HOME VALUES RISING ACROSS MARICOPA COUNTY:
May 2nd, 2012
Statistics continue to show that home values are starting to recover across Phoenix and Maricopa County.
Low inventory and high demand are pushing up values. Many buyers are finding the need to put in offers quickly, as a home can have multiple offers the first day on the market. This is also creating higher value offers, as a buyer would like to distinguish their offer from the others. Offers over listing price are not uncommon.
It may be a more difficult process finding a home in this market, but rates are great, and values trending up will only help our market in the future.
In comparing March of 2012 versus March of 2011, the value per square foot in Maricopa County went up 15%!!
We are also seeing less and less bank owned sales, which are typically for lower prices as the bank would like to get the property off their books.
Lender owned sales are down 53% from March of 2011 to March of 2012.
Short Sales are up 51%.
Even though short sales are up, the total amount of distressed property sales are down 42%. And the total amount of non distressed sales are up 32%.
This combination of low inventory, high demand, and less distressed property sales are pushing values back up in Maricopa County.
Home Values Rising Across Maricopa County.