they rushed to the communities to purchase homes. Unfortunately, many real estate investors did as well.
The growth in population quickly outstripped road infrastructure. As a result, long commute times ensued. Coupled with higher gasoline prices, many residents felt the pinch in their pocketbooks and lifestyles and looked to move. However, by this time investors had already begun to unload properties for sale which quickly increased inventory. As inventory grew and buyer activity declined, home prices dropped rapidly and locked many homeowners into their homes.
More recently, short sales and foreclosures have swamped these communities with cheap homes at real estate prices not seen in years.
"Prices on many properties are running at 40-60% of their 2006 market values. Frankly, that's astounding to see," says David Lorti. For example,
? A 3,272 square foot single-family home recently sold for $149,000. It previously sold for $300,000 in 2006.
? A 2,154 square feet sold this year for $125,000. It previously sold for $350,000 in 2006.
However, it is this precipitous drop in prices that is fueling stronger buyer activity in Queen Creek and Maricopa from the perspective of existing homes under contract.
? Queen Creek currently has 21% of available properties under contract vs. 9.3% a year ago.
? Maricopa currently has 19% of available homes under contract versus 8.5% posted last July.
But, the improvement isn't isolated there. Even more promising is that several core Valley cities are experiencing an improvement in buyer activity as well.
? Chandler, located between Tempe and Gilbert in the Southeast Valley, has seen improvement to 17% of available properties being under contract.
? Gilbert, east of Chandler, has risen to 16% of available properties under contract.
? Ahwatukee, a Phoenix suburb west of Tempe, is at 18% of available homes under contract.
Also, other outskirt cities where housing has traditionally ran less expensive are experiencing improvement.
Conversely, Scottsdale, known nationally for its shopping and a favorite destination for affluent out-of-state visitors, is trending at a low 9% of available properties being under contract. Phoenix and other Valley destinations range in between.
"Whether we are seeing the underpinnings of something broader here forming and beginning to spread remains to be seen. However, clearly more buyers are seeing opportunities and taking advantage of them," says David Lorti.
For additional information on the Phoenix-area housing market or to buy or sell a home in the Phoenix area including Valley cities such as Chandler, Tempe, Ahwatukee, Scottsdale, Glendale, Gilbert, Mesa, Peoria, Avondale, contact David Lorti or visit http://www.davelortihomes.com.
About David Lorti:
David Lorti is a professional Realtor for RE/MAX Elite in the Phoenix area and helps clients buy and sell homes. He holds a Master of International Management and Bachelor of Arts degrees and his insights have been quoted in several news outlets. He also holds a Certified Negotiation Expert (CNE) designation - one of only 1,600 realtors nationwide. His monthly newsletter, Dave's Real Estate News You Can Use, offers market updates and other information pertinent to home buyers, home sellers, and investors.
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