Pollack made a presentation on the Arizona Housing Market to the Luxury Home Tour on Friday.
From my notebook.
- The pool of Arizona home buyers will fall 20% to 25% due to the credit crunch and another 20% due to a reduced inflow of population.
- New home builders in Arizona have a 2 year supply of homes. That is, if construction stopped today, it would take 2 years to sell all of their current inventory of homes. (This seems crazy high… perhaps I miss understood him.)
- Prices will bottom out in 12 to 18 months but it will take 4, 5 or 6 years for the housing market to recover to the point where supply equals demand.
- “This is the best buying opportunity in probably 20 years.”