February 3, 2014

Hot Phoenix Real Estate Markets – Jan. 2014

Home Price Trends – Last 6 Months I visually compared the median home prices per square foot six months ago (August 2013) to the prices in January 2014 for normal sales (excludes foreclosures and short sales) of single family homes. Hot [table width=”600″ colwidth=”175|75|25|325″ colalign=”left|right|left”] ,,, Buckeye,$91/SF,,Upward momentum Gilbert,$128/SF,,Upward momentum Litchfield Park,$110/SF,,Upward momentum Queen Creek,$95/SF,,Upward momentum Scottsdale,$227/SF,,Upward momentum Sun City,$92/SF,,Upward momentum Sun City West,$111/SF,,Upward momentum Sun Lakes,$131/SF,,Upward momentum Surprise,$104/SF,,Upward momentum Youngtown,$87/SF,,Upward momentum Goodyear,$107/SF,,Some upward momentum Maricopa,$74/SF,,Some upward momentum Mesa,$118/SF,,Some upward momentum Peoria,$121/SF,,Some upward momentum Waddell,$105/SF,,Some upward momentum [/table] Not [table width=”600″ colwidth=”175|75|25|325″ colalign=”left|right|left”] ,,, Avondale,$89/SF,,Leveling Off Anthem,$126/SF,,Leveling off Cave Creek,$167/SF,,Leveling off Chandler,$134/SF,,Leveling off El Mirage,$79/SF,,Leveling off New River,$124/SF,,Leveling off Paradise…

February 2, 2014

Cover of “Phoenix Housing Market Explained II” slides from Mike Orr, ASU

Mike Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business at Arizona State University, and other experts explained how to make sense of the housing market during “Phoenix Housing Market Explained II,” an event hosted by the W. P. Carey School of Business and The Arizona Republic on January 25. I “cover” 10 of Mike’s slides and give them my own spin in this video. One of Mike’s slides says, “Resale & new home pricing unlikely to rise in 2014.” I had been thinking that the metro Phoenix median home price would increase maybe 3-6% but I was worried that…

February 2, 2014

For Frank Lloyd Wright lovers

See pics of the first home Frank Lloyd Wright designed on his own.

January 31, 2014

Top areas for home appreciation in metro Phoenix in 2014

A reader of this blog, Ann, asked that question in a comment. Here’s what I told her about the top areas for home price appreciation in Phoenix in 2014.

January 30, 2014

The controversial real estate story next month will be…

Inventory Way Up. Sales Way Down. Phoenix homes sales were way down and the inventory of homes for sale was way up in January. Is this the beginning of another real estate bubble? Nope. It’s exactly what the market needed to prevent it from becoming over-priced. The Phoenix real estate market is not at all over-priced in my opinion. Both of the graphs in the video are from The Cromford Report will is available to members of the Phoenix area Multiple Listing Service for a subscription fee.

January 28, 2014

Greater Phoenix new home permits forecast up 14% in 2014

14% would be a nice little bump to the Arizona construction economy and the Arizona economy as a whole. Jim Belfiore conducted a 2014 Greater Phoenix single family permit forecast with 54 participants including home builders, developers, investors, real estate brokers and others who follow the market closely. The median and average forecasts for 2014 were almost identical with 14,545 and 14,500 respectively. The range was from a high of 17,125 to a low of 11,999. This is actually a fairly narrow range and would result in 2014 being about 14% better than 2013. More at Elliott D. Pollack and Company.

January 27, 2014

Biggest Losers – New Jersey, Illinois and New York tops for outbound migration

New Jersey, Illinois and New York were the top states for outbound moves. Other net losers in 2013 were West Virginia, Kentucky, New Mexico and Utah, according to The Real Deal. Why? The short article doesn’t delve into why those states are losing population. The decline of coal mining could explain it for West Virginia and Kentucky but for New Jersey, Illinois and New York I would guess it’s the cost of living. Property taxes, for example, are off the charts in New York and New Jersey. RELATED: Florida could soon overtake New York as No. 3 in population.