Arizona Housing Market News for Q2 2007 Including Scottsdale and Phoenix’s East Valley
Learn More about Arizona Real Estate
Highlights of Arizona and regional housing markets
- Arizona is among the Top 10 states with the highest foreclosure rates.
- Sales volume is down 27.8% throughout the state of Arizona. Compare this to a 10.8% decline in sales volume in the USA.
- Scottsdale, Arizona:
Sales volume down 22.7% from one year ago but prices are up.
Median-priced home in Scottsdale is $630,000.
Scottsdale is one of the most affluent cities in Arizona and the upper end of the housing market is holding steady and keeping overall home prices up. According to Mike Glover of Prudential Arizona Properties, "The luxury-home market has faired a little better than the rest of the market over the last year or so."
Some sellers on Scottsdale's north side with homes priced over $1 million have had to cut their asking prices by several hundred thousand dollars, but most are still selling in less than 40 days, according to real estate agent Karina Magana with Help-U-Sell Desert Vista Properties.
This is happening despite a record glut of 45,175 single-family homes for sale in this community. When sales peaked in Scottsdale in March 2005, there were only about 2,900 homes on the market. Wow!
- Phoenix's East Valley in Pinal County: Q2 2007 sales volume and median price of existing homes are down.
There are large inventories of both new and existing homes with more than 50,000 existing homes currently for sale in the Valley, according to analyst RL Brown of the Phoenix Housing Market Letter. New home sale are down with only 2,988 homes sold in June 2007 compared with 4,348 during the same month last year.
Home sellers are competing against investors and builders, who are trying to get rid of their inventory. Builders are getting cancellations, which adds to the housing inventory. They can afford to cut prices by tens of thousands of dollars, while homeowners can't, said real estate agent Jason hall with RE/MAX Achievers in Chandler.
| East Valley Snapshot | ||||
| Community | Resales 2Q - 2006 |
Resales 2Q - 2007 |
Median Price 2Q - 2006 |
Median Price 2Q - 2007 |
| Apache Junction | 305 | 210 | $224,450 | $217,500 |
| Arizona City | 65 | 45 | $139,900 | $137,450 |
| Casa Grande | 220 | 105 | $179,000 | $177,120 |
| Coolidge | 45 | 35 | $123,500 | $108,500 |
| Florence | 25 | 45 | $170,000 | $170,000 |
| Maricopa | 95 | 115 | $256,500 | $219,500 |
| Queen Creek | 250 | 240 | $235,000 | $198,000 |
| Pinal County | 1,180 | 970 | $210,000 | $200,000 |
| Source: Realty Studies at ASU Polytechnic | ||||
I can't hammer it home enough, you've got to . . .
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Sioux Falls SD has the characteristics of Bargainville USA including a diversified economy, a steady rise in real estate values and affordable home prices. You'll make the most money if you buy correctly and target the Bargainvilles across the country.
Here's my four-part recipe for successful real estate investing:
- Buy discount real estate property - foreclosures, pre-foreclosures, tax sales, real estate auctions, real estate repos and other distressed-seller opportunities.
- Consider commercial real estate investments - apartment buildings, retail centers, storage unit facilities, office buildings. I have provided you with an awesome commercial loan resource at my website to buy these properties with as little as 10% down (even 5% down on certain property types).
- Buy in Bargainville - the next hot emerging real estate markets across the country.
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Sources: http://www.usatoday.com/money/economy/housing/closetohome/2007-07-23-close-scottsdale_N.htm,
http://www.eastvalleytribune.com/story/94067 and http://www.heraldtribune.com/article/20070731/REALESTATE/707310488
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florence, maricopa, queen creek, pinal county
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